‘46 Times Faster Than Ethereum’ – Solana Races to the Top of CoinGecko’s List of Swiftest Blockchains

By The Daily Hodl May 19, 2024 In Blockchain, Ethereum, Solana

Smart contract platform Solana (SOL) is moving to the top of CoinGecko’s list of fastest blockchains.

In a new publication, CoinGecko says Solana is a staggering 46 times faster than its rival Ethereum (ETH), the second-largest digital asset by market cap, making it the fastest large blockchain on the market.

However, CoinGecko says that Solana has only reached 1.6% of its theoretical maximum throughput.

“Solana has proven to be the fastest among large blockchains, with its actual daily average transactions per second (TPS) reaching a record high of 1,504 on April 6th this year amid the memecoin mania.

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This makes Solana 46 times faster than Ethereum, and more than five times faster than Polygon, which has the highest TPS among Ethereum scaling solutions.

Despite ranking as the fastest blockchain, Solana has still only achieved 1.6% of its theoretical maximum speed of 65,000 TPS.”

CoinGecko’s statistics show that Solana’s highest throughput was 1,053.7 TPS while Ethereum’s was just 22.70 TPS. The data also shows that Ethereum and its top 10 layer-2 scaling solutions only combine for 500 TPS.

“Altogether, Ethereum and its ten largest scaling solutions registered a total real TPS of 500, placing their combined processing speed ahead of BSC (Binance Smart Chain) but still slower than Solana and Sui.”

Other fast blockchains on the list include Sui Network (SUI) Binance Smart Chain (BSC), Polygon (MATIC), Toncoin (TON), Tron (TRON), Near Protocol (NEAR) and Avalanche (AVAX).

Solana is trading for $172 at time of writing, a 7.63% increase during the last 24 hours.

Generated Image: Midjourney

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