Introduction

What is solana?

Solana is a public blockchain platform with smart contract functionality. Its native cryptocurrency is SOL. Solana offers low fees and fast transaction times. Solana smart contracts are written in Rust rather than solinity.

What is TPS?

In the context of blockchains, transactions per second (TPS) refers to the number of transactions that a network is capable of processing each second. The approximate average TPS of the Bitcoin blockchain is about 5 – though this may vary at times.

What are the advantages of a faster blockchain?

Blockchains that have higher TPS are advantageous over blockchains with lower TPS for numerous reasons. There reasons are a quicker settlement time, lower fees, the ability for more people to interact with the network.

Methodology

• We will look at the AVG, MAX and MIN TPS on Solana, Ethereum, and Algorand

• We are looking to see how these blockchains compair on these metrics

Blockchain Speed Metrics

Observations

• Since the end of 2021 the Transactions on Solana have fluxuated between 70 Million and and 20 Million transactions per day

• The network seems to be running at a very consistant rate becuase the diffrence between the avg and max TPS have been consistantly been large

• Since the end of 2021 the average TPS of solana has been between 800 and 200

Observations

• Since 2017 the transactions on Ethereum have grown to 1.2 Million per day

• The network seems to not be running at a very consistent rate because the difference between the avg and max TPS have been consistently large

• Since the end of 2021 the average TPS of Ethereum have been between 12 and 15

Observations

• Since 2019 the transactions on Ethereum have grown to 1 - 2 Million per day

• The network seems to not be running at a very consistent rate because the difference between the avg and max TPS have been consistently large

• Since the end of 2021 the average TPS of Ethereum have been between 10 and 30

Conclusion

Currently out of the 3 blockchains ETH, ALGO, and SOL solana has by far the most transactions per day. Additionally solana has the most consistent transactions per day. Although ethereum and algorand are generally increasing the transactions on their network they are currently not technologically capable of reaching the transaction speed of solana.