5 Fastest Blockchains in the World
5 Fastest Blockchains in the World
Blockchain technology underpins many digital innovations, known for its high security and permanent transaction recording capabilities. Consequently, transaction speed is a critical factor in determining the efficiency and adoption of this technology.
A recent study published by CoinGecko reveals that some blockchains stand out by offering significantly higher transaction speeds compared to others. The study examined 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 standardized TPS across as many chains as possible.
Solana
Among major blockchains, Solana proved to be the fastest, reaching a record high of 1,504 TPS on April 6, 2024. This surge in transactions on Solana was largely driven by the growing popularity of memecoins on its network. This record makes Solana 46 times faster than competitors like Ethereum and five times faster than Polygon.
Sui
Following Solana, Sui ranks as the second fastest blockchain, recording a peak TPS of 854 in July 2023, amid the rising popularity of the on-chain game Sui 8192. 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, amid a surge in on-chain activity driven by Ordinals inscriptions. Besides being the third fastest blockchain, BSC also holds the record as the fastest EVM-based network.
Polygon
Increased transaction demand for inscriptions also affected Polygon, which recorded a peak of 180 TPS on November 16, 2023. Currently, Polygon is the fastest network among Ethereum scaling solutions, and it is 8.4 times faster than Ethereum itself.
TON
Another fast non-EVM blockchain is The Open Network (TON), which recorded 175 TPS. Recently, TON has gained attention due to its aggressive integration between cryptocurrencies and the Telegram messaging app.
In addition to the top five blockchains, CoinGecko also identified 20 other blockchains that rank among the top and bottom in transaction processing speed. Other major blockchains include Ethereum, currently ranked 17th with 22.7 TPS, and Bitcoin, ranked 20th with 10.7 TPS.
Conclusion
The CoinGecko study highlights the significant variations in transaction speeds among the largest blockchains, underscoring the importance of TPS as a key metric for blockchain efficiency and adoption. Solana leads the pack with a remarkable 1,504 TPS, driven by the popularity of memecoins. Following Solana, Sui, BNB Smart Chain, Polygon, and The Open Network (TON) also demonstrate impressive speeds, reflecting their robust capabilities in handling high transaction volumes. This ranking not only showcases the potential of these blockchains to support demanding applications but also emphasizes the competitive landscape of blockchain technology, where speed is a crucial determinant of success.
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*Disclaimer:
This content aims to enrich reader information. Always conduct independent research and use disposable income before investing. All buying, selling, and crypto asset investment activities are the reader's responsibility.
