- Solana leads with a staggering 1,504 TPS, setting a new standard for transaction speed.
- Sui follows closely, boasting 854 TPS and revolutionizing on-chain gaming experiences.
- BSC emerges as the fastest EVM blockchain with 378 TPS, driving decentralized applications forward.
Blockchain technology serves as the foundation for numerous digital innovations, renowned for its robust security and capability to permanently record transactions. Consequently, the speed of transactions stands as a pivotal factor influencing the efficiency and widespread adoption of this technology.
In a recent study published by CoinGecko, it was revealed that some blockchains have stood out by offering much higher transaction speeds compared to others. This study was conducted by examining the processing speed of the 30 largest blockchains measured using actual transactions or transactions per second (TPS), and defined in terms of daily averages to obtain a standard TPS from as many chains as possible. Here are the five fastest blockchains based on TPS:
Solana
Among other major blockchains, Solana proved to be the fastest with a record high of 1,504 TPS on April 6, 2024. The surge in transactions on Solana was largely influenced by the rapidly growing popularity of memecoins on the network. This record makes Solana 46 times faster than competitor blockchains such as Ethereum, and five times faster than Polygon.
Sui
Under Solana, Sui followed as the second fastest blockchain by recording the highest TPS of 854 in July 2023, amidst the soaring popularity of the Sui 8192 on-chain game at that time. This figure also makes Sui the fastest non-Ethereum Virtual Machine (EVM) blockchain currently.
BSC
BNB Smart Chain (BSC) recorded 378 TPS on December 7, 2023, amidst a surge in on-chain activity driven by the Ordinals inscription. Apart from being the third fastest blockchain, BSC also set a record for being the fastest blockchain among other EVM-based networks. BSC is the fastest EVM blockchain even though it only reaches half the speed of Sui.
Polygon
The surge in transaction demand for inscription also affected Polygon, which set a record of up to 180 TPS on November 16, 2023. Currently, Polygon is the fastest network among other scaling solutions on Ethereum, and is even 8.4 times faster than Ethereum itself.
TON
Another non-EVM blockchain that is no less fast is The Open Network (TON) which recorded 175 TPS. Recently, TON has attracted attention due to its aggressive integration between crypto assets and online messaging application Telegram.
Apart from the five blockchains mentioned above, CoinGecko also listed other blockchains that were included in the list of top and bottom blockchains in terms of transaction processing speed. Some other large blockchains include Ethereum which is currently in 17th place with 22.7 TPS and Bitcoin is ranked 20th with 10.7 TPS.
Fast blockchains are transforming industries with quick transactions and scalability. Continued tech advancements will optimize their performance, driving wider adoption and innovation in areas like decentralized finance, gaming, and NFTs.
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The post Speeding Ahead: Meet the Top 5 Fastest Blockchains Revolutionizing Transactions appeared first on Crypto News Land.
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