Curiosity Beyond Cryptocurrency Prices
It’s not just the price that intrigues people about cryptocurrencies. Network speeds have always been a hot topic in the crypto world. The expensive and slow structure of the Bitcoin network has driven investors to seek alternatives. A similar situation is evident on the Ethereum side regarding altcoins. Solana, however, was developed specifically to address these issues, earning the title of “Ethereum killer.” So, has Solana succeeded in solving these problems since its inception?
Current Status of the Solana Network
In a world where speed and continuity are paramount, Solana (SOL), a smart contract platform, continues to rank high on CoinGecko’s list of the fastest blockchains. Solana entered the market with the intention of outperforming Ethereum.
Recent data from CoinGecko reveals:
- Solana is 46 times faster than Ethereum (ETH), the second-largest cryptocurrency by market value.
- Solana leads in speed and market size analysis.
However, CoinGecko data also indicates that Solana has achieved only 1.6% of its maximum theoretical efficiency.
Solana has proven to be the fastest among major blockchains, with a real daily average of 1,504 transactions per second (TPS) during the memecoin frenzy on April 6 this year. This makes Solana 46 times faster than Ethereum and five times faster than Polygon, the leading Ethereum scaling solution. Despite this, Solana has only reached 1.6% of its theoretical maximum speed of 65,000 TPS.
According to CoinGecko statistics:
- Solana’s highest efficiency is 1,053.7 TPS.
- Ethereum’s highest efficiency is only 22.70 TPS.
Additionally, the combined transaction speed of Ethereum and the top 10 layer-2 scaling solutions is 500 TPS. This surpasses Binance Smart Chain (BSC) but is still slower than Solana and Sui.
How Much is Solana Worth?
At the time of writing, Solana is trading at $172, following a 2% increase in the last 24 hours. SOL’s market cap has risen to $77 billion, approaching the critical $100 billion level.
Despite this price increase, there has been a notable decline in the 24-hour trading volume. SOL’s 24-hour trading volume fell to $2.5 billion, a 25.5% decrease, indicating a visible drop in investor interest compared to the previous day.
