Near Performance Dashboard

Near is a Layer One Blockchain. NEAR’s main advantage against other L1 solutions is the distributed number of validators as well as its sharding technology. Some have even described Near as what Ethereum would be after Ethereum 2.0 is fully done. This dashboard showcases the performance of near in a few key metrics such as transactions, transactions per minute, unique addresses, the success rate of transactions, and what the biggest failure points are in the system. In addition, further comparisons are made for competing L1 solutions. Data is from June 1st, 2022 onwards

Transactions Per Day

The first thing to look at is the number of transactions. Near has around 300-400k transactions per day which puts it behind Ethereum and Polygon. What is interesting is that even though Near has better technology, it still does less transactions than Ethereum due to the amount of different actions a user can do on Ethereum as well as its overall popularity

TPM For Near

While Ethereum, may have more transactions due to its popularity, Near could still be superior in the number of transactions it outputs per minute. To complete this calculation, an aggregation by the minute for the total amount of transactions completed was computed. To showcase how many transactions Near completed, the percentiles by minute and median were calculated. The median number of transactions per minute for a day is about 200 Transactions Per Minute. The range between the 90th and the 10th percentiles is about 100 on the lower side and 50-200 on the high side. While this may not seem like a lot this is due more likely to the popularity of the network at a given time than the performance of the blockchain. To show the true TPM for Near, the max TPM per day may be a better metric

Comparing Blockchain’s TPM

Looking at the below values, the max TPM per day is calculated. Polygon blows the other solutions away in terms of TPM. On a given day, Near’s Max is higher than Ethereum’s but the trade is back and forth. This is still likely due to the overall popularity of the platforms rather than performance. To truly see what the networks are capable of, the rolling max overtime should be calculated to showcase what each blockchain is truly capable of.

The TPM Near is capable of is about 6000 Transactions Per Minute. This puts it ahead oh Ethereum by around 1250 more transactions per minute. Near could be capable of more as the timeframe is rather limited and is set in a time when overall blockchain on chain activity is down.

Active Addresses

We talked a lot about the popularity of a chain and how that can translate to transactions and thus transactions per minute (more popularity tests the boundaries of a chain). Out of the four Near actually has the highest number of active addresses. Why this is interesting is that this may be due to two reasons 1) less bot activity on near (bots output major amounts of txs) 2) High churn of the network

Near Success Rate

Now that the transactions, per minute has been looked at, how does Near perform in terms of success rate?

Near has around a 80% transactions success rate. Which is lower than both Polygon and Ethereum. Ethereum has the highest which is not a surprise as it is much harder to spam the network when there are higher fees. Below the success rate is measure by hour and day. Activity on the network is highest during the mid afternoon and lowest during the early morning. Looking at it by day, there is strangely a large drop off on certain days (Monday and Thursday) this may be due to individual bad performance days on chain.

Addresses That Cause The Most Failures

Below are the details of the addresses that have the most failed txs. While for most of these addresses the case they have a lot of failed transactions is because they are just completing a lot of transactions. However, some addresses have extremely low success rates (less than 20% of transactions are successful)

Conclusion

In this dashboard, we analyzed the performance of near in terms of TPM and Success Rate as well as compared it against other L1s. The top insights to take away are: -Near has a max TPM of around 6000 TPM but outputs around 350k transactions per day (a lot of room to grow) -Near’s median TPM is around 200 transactions but the max on an average day is around 2000 - 3000 TPM -Polygon is superior in terms of transactions and TPM, but Near has a higher TPM than Ethereum (even though Ethereum may do more TPM in a given day due to its popularity) -Near currently is averaging the most active addresses per day -Near’s success rate is currently been around 80% with factors like time of day and day of the week playing into it -Near has some users that are trying to complete a lot of txs but have a success rate of around 20%

Below you can find the table detailing information on the performance of the various L1 solutions.