Introduction

Flow is a Proof-of-Stake blockchain that went live in 2019 after the founders of Dapper labs got fed up with the slow and expensive state of Ethereum blockchain with Crypto Kitties and NBA Topshots soaring in popularity. The main advantage of Flow chain is its fast, low cast transactions supporting smart contracts.

In this article, we will analyze how fast is Flow assessed in terms of transactions per minute and its comparison with blockchain speed of other L1 chains, along with its trend whether its improved or worsened since the beginning of 2022. Also, will analyze the types of events that have raised or decreased the blockchain’s performance since the start of 2022, with supporting visuals.

Definitions

FLOW is the native currency that is needed to operate the Flow network and all the applications that rely on it, and it is also a reserve asset that holds the entire Flow economy in long-term. So, this way, participating in the FLOW network and earning rewards is made possible by the FLOW token, which is used by validators, developers, and users.

In addition, FLOW token holders can stake their tokens, and users interested in staking FLOW tokens should create an account with Flow Port, which facilitates FLOW token staking, delegation, and reward withdrawals.

Transactions per Minute (TPM):

Transaction speed is the rate at which the transaction will be performed while transferring the data or tokens from one account to another account with in each minute per day.

Methodology

As part of this analysis, first we will look at the blockchain speed of FLOW measured in terms of Transactions per Minute (TPS), Transactions per Second (TPS), total number of transactions performed per day etc.. since Jan 2022.

We will also verify the average monthly transactions per Minute (TPM) on Flow chain and identify it there is an increasing or decreasing trend since the beginning of the year 2022.

Then we will compare the blockchain speed of Flow with other L1 chains such as Ethereum, Avalanche, Binance Smart chain, Solana etc.. and the data for this analysis will be derived from avalanche.core.fact_transactions, solana.core. fact_transactions, flow.core.fact_transactions, ethereum.core.fact_transactions, bsc.core.fact_transactions tables. Transactions per minute (TPM) daily will be calculated using the formula as 24*60.

Monthly Average of Transactions per Second (TPM)

Below is the visual that shows the monthly average of total number of transactions performed per minute (TPM) across different L1 chains such as Avalanche, BSC, Solana, Flow, Ethereum networks since the beginning of the year 2022. When we look at this graph closely, maximum Transactions per Minute (TPM) has been observed on BSC chain.

Regarding the Transactions per minute (TPM) rate on Flow blockchain, it is evident that maximum TPM has been noticed in the month of June 2022, later which there has been slightly decreasing trend till September 2022. Also, we could see a significant raise in the rate of Transactions per minute (TPM) in November 2022, which shows a positive sign.

Types of Events that have impacted Flow blockchain performance

The below set of bar charts represents the types of events on Flow chain which are impacting the blockchain performance since the beginning of the year 2022. Also, it looks like maximum number of Flow transactions has been observed for the event type “TokensDeposited”, followed by “TokensWithdrawn” event.

Conclusion

According to the above charts and visuals. we could summarize that

• When we look at the daily trend of Transaction speed measured in Transaction per Minute (TPM) across various L1 chains such as BSC, Ethereum, Solana, Flow and Avalanche chains, it is clear that maximum transactions count has been noticed on Binance smart chain since the beginning of January 2022.

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• But, when we analyze the daily statistics of Transactions per second (TPM) on FLOW blockchain, a significant raise has been observed in the TPM rate since the month of June 2022 and it continued further till the mid of December 2022, which shows a positive sign.

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• Regarding the Transactions per minute (TPM) rate on Flow blockchain, it is evident that maximum TPM has been noticed in the month of June 2022, later which there has been slightly decreasing trend till September 2022. Also, looking at the type of events on Flow chain, highest number of transactions has been observed for “TokensDeposited” event, which has predominantly improved the performance of Flow blockchain.

References

Tweet Link

Here is the chart that shows the daily trend of Transactions per minute (TPM) across various L1 chains such as Ethereum, Avalanche, Solana, Flow and Binance Smart chain since the beginning of the year 2022. If we look at this closely, highest TPM rate is observed for Binance smart chain comparatively.

But, looking at the TPM rate on Flow chain, there has been an increasing trend noticed since the 1st of June 2022, later which it followed slightly upward and remained consistent till the month of Nov 2022.