bitcoin
Bitcoin (BTC) $ 69,208.54
ethereum
Ethereum (ETH) $ 3,815.24
tether
Tether (USDT) $ 0.999967
bnb
BNB (BNB) $ 602.19
xrp
XRP (XRP) $ 0.536608
cardano
Cardano (ADA) $ 0.461732
usd-coin
USDC (USDC) $ 1.00
matic-network
Polygon (MATIC) $ 0.724028
binance-usd
BUSD (BUSD) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.170826
okb
OKB (OKB) $ 48.66
polkadot
Polkadot (DOT) $ 7.45
shiba-inu
Shiba Inu (SHIB) $ 0.000025
tron
TRON (TRX) $ 0.113924
uniswap
Uniswap (UNI) $ 11.37
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 69,312.57
dai
Dai (DAI) $ 0.999456
litecoin
Litecoin (LTC) $ 84.88
staked-ether
Lido Staked Ether (STETH) $ 3,813.28
solana
Solana (SOL) $ 164.39
avalanche-2
Avalanche (AVAX) $ 37.33
chainlink
Chainlink (LINK) $ 17.34
cosmos
Cosmos Hub (ATOM) $ 8.39
the-open-network
Toncoin (TON) $ 6.31
ethereum-classic
Ethereum Classic (ETC) $ 32.04
leo-token
LEO Token (LEO) $ 5.98
filecoin
Filecoin (FIL) $ 5.94
bitcoin-cash
Bitcoin Cash (BCH) $ 489.18
monero
Monero (XMR) $ 141.26
bitcoin
Bitcoin (BTC) $ 69,208.54
ethereum
Ethereum (ETH) $ 3,815.24
tether
Tether (USDT) $ 0.999967
bnb
BNB (BNB) $ 602.19
usd-coin
USDC (USDC) $ 1.00
xrp
XRP (XRP) $ 0.536608
binance-usd
BUSD (BUSD) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.170826
cardano
Cardano (ADA) $ 0.461732
solana
Solana (SOL) $ 164.39
matic-network
Polygon (MATIC) $ 0.724028
polkadot
Polkadot (DOT) $ 7.45
tron
TRON (TRX) $ 0.113924

Layer-1 Efficiency: Evaluating 6 Main Blockchains

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We offer a layer 1 blockchain efficiency comparability of 6 main blockchain platforms: Ethereum, Cardano, Solana, Avalanche, Algorand and Web Laptop.

Earlier than we start with our comparability, it’s essential to spotlight that scaling on layer 1 just isn’t the one means to enhance the scalability of blockchains. Tasks reminiscent of Ethereum and Cardano are focusing lots of consideration on scaling by way of layer 2 options that may deal with a bigger variety of transactions whereas leveraging the safety of the underlying layer 1.

On this article, we saved comparisons restricted to layer 1 efficiency, nevertheless it’s value retaining in thoughts that it doesn’t inform the entire story – for instance, Ethereum customers are already benefiting considerably from layer 2 options reminiscent of Arbitrum, Optimism and Base, and layer 2 applied sciences are steadily enhancing and gaining adoption.

On the backside of the article, we offer a full listing of sources used to make this comparability.

Evaluating the layer 1 efficiency of 6 main blockchains

Probably the most easy method to evaluate the efficiency of blockchains is to take a look at what number of transactions a blockchain is able to processing inside a given time interval. The most typical metric used for this objective is TPS (transactions per second).

One other essential side to think about is a blockchain’s time to finality. This metric refers to how lengthy it takes for a transaction to be thought-about irreversibly settled on the blockchain. There’s lots of nuance to the topic of blockchain finality (in lots of blockchains, what’s thought-about as “remaining” is as much as interpretation), however we’ve made our greatest efforts to seek out generally accepted time to finality figures for every of the blockchains we’re evaluating.

Ethereum

Ethereum can deal with 119 TPS in principle on layer 1, though the community is unlikely to ever method this determine, as it could require a really particular set of circumstances (for instance, all transactions being customary ETH transfers).

In apply, the Ethereum community is dealing with about 14 transactions per second on layer 1. The demand for transacting on the Ethereum blockchain is immense – in line with cryptofees.information, Ethereum customers are presently paying about $9.6 million in complete charges day-after-day.

Ethereum transactions are thought-about remaining after a interval of roughly quarter-hour, which corresponds to 2 epochs (an epoch is a interval of 32 slots by which validators suggest blocks and attest to blocks). Ethereum’s roadmap features a idea known as Single Slot Finality (SSF), which would cut back the time to finality to mere seconds.

