The surge in meme coin popularity on April 6 led to a remarkable increase in the average daily transaction processing speed (TPS) on the Solana network, reaching a new peak of 1504 TPS. This milestone solidified Solana's position as the fastest major blockchain, surpassing all its counterparts in speed. According to a recent report by CoinGecko, this achievement was highlighted.

Ranking highest in transaction processing speed among various scaling solutions, Solana emerges as a standout performer, outpacing Ethereum by 46 times and Polygon by over fivefold, as noted by researchers familiar with the sector.

Although Solana claims the title of the fastest blockchain, it has only realized a fraction of its potential capacity, achieving just 1.6% of its theoretical maximum TPS of 65,000.

In a competitive landscape of blockchain speeds, Sui, a non-EVM network, secured the second position with a peak TPS of 854 in July 2023.

Beyond Ethereum and its virtual machine ecosystem, Near Protocol (118 TPS) and TON (175 TPS) are notable for their respectable transaction speeds. In contrast, Thorchain (2 TPS), Starknet (12 TPS), Bitcoin (11 TPS), and Aptos (49 TPS) operate at a slower pace. Experts have highlighted that blockchains lacking EVM support typically exhibit a fourfold decrease in speed compared to their EVM-compatible counterparts.

The analysis by CoinGecko on blockchain speeds unveils intriguing findings, shedding light on the diverse performance metrics across networks.

Within the EVM blockchain domain, BNB Chain leads with 378 TPS, followed by Polygon at 190 TPS. Notably, Ethereum's transaction speed of 22.7 per second trails significantly behind, showcasing an 8.4 times disparity. Despite ongoing efforts, no scaling solution, even within Ethereum itself, has transcended layer 1 networks, suggesting underlying challenges in enhancing TPS due to transaction volume.

The past year witnessed a flurry of TPS records being shattered, with twelve networks hitting peak speeds in 2023 and an additional dozen in 2024. Thorchain, occupying the slowest position in the rankings, achieved its maximum speed in 2022.

CoinGecko's observations imply a surge in on-chain activities spurred by 'inscriptions' and speculative activities involving meme coins.

Noteworthy, the Fantom protocol announced the Sonic update in March, promising to elevate network throughput to 2000 TPS, offering a glimpse into the continued evolution of blockchain speed and capacity.