As a researcher with a background in blockchain technology and a keen interest in exploring the latest developments in this field, I find the recent report by CoinGecko on the performance of various blockchains, particularly Solana, to be quite intriguing.
Solana proved to be the fastest among major blockchains, according to a report by CoinGecko.
On April 6, Solana experienced a peak in meme coin popularity, resulting in an unprecedented average daily transaction rate of 1,504 transactions per second, as indicated by the report.
“Solana is approximately 46 times faster in transaction processing speed than Ethereum and over five times quicker than Polygon, currently the fastest Ethereum scalability alternative.”
CoinGecko report
As a analyst, I’ve observed that despite being known for its blazing-fast speed among blockchains, Solana has managed to process just 1.6% of its estimated maximum transaction throughput of 65,000 transactions per second (TPS).
Amongst the fastest Ethereum Virtual Machine (EVM) blockchains, BNB Chain and Polygon stand out with transaction speeds of 378 and 190 transactions per second (TPS), respectively. Polygon is nearly nine times faster than Ethereum, which processes approximately 22.7 transactions each second.
As a crypto investor, I’ve noticed an impressive surge in transaction processing speeds (TPS) across various networks over the past year. Twelve of these networks reached their peak TPS in 2023, while another twelve did so in 2024. The only exception to this trend is Thorchain, which peaked in terms of TPS back in 2022. According to CoinGecko, the data suggests heightened activity on-chain, fueled by the buzz around inscriptions and meme coins, leading to increased speculation within the crypto market.
As a researcher studying the cryptocurrency landscape, I’ve noticed that while Solana’s speed is a significant advantage, it hasn’t been enough to prevent the proliferation of scam tokens on its network. Recently, an anonymous investigator known as ZachXBT unearthed the presence of 12 abandoned meme coin projects launched on Solana. These projects raised funds during their initial asset sales but were quickly deserted by their founders. In total, around $112 million worth of investor assets were attracted to these 27 meme coin projects based on Solana.
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2024-05-17 21:31