Other superspeed cryptocurrencies include: Therefore, before we can conclude that a particular cryptocurrency is the fastest, it must have a low transaction finality and high TPS.įollowing this explanation, Solana is the world’s fastest cryptocurrency with over 50,000 TPS and 2.5 seconds transaction finality. Two essential factors contribute to a cryptocurrency's speed: the average transactions per second and transaction finality (TF). Popular cryptocurrencies like Ethereum and Bitcoin have struggled to handle the billions of transactions that their clients process daily.Įven though many cryptocurrency projects boast about the number of transactions per second they can process, the statistics they give seldom hold up to their claims. However, only one factor in preventing cryptos from becoming popular, and that factor is speed. Trade stocks directly peer-to-peer without a middleman or KYC paperwork.Honestly, we’ve seen incredible progress towards this objective thus far. The end purpose of cryptocurrencies is to replace today's inefficient and corrupt financial institutions. Because of Solana’s robust protocol, it can provide global scaling capabilities for DApps decentralized platforms. The Solana network is a fourth-generation blockchain that attempts to address the trilemma by building a fast and scalable network without sacrificing security or decentralization.
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The next goal of the update is to achieve 100,000 TPS, but there's still a long way to go. SOL transactions are complete within fractions of a second.Įthereum, Solana’s biggest competition, is now undergoing a significant update (Eth 2.0) to increase transaction speed and lower costs. Still, these transactions take several days to settle, delaying the transfer of money from a bank account to another. In contrast to Solana's transaction speed, a Visa card may only process up to 24,000 transactions per second. For this reason, many dub Solana as the true “Ethereum killer.” Polkadot and Cardano are two other cryptos contending for this title. Solana has increased in price 40-fold in the past year, from $3.50 to $159.34 at the time of this writing.īecause of its speed and throughput of up to 50,000 TPS, Solana is among the world's fastest networks and first web-scale blockchain networks. With a market value of approximately $47.9 billion, it has just surpassed Uniswap, USD Coin, and Polkadot and seems to be on a tear. This surge came nearly a year and a half after its Mainnet beta debut in March 2020. Solana rose from practically nothing in a blink of an eye to number 8 in the crypto market capitalization rankings.
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Your staking rewards are directly affected by block times: the shorter the duration, the higher the APY you receive on your stake. At times of high congestion this can rise considerably. How long does it take for a block to be processed by the Solana network? The expected time for each block to be processed is 400ms. How many blocks are being processed by the Solana network per second? The expected time for each block to be processed is 400ms. How many votes are being processed by the Solana network per second? Since every validator votes on every slot, this figure should scale with greater number of validators and lower block times. Non Vote Transactions Per Secondįorget the validators - just how many transactions is Solana processing per second, outside of votes? This metric lets you see at a glance how many transactions Solana's end users are using. Transactions can fail for many reasons, for example due to insufficient funds, excess slippage on swaps or other user errors. This is the percentage of transactions that succeeded for each minute in the last hour. Use this chart to see the breakdown of votes vs all other transactions on the Solana network Success Rate
On the other, the raw TPS figure is inflated by validator's own vote transactions, hence the other metrics we have included here Votes vs Non Votes
On the one hand, TPS is generally much lower than Solana's theoretical maximum, as the number of transactions submitted each second varies based on how busy the network is. It is helpful to see the health of the cluster as a whole, but doesn't tell the whole picture. Transactions per second is a measure of the raw throughput of the Solana network.
Transaction Performance Raw Transactions Per Second
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