Approach

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Purpose:

The purpose of this analysis is to compare the performance of popular blockchains such as Ethereum, Solana, Flow, Polygon, Arbitrum, and Optimism in terms of block metrics.

Key Findings:

Solana takes the lead: It has the fastest average block time, less than 1 second, and the highest number of transactions per block, averaging 2.1 thousand. Additionally, the daily average transactions per block show a consistent increase over time. Ethereum lags behind: Even after the merge, Ethereum has the slowest block time, averaging around 12-14 seconds per block.

Methods:

The fact_blocks tables were utilized to extract block performance data for each respective layer 1 and layer 2 blockchain. Unfortunately, the available block_timestamp fields in the tables only provide information down to the second, not the millisecond level. As a result, the minimum block times are recorded as 0. All the data presented in the dashboard corresponds to the specified state_date and end_date parameters at the top of the dashboard.

Intro

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Block time refers to the duration it takes for a new block to be added to a blockchain network. In this introduction, we will explore the block time characteristics of Ethereum, Solana, Flow, Polygon, Arbitrum, and Optimism.

• Ethereum: Ethereum is one of the most well-known and widely used blockchain platforms. In its current proof-of-work (PoW) consensus mechanism, Ethereum has an average block time of around 12-14 seconds. However, it is important to note that Ethereum has plans to transition to a proof-of-stake (PoS) consensus mechanism, which is expected to significantly reduce the block time.

• Solana: Solana is a high-performance blockchain platform designed for decentralized applications and crypto-native projects. Solana boasts extremely fast block times, with an average block time of less than 1 second. This fast block time enables Solana to handle a high throughput of transactions.

• Flow: Flow is a blockchain network built specifically for non-fungible tokens (NFTs) and decentralized applications. Flow has a block time that is generally faster than Ethereum but slower than Solana. The specific average block time of Flow may vary, but it typically falls within a few seconds.

• Polygon: Polygon, previously known as Matic Network, is a scaling solution for Ethereum that aims to enhance its scalability and improve transaction speeds. As a layer 2 solution, Polygon's block time is dependent on the underlying Ethereum network. It generally aligns with Ethereum's block time, which is around 12-14 seconds.

• Arbitrum: Arbitrum is another layer 2 scaling solution for Ethereum that focuses on optimizing smart contract execution. As with other layer 2 solutions, Arbitrum's block time is closely tied to the Ethereum network. It aligns with Ethereum's block time, which is approximately 12-14 seconds.

• Optimism: Optimism is a layer 2 solution designed to improve Ethereum's scalability and reduce transaction costs. It achieves this by utilizing optimistic rollups. Optimism's block time is also closely tied to Ethereum, generally aligning with the Ethereum network's block time of 12-14 seconds.

It's important to note that the block time of each blockchain can be subject to network conditions, congestion, and the specific consensus mechanism employed. These block times play a crucial role in determining the speed and efficiency of transactions and smart contract execution on each respective blockchain.