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Solana and SUI Top Fastest Blockchains List as EVMs Struggle

Non-EVM-compatible blockchains processed transactions almost four times more than their EVM counterparts.

Avatar image of Elendu Benedict Elendu Benedict•May 18, 2024

The Solana network has continued to shine among others, this time emerging as the fastest blockchain in the crypto sector. Research released on Friday showed that Solana recorded a daily average transaction per second (TPS) of 1,504 on April 6, the fastest in the sector.

Layer-1 blockchain Sui was surprisingly the second fastest network, recording a daily average TPS of 854 in July 2023. BNB Smart Chain (BSC), Polygon (MATIC), and Ton network (TON) occupied third, fourth, and fifth place in the ranking, respectively.

BNB Smart Chain was the fastest EVM-compactible blockchain. It reached a daily average TPS of 378 in December 2023. However, the network managed less than half of Sui’s real processing speed.

The research considered only the top 30 blockchains based on total value locked (TVL) and excluded networks without sufficient data, such as Cardano and Kava.

Super Fast Solana

The research showed that the Solana network processes transactions 46 times faster than the Ethereum network and over five times faster than Polygon.

Notably, Solana’s peak daily average TPS is just about 1.6% of its theoretical maximum speed. However, a memecoin frenzy on the network in April congested the blockchain, leaving it unable to process transactions optimally for days.

Non-EVMs Oupaced EVMs

A major point that the research raised was how much Ethereum Virtual Machine (EVM) compatible blockchains lagged behind their non-EVM counterparts. An EVM is a core part of Ethereum, which helps power the blockchain and smart contracts.

The research showed that non-EVM blockchains were almost four times faster than EMV-compatible networks. Despite non-EVM blockchains totaling just 8 out of the 25 networks, they recorded an average peak TPS of 284. The EVM networks recorded an average TPS of just 74.

The research cited that the reason Ethereum scaling solutions and layer-2 networks do not match other blockchains in real processing speed may be due to the low number of transactions on them.

Elendu Benedict

Elendu Benedict is a professional writer with sheer competence in crypto-related journalism. With a background in Engineering, Benedict specialises on news related to ETFs, market analysis, and macroeconomic policies that affects the crypto market.