A recent analysis by CoinGecko confirms that Solana has established a significant lead in transaction processing speed among major blockchain networks. With an average rate of 1,504 transactions per second (TPS), Solana operates 46 times faster than Ethereum and over five times quicker than Polygon, the leading Ethereum scaling solution.
How Solana Achieved Its Leading Transaction Speed
On April 6, 2024, Solana achieved its peak daily TPS, driven largely by a surge in memecoin activity. This performance underscores the network’s ability to handle high transaction volumes under real-world conditions.
Despite this achievement, it’s worth noting that Solana is currently operating at only 1.6% of its theoretical maximum capacity of 65,000 TPS.
The report also highlights a broader trend: non-EVM (Ethereum Virtual Machine) blockchains generally outperform EVM-compatible chains in raw speed. On average, non-EVM chains process transactions 3.9 times faster than EVM-based networks.
Comparing Major Blockchain Performances
Sui, another non-EVM blockchain, recorded the second-highest actual TPS at 854, largely due to the popularity of the on-chain game Sui 8192. Other high-performing non-EVM chains include TON, with 175 TPS, and Near Protocol, at 118 TPS.
In contrast, EVM and EVM-compatible blockchains average just 74 TPS. Among these, BNB Smart Chain (BSC) leads with 378 TPS, achieved during heightened on-chain activity in December 2023. Polygon follows as the fastest Ethereum scaling solution, recording 190 TPS in November 2023—making it 8.4 times faster than Ethereum itself.
Ethereum and its major scaling solutions collectively reached an actual TPS of 500, still trailing behind Solana and Sui. Other notable Ethereum layer-2 solutions include Arbitrum (59 TPS), Linea (56 TPS), Base (37 TPS), and Mantle (25 TPS).
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The study also notes that nearly all major blockchains reached their highest actual TPS within the past year, with Thorchain being the only exception, having peaked in May 2022.
Challenges and Considerations for High-Speed Blockchains
Despite its impressive throughput, Solana has faced network reliability issues. In February 2024, the network experienced a significant outage caused by performance degradation, leading to a temporary halt in transactions and raising questions about its stability under stress.
More recently, Solana’s DeFi protocol Pump.fun was exploited through a flash loan attack, resulting in a loss of 12,000 SOL (approximately $2 million). The team responded by upgrading contracts and pausing trading to mitigate further damage.
These incidents highlight the ongoing challenges in balancing speed, security, and reliability in blockchain networks. While Solana’s performance is unmatched in terms of TPS, maintaining consistent uptime and robust security remains critical for user trust and ecosystem growth.
Frequently Asked Questions
What makes Solana faster than Ethereum?
Solana uses a unique combination of proof-of-history (PoH) and proof-of-stake (PoS) consensus mechanisms, enabling parallel transaction processing. Ethereum, while transitioning to proof-of-stake, still relies on a more sequential processing model, which limits its throughput.
Is higher TPS the only measure of a good blockchain?
No. While transaction speed is important, other factors like security, decentralization, developer activity, and ecosystem diversity are equally critical. A high TPS is beneficial for scalability but must be balanced with network reliability.
Can Ethereum layer-2 solutions eventually match Solana’s speed?
Ethereum’s layer-2 solutions, such as Polygon and Arbitrum, are continuously improving their scalability. However, matching Solana’s native speed may require further architectural innovations or longer-term upgrades.
What are the risks of using high-speed blockchains like Solana?
Networks prioritizing extreme speed sometimes face challenges in decentralization and security. Users should be aware of potential trade-offs, including occasional downtime or vulnerabilities in smart contracts.
How does Solana’s theoretical TPS compare to its current performance?
Solana’s theoretical maximum TPS is 65,000, but its current average is 1,504—just 1.6% of its potential. This gap indicates room for growth and optimization as the network evolves.
Are there other blockchains with high TPS besides Solana?
Yes. Sui, TON, and Near Protocol also demonstrate high transaction speeds. Each blockchain employs different architectural approaches to achieve scalability, offering users a variety of options depending on their needs.
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