📝 Introduction

Blockchains are unique, but each of them faces similar problems. Blockchain scalability is the most important challenge of each of them. Whenever blockchain scalability is discussed, technical specifications such as blockchain transaction speed are considered.

Transaction speed is the speed of data transfer from one address to another. The faster the transaction is confirmed, the better the transaction speed. The transaction speed of a blockchain is one of the main parameters through which the durability and efficiency of a blockchain is measured. The transaction speed in the blockchain in turn depends on many other factors such as block size, block time, network traffic, transaction fees, and more.

🟢 What is Flow?

Flow is a blockchain designed for scalability without the need for sharding techniques, which enables low-cost, high-speed transactions and is suitable for decentralized applications such as NFT markets and crypto-based video games. Flow was designed by Dapper Labs, who decided to solve the problems of other blockchains by building a blockchain designed for games and other interactive experiences. Dapper now uses Flow for all of his projects, including NBA TopShot, but other developers can use it as well.

🟢 How does Flow work?

Flow, splits the work of processing transactions into four separate nodes that each have their own role and responsibility. Instead of relying on off-chain solutions to scale the network, Flow’s native node subdivisions give it a great advantage in blockchain scalability. [1]

🟢 Special Features of Flow

The flow blockchain was designed to support games and consumer applications, and can potentially process the transactions of millions of active users. Games, collectibles, and related apps can be supported by the flow blockchain.

By supporting interaction among smart contracts, the flow blockchain is positioned to allow for a large number of applications on its platform. [2]

📃 Purposes of dashboard

• In this dashboard, we Compared Flow and other L1 blockchains in terms of speed: we identified the monthly average for transactions per minute, and how that's improved or worsened since the beginning of 2022.

On the other hand, we evaluated the events that increased or decreased the performance of the FLOW blockchain. In the next step, we checked the correlation between the price of FLOW and the number of transactions per minute (TPM). Finally, we evaluated the number of successful and failed transactions of the Flow and other L1 chains.

• The L1 chains that are compared to the Flow network in this dashboard are:

  • Algorand

  • Avalanche

  • BSC

  • Cosmos

  • Ethereum

  • Gnosis

  • Near

  • Osmosis

  • Terra

✍🏻 Methodology

• To obtain TPM in each of the chains, the following tables are used:
  • flow.core.fact_transactions
  • algorand.core.fact_transaction
  • avalanche.core.fact_transactions
  • bsc.core.fact_transactions
  • cosmos.core.fact_transactions
  • ethereum.core.fact_transactions
  • gnosis.core.fact_transactions
  • near.core.fact_transactions
  • osmosis.core.fact_transactions
  • terra.core.fact_transactions
• Time period considered → from the beginning of 2022 until now → block_timestamp::date>='2022-01-01' and block_timestamp::date<>current_date
• We used Table flow.core.fact_events to check the impact of various events on Flow network transactions. In fact, we extracted these events from this table.
• To calculate the correlation coefficient between the price of FLOW (avg(price_usd) as flow_price) and TPM (round(count(distinct tx_id)/1440) as "TPM"), we needed the price of FLOW(symbol='FLOW'), that's why we used table flow.core.fact_prices.

💡 Conclusion

In this dashboard, the performance of the Flow network has been compared with other L1 chains in terms of parameters such as the number of transactions per minute (TPM) and the success rate of transactions. Some of the most important results obtained are:

• The Flow network ranks third in terms of number of transactions per minute (TPM) after BSC and Ethereum. However, in June and November, it has been able to rank second.

• On Flow chain, the events labeled TokensWithdrawn, TokensDeposited and FeesDeducted had the highest number of transactions.

• The correlation between FLOW price and TPM value is negative and strong. (Since the beginning of the year, with the decrease in the price of FLOW, the amount of TPM has increased.)

• Since the beginning of the year, only the number of transactions on the Flow chain has been increasing.

• Since the beginning of the year, about 88% of Flow network transactions have been successful.

