However, what about other EVM-compatible blockchains? Do they stand a chance? Thanks to recent research by Dragonfly Research, we now have a practical answer to this question.
Dragonfly Research is a popular name in the crypto world. It is an arm of Dragonfly Capital that carries out qualitative research into various crypto projects. Their latest experiment was conducted on March 2, 2022, and involved spamming leading AMMs on each blockchain with token swaps to determine how much they could take. What were the results?
The Solana blockchain(with Orca DEX as its champion) blasted ahead of all others with a record 273.34 transactions per second and a new block every 590 milliseconds. That’s incredible!
In second place came BSC with 194.6 trades per second, then Polygon(Matic) with 47.67 transactions per second, Avax with 31.63 trades per second, Celo with 24.93 trades per second, and lastly Ethereum, with a meagre 9.19 transactions per second.
These results by the Dragonfly Research have led some crypto enthusiasts to posit that the Ethereum killers may really kill Ethereum in the near future and that even EVM-compatible blockchains may not be able to keep up.
The Dragonfly Research findings are qualitative indeed. However, they only show that Solana is the fastest blockchain presently. Does that mean that it is the ultimate blockchain? Not necessarily. Why do we say so?
For one thing, the Solana ecosystem has not been stable. It has been plagued by blackouts and service outages which has raised a red flag over how secure and reliable it really is. This has not been the case with Ethereum and EVM-compatible blockchains and is a big minus for Solana. Also, some have complained that Solana is more of a centralised network and can be turned off at any time, unlike Ethereum.
The Dragonfly Research has given crypto users qualitative data to go on. It is left to each individual to do their own research and decide which blockchain they would build or invest in. Whatever the case, always ensure that logic precedes emotions in any trading decisions you make.
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