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Cardano

Cardano’s present theoretical TPS restrict is at round 386 TPS. The Cardano blockchain is processing roughly 2 TPS on common on the time of writing this text, though it does have fairly a little bit of headroom to deal with a spike in demand for transactions.

The Cardano mission can also be engaged on varied options reminiscent of sidechains and layer 2s to dramatically enhance scalability. In all probability probably the most notable improvement right here is the Hydra layer 2 scalability resolution.

In relation to Cardano’s time to finality, there may be fairly a little bit of nuance. The Ouroboros Proof-of-Stake consensus protocol ensures finality after 2,160 blocks, which takes roughly 12 hours.

In most sensible situations, nevertheless, this diploma of finality just isn’t required earlier than a transaction may be thought-about as settled. In sensible situations, Cardano transactions may be thought-about remaining in between 2 and 25 minutes. How lengthy to attend earlier than contemplating a transaction as remaining finally is dependent upon the importance of the transaction to the transacting events.

Solana

Solana is a blockchain mission that’s primarily centered on layer 1 enhancements to spice up scalability. Solana is already very performant when in comparison with most different blockchains available on the market at the moment. In testing circumstances, Solana has demonstrated the aptitude of dealing with round 65,000 transactions per second.

At present, the Solana blockchain is processing simply over 2,000 transactions per second on common. Nevertheless, this metric additionally contains vote transactions, which some don’t take into account as “actual” transactions. If we exclude these transactions, Solana is processing slightly below 1,000 transactions per second on common in real-world circumstances.

So far as scalability enhancements are involved, the Solana neighborhood is trying ahead to the upcoming mainnet launch of Firedancer, a extremely performant Solana consumer that’s being developed by Bounce Crypto. Attributable to its effectivity, Firedancer is poised to make Solana even sooner and extra cost-efficient as a layer 1 blockchain.

On Solana, transactions are thought-about remaining after 31 block confirmations, which usually takes about 12 seconds.

Avalanche

We now have beforehand been capable of finding claims of 4,500 theoretical TPS on varied supplies on the official Avalanche web site, however the mission doesn’t seem like claiming 4,500 theoretical TPS anymore in its official supplies. As of April 2024, we have been unable to discover a good benchmark for what number of transactions Avalanche can deal with in principle.

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Transferring on to apply, Avalanche is presently processing roughly 3.5 TPS if we solely rely the C-Chain, which is the chain within the Avalanche community that’s tasked with dealing with EVM-compatible sensible contracts. If we additionally embody Avalanche’s varied subnets into the equation, the Avalanche community is processing roughly 15.5 transactions per second.

Avalanche’s Proof-of-Stake consensus protocol excels by way of time to finality, as transactions on Avalanche obtain finality in roughly one second.

Algorand

The Algorand blockchain can deal with round 6,000 TPS in principle following the three.9 improve, which elevated the block measurement to five MiB and diminished block latency to underneath 4 seconds. The mission claims it has a key efficiency aim of attaining 10,000 TPS, which can primarily be performed by way of lowering spherical occasions.

In apply, the Algorand blockchain is dealing with slightly below 30 transactions per second, with customers solely paying about $0.0008 in charges per transaction on common.

The design of the Algorand blockchain permits it to realize “prompt” finality, though that is restricted in apply by the block time. At present, Algorand is including blocks to the chain about each 3 seconds, which may be thought-about because the time to finality for a transaction on Algorand.

Equally to Solana, the Algorand mission’s scalability roadmap is primarily centered on enhancements to layer 1 as a substitute of counting on layer 2 scalability options.

Web Laptop

In its present configuration, the Web Laptop platform can deal with about 11,500 TPS in principle. In apply, the Web Laptop is dealing with roughly 6,000 TPS on the time of writing this text.

Transactions on the Web Laptop platform have quick finality – subnets devoted to decentralized functions can obtain finality in about 1 seconds, whereas the finality for NNS (Community Nervous System) transactions is about 2 seconds.

Though charges on the community range primarily based on the operation the consumer is making an attempt to carry out, sending the community’s native asset ICP solely prices about $0.0012 on common.

