Solana, the high-performance blockchain, has emerged as the fastest among major blockchains, according to a report. The report indicates that on April 6, the average daily number of transactions per second (TPS) on Solana reached a record high of 1,504, propelled by the boom of meme coins on the network.
The report states, “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 this impressive feat, Solana only achieved 1.6% of its theoretical maximum speed of 65,000 TPS.
While Solana proved to be the fastest overall, BNB Chain and Polygon are the fastest EVM (Ethereum Virtual Machine) blockchains, with 378 TPS and 190 TPS, respectively. Polygon’s speed is 8.4 times faster than Ethereum, which reaches only 22.7 transactions per second.
Interestingly, almost all TPS records were set in the last 12 months, with 12 networks peaking in 2023 and another 12 in 2024. The exception is Thorchain, the slowest on the list, whose speed peaked in 2022. The report claims that these indicators show an increase in on-chain activity, driven by inscriptions and speculation on meme coins.
However, Solana’s speed did not protect the network from the growth of scam tokens. A cryptocurrency detective known as ZachXBT identified 12 meme coin projects issued on the Solana blockchain, which were abandoned by the founders almost immediately after the preliminary sale of assets. In total, 27 meme coin projects based on Solana attracted about $112 million in investor assets.
While Solana’s performance during the meme coin craze is noteworthy, the report also highlights the potential risks associated with speculative tokens and the importance of due diligence and caution when investing in such projects.
