Solana, a popular cryptocurrency often referred to as the “Ethereum killer,” has achieved a major milestone as it has been ranked as the fastest blockchain in the world, according to a recent study conducted by Mercado. The study revealed that Solana processed an impressive 95 million transactions in a single day, outperforming its direct competitors by a significant margin. At the time of writing, the price of SOL was quoted at US$170.40, experiencing a 1% drop in the past 24 hours.
The research demonstrated that Solana achieved an average of 1,053 transactions per second (TPS), showcasing not only its superior technical capabilities but also solidifying its position in the cryptocurrency market. In comparison, Sui and Binance Smart Chain (BSC) recorded 854 and 378 TPS respectively, while Ethereum and Bitcoin, two well-established blockchains, face limitations with much slower speeds of 22.8 and 10.7 TPS respectively.
Solana’s exceptional performance was particularly evident in April 2023 when it reached a peak of 1,504 TPS, driven by the surge in meme coin transactions. This figure places Solana approximately 46 times ahead of Ethereum and five times faster than Polygon, making it a highly efficient scalability solution.
Despite these impressive numbers, CoinGecko highlighted that Solana only operated at 1.6% of its maximum theoretical potential, which is 65,000 TPS. This data suggests that, although Solana currently leads the pack, it still has significant room for growth and improvement.
Solana was launched on the mainnet in March 2020 with the goal of processing up to 50,000 TPS, aiming to address scalability issues observed on platforms like Ethereum. Unlike Ethereum, which relies on second-layer scaling solutions, Solana offers an inherently scalable infrastructure for a decentralized ecosystem. However, the network has faced criticism and technical challenges, including significant outages, with a crash in April that impacted approximately 76% of transactions.
In conclusion, while Solana faces obstacles and criticism, its speed and processing capacity set a new standard in the world of blockchains, directly influencing the future development of the cryptocurrency market.
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Editor’s Choice: Solana surpasses Ethereum in daily revenue after a substantial rate increase. A Solana trader converts $1,470 to $200,000 in just five minutes.