News
Solana Became the Fastest Blockchain Amid Meme Coin Craze
Solana has proven to be the fastest among major blockchains, according to a report by CoinGecko.
The report States than on April 6, the average daily number of transactions per second (TPS) hit a record high of 1,504 amid the meme coin boom in 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.”
CoinGecko Report
Despite being considered the fastest blockchain, Solana only reached 1.6% of its theoretical maximum speed of 65,000 TPS.
Source: CoinGecko
BNB Chain and Polygon are the fastest EVM blockchains with 378 TPS and 190 TPS respectively. The latter is 8.4 times faster than Ethereum, whose speed reaches 22.7 transactions per second.
Almost all TPS records were set in the last 12 months. Twelve networks peaked in 2023 and another 12 in 2024. The exception is the slowest on the list, Thorchain, whose speed peaked in 2022. CoinGecko says indicators show an increase in activity on the network, driven by signups and speculation about meme coins.
However, Solana’s speed has not protected the network from the growth of fraudulent tokens. A cryptocurrency detective under the pseudonym 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. 27 Solana-based meme coin projects have attracted around $112 million in investor assets.