Whereas Web Laptop supplies spectacular scalability when in comparison with most blockchains, it’s essential to understand that the Web Laptop makes fairly just a few tradeoffs between decentralization and efficiency. For instance, becoming a member of the community as a validator requires permission. In the meantime, all the opposite blockchains we’ve got featured on this article are permissionless.

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The underside line

Our intention was to offer a baseline comparability between main blockchains and to not decide which blockchain is the “finest”. Hopefully, our layer 1 blockchain efficiency comparability has helped you resolve which L1 community is finest in your wants. Whereas scaling is a really advanced subject, we centered on traits like transaction velocity, finality, scalability, node rely and power effectivity, that are among the many most typical metrics used to measure blockchain efficiency.

It’s essential to know totally different blockchains are designed with an emphasis on totally different traits, so direct comparisons between chains shouldn’t be performed with out context.

For instance, if a blockchain sacrifices some decentralization with a purpose to enhance its transaction throughput, it could be unfair to label it as “higher” or “worse” than a blockchain which is extra decentralized however not as performant.

In the end, it is going to be attention-grabbing to look past the efficiency metrics to see what the long run holds in retailer for every of the blockchain networks mentioned above.

Within the meantime, you possibly can test our choice of the most cost effective cryptocurrency networks for transfers, which let you save on transaction prices and have interaction with DeFi and NFT services at an accessible price.

Sources

Listed here are the sources we used to reach on the information factors utilized in our blockchain layer 1 efficiency comparability.

Ethereum

  • Theoretical TPS: https://www.kiln.fi/submit/path-to-proto-danksharding-episode-i-ethereum-scalability-limitations
  • Stay TPS: https://chainspect.app/chain/ethereum?vary=7d
  • Common transaction charge:
  • https://www.theblock.co/information/on-chain-metrics/ethereum/average-transaction-fee-on-ethereum
  • Finality: https://ethereum.org/en/roadmap/single-slot-finality/
  • Ethernodes: https://www.ethernodes.org/
  • Vitality effectivity: https://ethereum.org/en/energy-consumption/

Cardano

  • Theoretical TPS: https://eutxo.org/stats/data
  • Stay TPS: https://cexplorer.io/tps
  • Common transaction charge: https://messari.io/mission/cardano/charts/fees-and-revenue/chart/txn-fee-avg-ntv
  • Vitality effectivity: https://cexplorer.io/power
  • Transaction finality: https://twitter.com/_KtorZ_/standing/1482346836992180224
  • https://cexplorer.io/article/understanding-transaction-finality
  • Node rely: https://adapools.org/

Solana

  • Theoretical TPS: https://solana.com/information/network-performance-report-july-2023
  • Stay TPS: https://chainspect.app/chain/solana?vary=7d
  • Common transaction charge: https://solanacompass.com/statistics/charges
  • Transaction finality: https://www.tbstat.com/wp/uploads/2022/02/20220222_FinalityReport_TheBlockResearch.pdf
  • Node rely: https://solanacompass.com/statistics/decentralization
  • Vitality consumption: https://solanaclimate.com/

Avalanche

  • Stay TPS: https://snowtrace.io/chart/tps
  • Common transaction charge: https://dune.com/queries/1389077/2361423
  • Transaction finality: https://www.avax.community/weblog/time-to-finality-ttf-the-ultimate-metric-for-blockchain-speed
  • Node rely: https://subnets.avax.community/
  • Vitality consumption: https://www.avax.community/weblog/ccri-report-2023

Algorand

  • Theoretical TPS: https://developer.algorand.org/articles/algorand-boosts-performance-5x-in-latest-upgrade/
  • Stay TPS, Common transaction charge: https://metrics.algorand.org/#/protocol/#transactions
  • Transaction finality: https://metrics.algorand.org/#/protocol/#blocks
  • Node rely: https://metrics.algorand.org/
  • Vitality consumption: https://twitter.com/JohnAlanWoods/standing/1628781089853415424

Web Laptop

  • Theoretical TPS: https://medium.com/dfinity/the-internet-computers-transaction-speed-and-finality-outpace-other-l1-blockchains-8e7d25e4b2ef
  • Stay TPS, common transaction charge: https://dashboard.internetcomputer.org/
  • Node rely: https://www.icpexplorer.org/#/datacenters
  • Transaction finality: https://internetcomputer.org/docs/present/developer-docs/multi-chain/faq/cketh-faq
  • Vitality consumption: https://medium.com/dfinity/internet-computer-footprint-assessing-ic-energy-consumption-and-sustainability-4a4dcf10707a

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