NEAR Performance

    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.

    Method :

    • Time frame : I reviewed the following analysis from the beginning of 2022.
    • blockchains : I analyzed three network performance, NEAR, SOLANA and ETHEREUM.
    • I used the following command to detect failed transactions in the NEAR network :
      • iff(substr(tx_receipt[0]:"outcome":"status",3,7) ilike '%Success%',true,false) as status
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    • The percentage of failed transactions on the Ethereum network over time has been much lower than the other two networks. The near network after Ethereum has had a better return in terms of the lower percentage of failed transactions. Of course, from the third week of March 2022, the trend of failed transactions in the near network has been on the rise until the second week of May and has even reached 34%. The strange thing is that there is an irrelevant correlation between the percentage of failed transactions on the near network and the Solana network !
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    • The number of failed transactions increased from the last week of March and reached its peak in the second week of May, after which the number of failed transactions decreased.
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    • The total number of successful transactions on NEAR network in 2022: 100 M transactions .
    • The total number of failed transactions on NEAR network in 2022: 18.9 M transactions .
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    • Average of Failure Percentage on NEAR : 14.9%.
    • Average of Failure Percentage on Ethereum: 3.5%.
    • Average of Failure Percentage on SOLANA : 29%.
    • As we can see, the average percentage of failed transactions in NEAR network is better than Solana and worse than Ethereum. The average number of failed transactions on the Solana network is so high that it seems that one out of every three transactions has failed.
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    • The number of transactions per minute in the Solana network is much higher than the Ethereum and NEAR networks. The number of transactions per minute in NEAR network is also lower than Ethereum.
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    • The average of transactions per minute on NEAR : 333 TPM.
    • The average of transactions per minute on SOLANA: 19.5K TPM.
    • The average of transactions per minute on Ethereum: 728 TPM.

    Concolusion :

    From the above analysis, we get the following results :

    1 . The percentage of failed transactions on the Ethereum network over time has been much lower than the other two networks. The near network after Ethereum has had a better return in terms of the lower percentage of failed transactions. Of course, from the third week of March 2022, the trend of failed transactions in the near network has been on the rise until the second week of May and has even reached 34%. The strange thing is that there is an irrelevant correlation between the percentage of failed transactions on the near network and the Solana network !

    1. The number of failed transactions increased from the last week of March and reached its peak in the second week of May, after which the number of failed transactions decreased.
    2. The total number of successful transactions on NEAR network in 2022: 100 M transactions .
    3. The total number of failed transactions on NEAR network in 2022: 18.9 M transactions .
    4. the average percentage of failed transactions in NEAR network is better than Solana and worse than Ethereum. The average number of failed transactions on the Solana network is so high that it seems that one out of every three transactions has failed.
    5. The number of transactions per minute in the Solana network is much higher than the Ethereum and NEAR networks. The number of transactions per minute in NEAR network is also lower than Ethereum.
    6. The average of transactions per minute on NEAR : 333 TPM.
    7. The average of transactions per minute on SOLANA: 19.5K TPM.
    8. The average of transactions per minute on Ethereum: 728 TPM.