A recent report by CoinGecko has shed light on the fastest blockchain networks based on their processing speed and total value locked on DeFiLlama. Surprisingly, Ethereum and Bitcoin fail to make it into the top 15, while Solana takes the lead, followed closely by Sui and the Binance Smart Chain (BSC).

Solana's Speed Dominance

Despite encountering several outages in recent years, Solana has emerged as the fastest blockchain network, according to CoinGecko's findings. With an average daily transactions-per-second (TPS) rate of 1,053.7 and a record high of over 1,500 TPS on April 6, Solana surpasses Ethereum by a staggering 46 times in speed. Despite not reaching its theoretical maximum TPS of 65,000, Solana's rapid processing speed has attracted developers, making it a popular choice for launching meme coins.

The Rise of Non-EVM Networks

CoinGecko's report highlights that non-EVM (Ethereum Virtual Machine) blockchains, like Solana and Sui, are on average four times faster than their EVM counterparts. This finding underscores the growing dominance of networks that offer superior processing speeds and lower transaction fees.

Polygon's Impressive Performance

While Ethereum lags behind, its layer 2 solution, Polygon, demonstrates impressive speed, boasting an average TPS of 190. This places Polygon as the fastest among Ethereum scaling solutions, outpacing Ethereum itself by 8.4 times. The scalability of Polygon has contributed to its popularity, especially in hosting various decentralized applications (dApps) and meme coins.

Bitcoin and Its Position

As one of the few networks still utilizing proof of work, Bitcoin's average TPS stands at 10.73, positioning it at the 20th spot in CoinGecko's rankings. While not known for its speed, Bitcoin's reliability and security remain unparalleled in the blockchain space.

Conclusion

The report by CoinGecko highlights the significance of processing speed in blockchain networks, with Solana emerging as the frontrunner in this aspect. As blockchain technology continues to evolve, the focus on scalability and transaction throughput becomes increasingly crucial. With Solana leading the charge in speed and efficiency, the landscape of blockchain applications and decentralized finance (DeFi) is poised for further innovation and growth.