Introduction

NEAR Protocol is a layer-1 blockchain that uses Nightshade, a unique sharding technology, to achieve scalability. It was launched in 2020 as a decentralized cloud infrastructure to host decentralized applications (DApps).

NEAR offers cross-chain interoperability through the Rainbow Bridge and a layer-2 solution called Aurora. Users can bridge ERC-20 tokens and assets from the Ethereum blockchain to the NEAR Protocol network, which gives them access to higher throughput and lower transaction fees.

In this dashboard, we are going to look at the performance of the NEAR network and compare it with other L1 blockchains. We have chosen Ethereum and Osmosis for comparison.

Summary

• NEAR TPM fluctuates more than Ethereum and Osmosis.
• Ethereum network transactions have a very low failure rate.
• Osmosis and NEAR network, both have a lower success rate.
• NEAR’s failure rate has increased during April and May.

Performance Analysis: Success Rate

The graphs below show a comparison between the rate of successful and failed transactions.

It can be seen that:

• Ethereum network transactions have a very low failure rate. only 3.25% of transactions fail on Ethereum.
• The success rate on Ethereum chain stayed almost the same everyday during study period.
• Osmosis and NEAR network, both have a lower success rate, 15.8% of transactions fail on NEAR. This number is even higher (27%) for Osmosis.
• NEAR’s failure rate has increased during April and May.
• Osmosis’s failure rate also increased during May.
• On recent days Osmosis have experienced a very high failure rate.

Performance Analysis: TPM

The following charts depict the daily average transaction per minute on each blockchain.

By looking at the charts below, the following points can be inferred:

• The average TPM on NEAR hovers around 500 TPM.

• The average TPM on Ethereum hovers around 800 TPM.

• The average TPM on Osmosis hovers around 250 TPM.

• NEAR TPM fluctuates more than Ethereum and Osmosis, these two chains have very stable TPM.

• Osmosis shows zero TPM during June 9-11, this is due to an exploit report that resulted in an osmosis chain shutdown. more info here.

• On recent days, Osmosis have seen a very drastic increase in TPM, This has not happened to other chains.

Approach

In this study, we are going to use following tables to get the transactions of NEAR, Ethereum and Osmosis chains.

1. flipside_prod_db.mdao_near.transactions
2. ethereum.core.fact_transactions
3. osmosis.core.fact_transactions

The period used in this study starts from January 2022.