Neon EVM Hits Record-High 730 TPS On Mainnet
21 Dezember 2023 - 9:00PM
NEWSBTC
In the rapidly evolving landscape of blockchain technology, Neon
EVM, a smart contract on Solana (SOL) has emerged as a frontrunner
by introducing a landmark parallel processing architecture on its
mainnet. This approach has enabled Neon EVM to achieve an
increase in performance, scalability, and efficiency, according to
a press release share with NewsBTC. Neon EVM Dominates Transaction
Processing Neon EVM, the first parallel Ethereum Virtual
Machine (EVM) on mainnet, has achieved a record-breaking 730
Transactions Per Second (TPS) on its mainnet. Notably, this is the
first time such high tps has been achieved on an EVM mainnet.
Related Reading: Renewed Hope For Crypto: 2023 Sets The Stage For A
Monumental 2024 The milestone was reached on December 16, 2023,
when Neon EVM’s mainnet showcased its transaction processing
capabilities. While many blockchains demonstrate high tps on
testnets, Neon EVM’s has standout by improving its
scalability. Neon EVM, which went live on the mainnet in July
2023, operates as a fully Ethereum-compatible environment on the
Solana blockchain. Since its launch, Neon EVM has garnered investor
interest, resulting in multiple listings on platforms such as
ByBit, Crypto.com, and Gate.io. Given these developments, the
utility token NEON has experienced remarkable growth, with its
value surging from $0.67 to $1.45 in just three days, representing
a 116% increase. Neon EVM’s success comes when there is growing
interest in high-speed, parallelized processing blockchains.
Currently, Neon EVM stands as the only parallel processing EVM live
on the mainnet, showcasing its tps capabilities compared to other
blockchain networks. Outshining Ethereum’s Transaction Speed The
fundamental difference between Neon EVM and blockchains like
Bitcoin and Ethereum lies in their transaction processing approach.
While Bitcoin and Ethereum process transactions sequentially, Neon
EVM allows for simultaneous processing of multiple transactions,
facilitating increased throughput and reducing the likelihood of
congestion during periods of high demand. In a notable comparison,
Neon EVM’s parallel processing architecture outperformed the
combined tps of the entire Ethereum ecosystem on December 16, as
reported by L2Beat. The project’s commitment to Ethereum
compatibility on the Solana blockchain and its high-speed
transactions and low-cost benefits positions Neon EVM as an
interesting project as a new Bull Cycle emerges. Layer 2 Scaling
Solutions On The Rise Polygon, the layer 2 scaling solution that
operates alongside the Ethereum blockchain, has also demonstrated
its transaction processing speed capabilities. In a recent
post on X (formerly Twitter), Sandeep Nailwal, the founder of
Polygon, shared notable statistics highlighting the network’s
performance. According to Nailwal’s post, Polygon’s Proof of Stake
(PoS) chain seamlessly handled over 16 million transactions in a
single day, showcasing its scalability and efficiency. During
the peak period, the Polygon PoS chain achieved a throughput of 255
tps. This figure is approximately 2-3 times higher than the
combined throughput of the entire Ethereum ecosystem. Related
Reading: XRP Whales Show Exchange Inflow Activity, Bad Sign For
Price? Moreover, the validators on the Polygon network generated
approximately 1 million in transaction fees in a single day,
reflecting the network’s high level of activity. However, it is
worth noting that gas fees experienced a spike during this period,
which is a broader issue impacting the entire Ethereum ecosystem.
In terms of rewards for validators, the block rewards on the
Polygon network amounted to over 155,000 MATIC tokens. This
translates to substantial revenue for validators, totaling around
1.2 million in a single day. These rewards incentivize validators
and contribute to the overall security and stability of the PoS
chain. The spike in transactions in both of these Layer-2 networks
showcase the growing importance of scalability solutions. In the
coming months, hundred of new users could onboard the crypto market
via either of these solutions hinting at a potential benefit for
their underlying tokens. Featured image from Shutterstock, chart
from TradingView.com
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