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Analyst: Emanoel

***Twitter: ***

Discord: Eman#9698

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Special thanks to the Flipsidecrypto 🧡

🖊 Observations

In the review of different events, it can be seen that the events labeled TokensWithdrawn, TokensDeposited and FeesDeducted had the highest number of transactions.

Each of these events recorded the highest number of transactions in June.

Transaction per Minute (TPM)

🖊 Observations

• Since the beginning of 2022, the TPM of the Flow network has been gradually increasing.
• The highest number of transactions per minute for the Flow network was recorded on November 25. On this day, 1618 transactions have been made on the Flow network every minute.
• The lowest number of transactions per minute for the Flow network was also recorded on February 9. On this day, 94 transactions are recorded on the Flow network every minute.
• In terms of average value for TPM in monthly and daily time frames, Flow ranks third after BSC and Ethereum.
• Since the beginning of 2022, the Flow network has had the highest amount of TPM in November. This month, an average of 909 transactions per minute have been recorded on the Flow network.
• In June and November, the Flow network ranked second ahead of Ethereum in terms of TPM.
• Since the beginning of 2022, the BSC network has always had the highest amount of TPM.
• Among all networks, Terra has the lowest TPM value.
• The top three chains per month in terms of TPM value since the beginning of the year are: (⬆:increasing & ⬇: decreasing)
  • January → 🥇BSC 🥈Ethereum 🥉Avalanche
  • February → 🥇BSC⬇ 🥈Ethereum⬇ 🥉Avalanche⬆
  • March → 🥇BSC⬇ 🥈Ethereum⬆ 🥉Avalanche⬇
  • April → 🥇BSC⬇ 🥈Ethereum⬇ 🥉Avalanche⬇
  • May → 🥇BSC⬆ 🥈Ethereum⬆ 🥉Near
  • June → 🥇BSC⬇ ==🥈Flow== 🥉Ethereum⬇
  • July → 🥇BSC⬇ 🥈Ethereum⬆ ==🥉 Flow⬇
  • August → 🥇BSC⬇ 🥈Ethereum⬇ ==🥉 Flow⬇
  • September → 🥇BSC⬇ 🥈Ethereum⬇ ==🥉 Flow⬆
  • **October → 🥇BSC⬆ 🥈Ethereum⬆ ==🥉 Flow⬇ **
  • November → 🥇BSC⬆ ==🥈Flow⬆== 🥉 Ethereum⬇

Correlation Analysis

In this part, the correlation coefficient between FLOW price and TPM value was evaluated. The correlation coefficient between these two parameters is equal to -0.612. This value shows that there is a strong and negative correlation between these two parameters.

Status of Transactions

🖊 Observations

• Since the beginning of 2022, the number of Flow network transactions has been gradually increasing. The number of transactions increased from 9.2M in January to 39.3M in November.
• The highest number of failed transactions of the Flow network was recorded in November. This month, 10.9M failed transactions were recorded. That is, in November, about 23% of the total number of transactions in the Flow network have failed.
• In total, about 88% of the transactions made on the Flow network in 2022 have been successful.

🖊 Observations

• Since the beginning of 2022, the number of transactions of BSC, Avalanche and Gnosis networks has been decreasing.
• Among the different chains, only the number of Flow network transactions has an upward trend.
• Among the different L1 networks, the Cosmos chain has the most share of successful transactions.
• Ranking of different chains in terms of transaction success:

🥇 Cosmos: 98.9% 🏆

🥈 Ethereum: 96.5%

🥉 Terra: 94.8%

4️⃣ BSC: 92.1%

5️⃣ Flow: 88%

6️⃣ Algorand: 87.8%

7️⃣ Avalanche: 84.7%

8️⃣ Near: 83.1%

9️⃣ Gnosis: 72.9%

🔟 Osmosis: 61.1%

• Among different chains, Osmosis has the highest percentage of failed transactions.