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How does NEAR stock up to other L1s in terms of speed and performance? How fast is NEAR, and compare it with other blockchain speeds in terms of transactions per minute and percentage of transactions that fail.
What is Near?
NEAR Protocol is a decentralized application (dApp) platform and Ethereum competitor that focuses on developer and user-friendliness. Its native NEAR tokens are used to pay for transaction fees and storage on the Near crypto platform. NEAR is a Proof-of-Stake blockchain that uses sharding technology to achieve scalability. For more information click here
Near Analysis:
The average transactions per minute on Near change day to day but if we look at the graph in the top left corner we can see that they have been at a wide range of values, recording highs of over 1200 transactions a minute on a single day, and seeing lows close to only 200 transactions a minute in a single day. Overall the amount of transactions per minute has been on somewhat of a downward trend recently likely as a result of less overall transactions on the platform. If we move to the right we can see that overall on average there are 338 transactions per minute. If we move to the bottom metric on the left we can see the the number of successful transactions consistently outweighs the amount of failed transaction on a daily basis, although as noticed earlier and reflected in that graph the amount of transactions have been on a downward trend as of recently. If we move onto the final metric on the right we can see the percent of transactions that fail each day, as you can see, on most day less than 1% of transactions are failing although some have seen spikes of much more this trend is pretty consistent highlighting that Near does a pretty good job of managing there transaction volume.
What is Solana?
Solana is a blockchain platform designed to host decentralized, scalable applications. Founded in 2017, Solana is an open-source project currently run by Solana Foundation based in Geneva, while the blockchain was built by San Francisco-based Solana Labs.1 Solana is much faster in terms of the number of transactions it can process and has significantly lower transaction fees compared to rival blockchains like Ethereum.
Solana Analysis:
Similar to Near the average transactions on Solana are all over the place seeing highs of over 50k transactions a minute for a day, while other days seen less than 7k transactions a minute for a day, overall though they still have many more transactions a minute on Solana than Near which is to be suspected as Solana is known for there ability to process a large amount of transactions. In fact overall they have around 30k transactions a minute. If we move onto the bottom two metric we can see that the number of transactions daily have been on an upward trend and thus the amount of failed and successful transactions have also been increasing. It appears that there a much larger portion of failed transactions on Solana than there are on Near which is one of the many costs of processing so many transactions per minute. In fact if we look at the graph on the right we can see that 20-30% of transactions daily on Solana fail which is a very large portion of the transactions. Overall although Solana processes a lot more transactions than Near per second they also have to sacrifice success rate having much high percentage of failed transactions daily.
What is Ethereum?
At its core, Ethereum is a decentralized global software platform powered by blockchain technology. It is most commonly known for its native cryptocurrency, ether, or ETH.
Ethereum can be used by anyone to create any secured digital technology. It has a token designed for use in the blockchain network, but it can also be used by participants as a method to pay for work done on the blockchain.
Ethereum Analysis:
The transactions per minute on Ethereum have stayed pretty steady over time sitting at around 800 transactions daily it seems with little fluctuation around this number, in fact overall there are 818 transaction per minute which is larger than that of Near, but still much smaller than that of Solana. If we move onto the bottom two metric we can see that Ethereum is similar to Near in that they don’t process as many transactions per minute and thus there success rate is much higher overall. Ethereum’s success rate is lower than that of Near though as they stick within the range of 2-6% failed transactions daily although they do produce more than double the transactions per minute so that is also important to note. Overall Ethereum has remained steady over time and has seen much change in a long time.
Conclusion:
Near and Ethereum have somewhat similar transactions per second and thus also somewhat similar transaction success rates. Although as one would suspect Ethereum has more than double the amount of transactions per second and thus a has a slightly larger percent of transactions that fail. In this case Solana is the real outlier as they process a much larger amount of transactions per second then either Near or Ethereum but thus also have a much larger percent of transactions that fail each day. Overall though it appears that each platforms ability to process transactions comes at a sacrifice for success rate of those transactions, although some platforms like Solana are better at managing that than other.