Solana became fastest blockchain amid meme coin craze

According to CoinGecko’s report, Solana has proven to be the fastest among major blockchains.

The report states that on April 6, amid the Solana meme coin boom, the average number of daily transactions per second (TPS) reached a record high of 1,504.

“This makes Solana 46 times faster than Ethereum and five times faster than Polygon, which has the highest TPS among Ethereum scaling solutions.”

CoinGecko report

Despite being considered the fastest blockchain, Solana achieved only 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. Secondly, it is 8.4 times faster than Ethereum, whose speed reaches 22.7 transactions per second.

Almost all TPS records were broken in the last 12 months. Twelve networks reached their peak in 2023, and another 12 networks peaked in 2024. The exception is Thorchain, which is the slowest network on the list and its speed peaks in 2022. CoinGecko claims that indicators show an increase in on-chain activity due to posts and speculation on the meme. coins.

However, Solana’s speed did not protect the network from the growth of fraudulent tokens. A cryptocurrency detective under the pseudonym ZachXBT identified 12 meme coin projects published on the Solana blockchain that were abandoned by the founders immediately after pre-sale of assets. The 27 meme coin project based on Solana attracted approximately $112 million in investor assets.