Solana has been identified as the fastest among major blockchains, according to a recent report. The data showed that on April 6, the average daily number of transactions per second (TPS) reached a record high of 1,504, driven by the surge in meme coins on Solana.

This makes Solana 46 times faster than Ethereum and more than five times faster than Polygon, which has the highest TPS among Ethereum scaling solutions.

Despite being the fastest blockchain, Solana only reached 1.6% of its theoretical maximum speed of 65,000 TPS.

Other blockchains like BNB Chain and Polygon also demonstrated notable speeds, with 378 TPS and 190 TPS, respectively. Polygon is 8.4 times faster than Ethereum, which manages a speed of 22.7 transactions per second.

Most TPS records were set in the last 12 months, with twelve networks peaking in 2023 and another twelve expected to peak in 2024. The exception is Thorchain, which peaked in 2022. These indicators suggest an increase in on-chain activity, driven by inscriptions and speculation on meme coins.

However, the rapid speed of Solana did not shield the network from scams. A cryptocurrency detective, ZachXBT, identified 12 meme coin projects on Solana that were abandoned by their founders shortly after the preliminary sale of assets. In total, 27 meme coin projects based on Solana attracted around $112 million in investor assets.

For those interested in more updates and detailed analyses on the latest in cryptocurrencies, investing, and finance, stay tuned to Global Crypto News.

Post Views: 10