Solana has emerged as the fastest among major blockchains, with its average daily transactions per second (TPS) reaching a record 1504 on April 6, amid a surge in meme coin activity. This is according to a report by CoinGecko.
“This makes Solana 46 times faster than Ethereum and more than five times faster than Polygon, which has the highest TPS among scaling solutions,” the researchers noted.
Despite being considered the fastest blockchain, Solana has only reached 1.6% of its theoretical maximum speed of 65,000 TPS, CoinGecko highlighted.
The second spot was claimed by another non-EVM network, Sui, with a record 854 TPS in July 2023.
Among relatively fast blockchains that do not support the Ethereum Virtual Machine are TON (175 TPS) and Near Protocol (118 TPS). Slower networks include Aptos (49 TPS), Starknet (12 TPS), Bitcoin (11 TPS), and Thorchain (2 TPS).
“On average, blockchains without EVM support are nearly four times faster than EVM-compatible ones,” experts pointed out.
BNB Chain and Polygon lead as the fastest EVM blockchains with 378 TPS and 190 TPS respectively. The latter is 8.4 times faster than Ethereum, which reaches 22.7 transactions per second.
“Individual Ethereum scaling solutions and L2s have yet to surpass first-layer networks. This may partly be due to fewer on-chain transactions, resulting in slower TPS implementation,” the report states.
Nearly all TPS records were set in the past 12 months. Twelve networks recorded their peak in 2023, while another twelve did so in 2024. The exception is Thorchain, the slowest on the list, which peaked in 2022.
These figures indicate growing on-chain activity driven by “inscriptions” and meme coin speculation, CoinGecko asserts.
In March, the decentralized protocol Fantom announced the Sonic update, aimed at increasing the network’s capacity to 2000 TPS.