Solana has asserted its dominance in the realm of blockchain transactions, setting a new milestone by processing a staggering 91 million transactions in a single day. CoinGecko’s latest report highlights the extraordinary speed and efficiency of Solana, eclipsing even the behemoth Ethereum.

Speed Reigns Supreme: Solana’s Impressive Performance

On April 6, Solana showcased its prowess with a jaw-dropping average of 1,504 transactions per second (TPS) during the memecoin frenzy. This achievement underscores Solana’s exceptional speed, outpacing Ethereum by a whopping 46 times and leaving other contenders like Polygon trailing behind by over 5 times.

Despite its title as the fastest blockchain, Solana has only tapped into 1.6% of its theoretical maximum speed of 65,000 TPS. The surge in transactions has prompted discussions around Solana’s ability to enhance its real TPS following upcoming upgrades, amidst concerns of network congestion.

Beyond Solana: Notable Performers in the Blockchain Arena

CoinGecko’s report doesn’t solely focus on Solana; it sheds light on other notable performers in the blockchain landscape. Sui, another non-EVM platform, emerged as the second-fastest blockchain, reaching a peak TPS of 854, driven by the popularity of the on-chain game Sui 8192. Other noteworthy non-EVM blockchains include TON and Near Protocol.

Ethereum and its scaling solutions face hurdles in matching the processing speed of other layer 1 blockchains. Despite Ethereum’s prominence, its scaling solutions have yet to outpace other layer 1 counterparts in real processing speed. Factors such as lower on-chain transaction volumes contribute to slower realized TPS for Ethereum scaling solutions.

The Token Frenzy: Fueling Blockchain Activity

The surge in blockchain activity can be attributed to the rise of inscriptions and memecoin speculation. Over 1 million new tokens have flooded the market since April, with Ethereum and Solana emerging as key hosts. Ethereum alone accommodates over 370,000 new tokens, while Solana boasts a remarkable 640,000 new tokens, predominantly comprising memecoins.

In essence, Solana’s record-breaking performance signifies a significant shift in the blockchain landscape, highlighting the importance of speed and scalability in accommodating the burgeoning demand for decentralized applications and digital assets.