Introduction

Near Protocol is a layer 1 blockchain. This blockchain provides a platform on which developers can easily build decentralized applications (dapps). Protocols like Near are considered as a challenge against Ethereum. The key criteria for layer 1 networks are transaction fee, speed, and the ability to maintain those characteristics as transaction volume increases. These factors are the focus of layer 1s like Near to improve Ethereum, which has struggled with costs and speed over the past few years.

Methodology

In this analysis, we use the data from the following tables:

• flipside_prod_db.mdao_near.transactions
• ethereum.core.fact_transactions

We will analyze and compare the performance and speed of two blockchains, Near and Ethereum. For this purpose, we obtained the following metrics and will analyze them further:

• Transaction Per Minute (TPM)
• Failure Rate

Analysis

Conclusion

• The average TPM on the NEAR blockchain is 200, while for Ethereum it is 700.
• The failure rate in NEAR is about 15%, which is below 5% for Ethereum.

To get TPM, we obtained the total number of successful daily transactions, and then by dividing by 1440(1 Day = 24 Hours * 60 Min), the average value of TPM was calculated. So basically we have Average TPM for each day. Also, the data is related to the last 30 days. As can be seen from the graph, the number of transactions on the Ethereum blockchain is about 3.5 times compared to NEAR. In the NEAR blockchain, the TPM value is 200 on average.

To get the error rate, we obtained the number of filled transactions using the following filters for each of the blockchains, and then by dividing the number of filled transactions by the total number of transactions, the value of the error rate was obtained.

• NEAR: substr(tx_receipt[0]:"outcome":"status",3,7) = 'Failure'

• Ethereum:

  status = 'FAIL'

  As it is clear from the graph, the failure rate in the NEAR blockchain fluctuated from a minimum value of 11.7% to a maximum of 25.6%, while for the Ethereum blockchain, this value was between 2.9% and 5.7%.

And finally, I compared the failure rate to the number of unique wallets that have transacted on the NEAR blockchain, which don’t seem to have a meaningful relationship with each other.