Solana became fastest blockchain amid meme coin craze

Solana proved to be the fastest among major blockchains, according to a report by CoinGecko.

The report states that on April 6, the average daily number of transactions per second (TPS) reached a record high of 1,504 amid the boom of meme coins on Solana.

“This makes Solana 46 times faster than Ethereum and more than five times faster than Polygon, which has the highest TPS among Ethereum scaling solutions.”

CoinGecko report

Despite being considered the fastest blockchain, Solana only achieved 1.6% of its theoretical maximum speed of 65,000 TPS.

BNB Chain and Polygon are the fastest EVM blockchains, with 378 TPS and 190 TPS, respectively. The latter is 8.4 times faster than Ethereum, whose speed reaches 22.7 transactions per second.

Almost all TPS records were set in the last 12 months. Twelve networks peaked in 2023 and another 12 in 2024. The exception is the slowest on the list, Thorchain, whose speed peaked in 2022. CoinGecko claims the indicators show an increase in activity on the on-chain, driven by inscriptions and speculation on meme coins.

However, Solana’s speed did not protect the network from the growth of scam tokens. A cryptocurrency detective under the pseudonym ZachXBT identified 12 meme coin projects issued on the Solana blockchain, which were abandoned by the founders almost immediately after the preliminary sale of assets. 27 meme coin projects based on Solana attracted about $112 million in investor assets.