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It would not be wrong to say that the only thing people are curious about in cryptocurrencies is not just the price. The speeds of the networks have always been one of the most talked-about topics in the crypto world. According to some, the costly and slow structure of the Bitcoin network has pushed investors to look for other ways. The same situation has occurred on the Ethereum side regarding altcoins. Solana, on the other hand, was created to solve exactly these problems under the name of the Ethereum killer. So, has Solana been able to solve this since its inception?
Current Status of the Solana Network
In a world where speed and continuity are everything, the smart contract platform Solana (SOL) continues to rank high on CoinGecko’s list of the fastest blockchains. It should also be remembered that Solana entered the market under the name of the Ethereum killer.
Recent data provided by CoinGecko reveals that Solana is remarkably 46 times faster than its main competitor Ethereum (ETH), the second-largest cryptocurrency by market value, while also indicating that SOL is at the top in terms of speed and market size analysis.
Despite this, CoinGecko data, which also contains criticism, states that Solana has only reached 1.6% of the maximum theoretical efficiency it promises.
Solana has proven to be the fastest among major blockchains, with the real daily average number of transactions per second (TPS) reaching 1,504 during the memecoin frenzy on April 6 this year, setting a record. This makes Solana 46 times faster than Ethereum and five times faster than Polygon, which has the highest TPS among Ethereum scaling solutions. Despite being the fastest blockchain, Solana has only reached 1.6% of its theoretical maximum speed of 65,000 TPS.
Statistics provided by CoinGecko indicate that Solana’s highest efficiency is 1,053.7 TPS, while on the Ethereum side, this is only 22.70 TPS. On the other hand, the data also indicates that Ethereum and the top 10 layer-2 scaling solutions are together at 500 TPS.
In total, Ethereum and the top ten scaling solutions recorded a combined transaction speed of 500 real TPS, surpassing BSC’s (Binance Smart Chain) but still slower than Solana and Sui.
How Much is Solana Worth?
Solana is trading at $172 at the time of writing, following an increase of over 2% in the last 24 hours. The market cap of SOL, which has risen to 77 billion dollars, seems to be approaching the critical level of 100 billion dollars.
Despite this price increase, the decline in the 24-hour trading volume did not go unnoticed. SOL’s 24-hour trading volume fell to 2.5 billion dollars after a 25.5% decrease, revealing that investor interest has visibly decreased compared to yesterday.
