NEAR Performance

How does NEAR stock up to other L1s in terms of speed and performance? How fast is NEAR, and compare it with other blockchain speeds in terms of transactions per minute and percentage of transactions that fail.

Methodology

We will look the following blockchains to compair their performance:

• Solana
• Near

What is Near

NEAR is a Proof-of-Stake blockchain that uses sharding technology to achieve scalability. One of the large difreentional factor of NEAR from other L1 blockchains is the Host of user fendly features such as human-readable account , and the ability for new users to interact with dApps and smart contracts without requiring a wallet at all.

What is solana?

Solana is a public blockchain platform with smart contract functionality. Its native cryptocurrency is SOL. Solana offers low fees and fast transaction times. Solana smart contracts are written in Rust rather than solinity. sonal is one of the fast blockchains with the lowest transaction fees.

Observations

In the past month the TPS and the percent of successful transactions on solana both have dramatically increased. Between January and April of 2022 the number of successful transactions and TPS on Solana both dropped rapidly. Over there yeal while there was large fluctuation in other Solana metrics the number of failed Solana transactions stayed between 10 and 15 Million daily. Overall it seems like Solana having a rapid recovery in use since its large drop off earlier this year.

Conclusion

Since the start of 2022 Nears TPS stays between 4 and 20 transactions per second. At the beginning of April the number of transactions spiked from around 7,000 per day to about 700K. During 2022 there were nearly 16 Million transactions on the Near chain. Generally Near has been growing since the start of the year but still has a lot of room to grow with 1/100 the tps and transactions than Solana.