Introduction and methods

NEAR Protocol is a proof-of-stake public blockchain with smart contract capability that aims to act as a community-managed cloud computing platform.  It provides a platform on which developers can build decentralized applications (dapps).

One of the main aspects to consider for these type of L1 blockchains is the competence. Users are constantly choosing for the best network to act and to use considering several aspects such as speed, success transactions, performance etc.

The intention of this dashboard is to compare NEAR protocol against other L1s in terms of speed and performance. The idea is to know how fast is NEAR in comparison to other blockchain speeds in terms of transactions per minute and percentage of transactions that fail. The main blockchains analyzed against Near are:

• Ethereum
• Harmony
• Solana
• Flow
• Osmosis

Results

In this first chart on the left, it can be seen the daily number of transactions and the daily transactions per minute (TPM) on Near network.

Regarding the number of daily transactions, it can be seen how it oscillated from 300k to 400k during the past month. However, the average number seems to be decreased a little bit during the initials of July.

In terms of TPM, something similar occurred. In this case, the number ranged from 210 TPM to 290.

Comparing the Near results with the other L1 networks, we can see how Near have low numbers in terms of daily transactions. Basically, during the first part of the period analyzed before the Flow sudden dump, Near only shown higher numbers than Osmosis.

Apart from Solana that have big numbers in comparison to the rest of the L1s, Ethereum shown 1M transactions, Flow shown around 0.7M transactions, Harmony 0.5M while Near 0.3M. Osmosis around 0.15M.

Then, looking at the TPM, we can see how Near only reaches between 200 and 300 TPM, while Ethereum or Flow have more than 750 or Solana with over 35k TPM.

In terms of failed transactions, I have analyzed first the number of daily failed and succeeded trasnactions on Near. The number of succeeded trasnactions has been constant and higher than failed transactions. Around 300k succeeded transactions were executed each day while less than 100k failed transactions was performed on the network.

Looking at the percentages, we can see how the percentage of failed transactions on Near only surpassed the 20% on a single day. During the rest of the days, the percentage was lower than 20. Besides, the percentage of failed transactions seems to be decreasing over the past days.

Finally, looking at the daily percentage of failed transactions, we can see how Near are situated again in the highest percentage values. While blockchains like Ethereum or Flow show less than 5% of failed transactions, the Near percentage is above 15.

The same occurs if we look at the percentage of succeeded transactions, Near have poor values compared to other Networks. While Ethereum, Flow and Harmony in the last days have more than 90% of succeeded transactions, Near round the 80-85%,

Conclusions and key insights

In this dashboard it is presented how does NEAR stock up to other L1s in terms of speed and performance. In the analysis it is computed how fast is NEAR in comparison to other blockchain speeds in terms of transactions per minute and percentage of transactions that fail. The general conclusion is that the Near performance is not the best one. The numbers are poors in comparison to the major of the other L1s evaluated.

The main insights extracted from the study are:

• Near have low numbers in terms of daily transactions than the major of the other L1s.
• Regarding the TPM, Near only reaches between 200 and 300 TPM, while Ethereum or Flow have more than 750 or Solana with over 35k TPM.
• In terms of daily percentage of failed transactions, Near are situated in the highest percentage values. While blockchains like Ethereum or Flow show less than 5% of failed transactions, the Near percentage is above 15.