FLOW Speed (redux)
Introduction
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In this dashboard, You will read about Flow Blockchain Speed. We want to know how Flow has increased its speed in transactions per minute since January 2022. Also, I Compared Flow and other blockchains in terms of speed: identify the monthly average for transactions per minute and how that's improved or worsened since the beginning of 2022.
Analyzed by Hess - Reading Time Almost 8 Min.\n
What is Flow?
- Flow is a blockchain platform that originally was designed for gaming purposes, but has expanded since its launch in 2020. The flow blockchain enables fast, low-cost transactions and supports smart contracts. It powers blockchain applications including NBA Top Shot, a non-fungible token (NFT) offering.
Success Vs. Failed Transactions on Flow
Based on the chart below, the total daily share of successful transactions is 90-95%, and failed transactions are 5-10%. At some point, The Daily share of failed transactions increased. One happened in Late May, which increased up to 78%. The other one was Between Late October and Late November. In that time, The daily share of failed transactions increased to 40-50%.
Transactions per Activity
There are five key activities on Flow blockchain. Staking, NFT, Bridge, Swap, and Transfer. I examined the total daily number of transactions per minute and activity.
- Between January 2022 and late March, NFT sales had the highest number of transactions per minute. The second place was transfer activities at that time. But after that time, For Almost 1 month, The total number of NFT transactions decreased, and Transfer became the first place.
- Between Late May and June 2022, The total number of transfer transactions increased significantly while other activities decreased. During that time, Swap, Bridge, and Staking had the lowest number of transactions per minute.
- NFTs transactions never backed to the previous place, with the highest number of transactions per minute.
- Overall, Transfer had 153 transactions per minute, NFTs had 25 transactions per minute, and other activities had lower than 1 transaction per minute.
Transactions per Activity
As I mentioned before, Each transaction on Flow generates an event. I examined the daily number of transactions per minute based on the top 15 events. I should mention that some events had more than 1 event. So those event’s numbers are the same.
- Some events increased over time. One of them was transferring tokens that generated Tokenwithdraw, Deposit, and deducted. Almost became 2x higher over time.
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Compare Blockchains
For this section, I compared the total daily number of Flow transactions per minute and second with other L1 and L2 blockchains. I chose Ethereum, Algorand, Gnosis from Layer1s and Arbitrum, Polygon, Avalanche, and Optimism from Layer2s.
- This chart seems interesting. Some blockchains decreased, and others increased. Let’s find out.
- Until May, Avalanche and Algorand had more transactions per minute than Flow. But after that time, The total number of Flow transactions over a minute increased and took Avalanche and Algorand's share because the number of transactions per minute on those chains decreased over time. Ethereum and Polygon had the highest TPS, and overtime didn’t change much.
- Arbitrum and Optimism are two blockchains that the total number of transactions per minute increased on those chains. Like Flow.
- Overall, Polygon, with 1.8K transactions per minute, is in the first place; Algorand, with 899 transactions per minute, is in second place; and Ethereum, with 754 transactions, is in third place. One of them is from Layer 1, and two of them are from Layer 2.
- After these chains, I can see Flow with average of 430 transactions per minute.
- Gnosis and Optimism with lower 100 transactions per minute had the lowest average number of transactions per minute.
Method
Flow Transactions:
- I used the Transactions table and counted the total number of transactions. Then, I divided my findings by 24/1440 and 86400 for the hour/minute and the second number of transactions.
Flow Activities
There are some key activities on Flow blockchain. Swap, Transfer, NFT sales, Bridge, and Staking. So, I extracted all the tx_id and joined them to the transactions table. Then, I counted the total number of transactions and calculated the total number of transactions per minute and second.
MSG Events
Each transaction generates an event on the Flow blockchain. I joined the transactions table to the MSG events table via tx_id. Then, I examined the total number of transactions per minute and second per top 15 events.
Success Vs. Fail transactions
All successful and failed transactions are recorded on the blockchain. I used Flow transactions and counted the total number of transactions per tx_status which is success and failure.
Full Analysis
Total Transactions per Hour/Minute/Second On Flow
I analyzed the total number of transactions per hour/minute and second since January 2022 and in the last month.
- Since January 2022, The total number of transactions per hour/minute and second has increased significantly. The total number of transactions per minute on Flow was 100-200 transactions in January but, over time, became 10x higher than in June.
- After June, Again, The total number of transactions per minute decreased but still was 3-4x higher than in January. Again, In November, The total number of transactions per minute had a new record. The highest number of transactions per minute reached 1.331K.
- I drew the chart based on the last 30 days transactions to see changes better. As you can see, The total number of transactions per hour/minute and second had so many ups and downs.
Besides transactions, I analyzed the total daily unique users per hour/minute and second.
- The were so many ups and downs to the number of users. Between January and April 2022, the daily number of users per minute was below 50 unique wallets. On Late April and the beginning of May, The total daily number of unique users per minute increased significantly and became 10x higher than the previous. However, Quickly decreased.
- After May, There were again some ups and downs, but overall, The number of unique users increased. Recently, In Some days, The total number of users per minute increased to nearly 400 unique wallets.
Average number of Transactions in the last year: Per hour: 25.8K - Per Minute: 430 - Per Second: 7
Average number of Transactions in the 30 days: Per Hour: 30K - Per Minute: 503 - Per Second 8.3
It is interesting that all parameters became 2x higher than in the last 30 days compared to the average number of users in the last year.
The average number of users per hour was 2.59K in the last year while it was 4.9K in the last 30 days. Also, The average number of transactions per minute was 43 in the last year and it was 82 transactions per minute in the last 30 days.
In this chart, You can see better how the total number of successful transactions per minute increased on the Flow blockchain. The growth started in June 2022 when the total number of transactions per minute increased from 300-400 to 800-1300.
- On the other side, The total daily number of failed transactions didn’t change until October 20, but after that increased from 15 to 200-220.
- Overall, The average number of failed transactions is 79 per minute, and the success transaction is 580 per minute.
Besides the total number of transactions per minute and second, I examined the number of users per minute based on Flow activities.
- Transfer with a huge difference from other activities is in the first place based on total number of transactions per minute over time. The transfer had 31 users per minute, while NFTs had 2.8 Users per minute. Other activities had a lower that number.
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Fees Deducted, tokens withdrawn, and Tokens deposited are the same event. The highest number of transactions for that event is more than 30K per minute and nearly 0.86 users per second.
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After those events, Joyride and Player transactions had the highest number of transactions per minute.
Volume Vs. Transactions
I should mention first that the volume is in USD.
- It is an interesting relation between total Volume in USD and transactions per minute. It seemed when the total daily volume decreased, The total daily number of transactions per minute increased. Not always, but for most days.
ALL CODES AND CONTENTS WERE WRITTEN BY HESS.