Dragonfly Research Says Solana Speed ​​Exceeds ETH and Other Chains

Dragonfly Research Says Solana Speed ​​Exceeds ETH and Other Chains

key ideas

  • The throughput (number of transactions at any given time) on Solana has greatly exceeded the main EVM chain.

  • Researchers predict that competing Layer 1 chains will outperform EVM chains.

  • However, Solana’s network is still plagued with some issues that need to be addressed.

Dragonfly Research recently published an experiment comparing the performance of six blockchains by testing the capacity of automated market makers (AMMs) on each chain.

Apparently, At Solana’s Decentralized exchange Orca (DEX) was the big winner in transactions per second. At the same time, Ethereum was called the “MS-DOS” of blockchains.

Layer-1 Growth

Over the years, Ethereum’s lack of scalability has led to a massive migration to a new generation of L1s. Most of these L1s use the Ethereum Virtual Machine (EVM), which makes them compatible with Ethereum wallets and developer tools. The TVL growth of the L-1s has been stellar, as seen below.

Solana, however, has completely rebuilt its stack from the ground up and claims to be the fastest blockchain out there. The researchers tested the ability of AMMs on each blockchain.

They found that Solana’s Orca DEX was the fastest with transactions per second of 273.34 transactions per second and new blocks every 590 milliseconds.

BNB Smart Chain came next with 194.6 transactions per second on PancakeSwap, followed by Polygon, avalanche, Celo (CELO), and, finally, Ethereum.

The ‘GM’ researcher further argued that while there was a rich ecosystem built on EVM-enabled chains, the results highlighted that “if you want high performance now, you have to look outside the EVM space. “. GM concluded that Layer 1 blockchains could outperform EVM-enabled chains. He noted:

“Overall, I retain this impression: Ethereum is the MS-DOS of smart contract operating systems. But the current era of blockchains is taking us into the era of Windows 95.”

Solana steals the thunder, but…

Blockchains compatible with Ethereum tools are called EVM chains. They often contribute to the scalability of the Ethereum network. The experiment attempted to compare blockchain throughput by measuring the number of trades that can be made per block on native automated market makers.

MAs refer to decentralized exchanges such as Uniswap and PancakeSwap which facilitate on-chain non-custodial token swaps.

Uniswap v2 was the benchmark as it is the dominant DEX with $1.6 billion in 7-day trading volume. The standard was 18.38 transactions per second with 13.2 seconds per new block, according to the report.

While the report’s findings highlighted Solana’s faster performance, proponents of decentralization note other problems on Solana.

The Spookyswap DEX team on Phantom Opera criticized the results, saying Solana’ is an entirely centralized network, unlike Ethereum.’ Additionally, the numerous service outages on Solana have also plagued the network lately.

While none of the blockchains in the test were used to full capacity, GM said it expects “all major L1s to improve over time.”

Dragonfly Research is the research arm of Dragonfly Capital. Her portfolio page shows that she has invested in Celo, Avalanche, Cosmos, and Near. However, the company does not yet hold Solana in its portfolio.

This article was originally published on FX Empire

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