FLOW Speed (redux)

    What is the Flow blockchain?


    Flow is one of the leading blockchains for the next generation of apps, NFTs, and games. It’s designed to scale in a way that doesn’t use sharding techniques, so transactions are fast and low-cost.

    Most notably, Flow is focused on reducing the complexity that is seen in other blockchains. Take, for example, purchasing a CryptoKitty. Behind the scenes, that process can involve dozens of blockchain transactions. But on Flow, the same action is handled by one atomic transaction in a single block.

    What is transactions per minute (TPM)?


    Transactions per minute (TPM) refers to how many transactions the network can process in a minute, followed by how rapidly the network can confirm a trade or an exchange. The average transaction speed is significant because it indicates the network’s current capacity to process transactions. If a cryptocurrency is experiencing an increase in its transaction volume, the average speed will be cut back.

    Transactions are the underlying unit of activity on any blockchain. How rapidly transactions are processed is critical in determining how useful a given cryptocurrency will turn out to be.

    Questions:


    6 months ago, we asked for a comparative analysis on blockchain speed. How has Flow increased its speed in transaction per minute since? Compare Flow and other L1 blockchains in terms of speed

    • Identify the monthly average for transactions per minute
    • How that's improved or worsened since the beginning of 2022.
    • What types of events have raised or decreased the blockchain's performance over that time period?
    • Are there bursts of transaction volume or interest on the chain? Compare Flow's speed to at least two other blockchains.
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    Deep on curtain blockchain (adjust your selected chain using chain_name)

    In this section, you can see all metrics provided in the comparison part separately for each blockchain. I included this section for a closer look at the details of each chain.

    The heatmap chart shows what days and hours more transactions are done and the network congestion is more.

    Comparing FLow Vs. other blockchains:

    In this section, we are trying to compare Flow blockchains with other chains in terms of following metrics on a daily, monthly, and average basis.

    • Average number of transactions per minute
    • Success rate
    • Number of transactions

    Note: The success rate of transactions in Algorand cannot be calculated, so I considered it 100% successful.

    Monthly Changes (%) of different parameters:

    In this section, I tried to show the monthly change of previous metrics per chain.

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    Flow volume:

    In this section, we tried to calculate the volume of transferring on the Flow blockchain. For this purpose, we need to follow below steps:

    • Find the USD price of assets that were transferred.
    • multiply USD price by asset amount that were transferred.

    Flow events:

    In this section, I tried to show the top events that made the most number of transactions in the Flow blockchain.

    Conclusion:

    Average number of transactions per minute: BSC > Algorand > Ethereum > Flow > NEAR > Avalanche > Terra.

    Success rate: Ethereum > Terra > BSC > Flow > Avalanche > NEAR.

    Average daily number of transactions: BSC > Algorand > Ethereum > Flow > NEAR > Avalanche > Terra.

    Looking at Flow comparing other blockchains shows us this chain performs better than all other blockchains in terms of all 3 metrics. The monthly change charts show this chain has the least negative amount than other chains.

    Daily transfer volume decreased since the beginning of 2022. Could be say the transfer volume increased since Aug again.

    The top 10 event types in terms of the number of transactions per month show TokensDeposited, TokensWithdrawn, and Deposit event types are among the top 10 every month.

    References:


    Methodology:


    In this dashboard, we are going to compare Flow blockchain with other 6 L1 blockchains including Ethereum, Binance Smart Chain, Avalanche, Algorand, NEAR, and Terra in terms of their speed of processing transactions.

    In my opinion, the following metrics could show the trade-off between speed and quality.

    • Number of transactions per minute (TPM)
    • Transactions success rate
    • Number of transactions

    If the TPM is high but the success rate is low, it is not a good sign for the blockchain. There must be a trade-off between these two parameters.

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    The number of transactions per minute:

    If we consider the number of transactions per minute as a metric of speed, BSC is the fastest blockchain and Terra 2 is the slowest blockchain. Also, Flow blockchain takes the title of the 4th fastest chain. The monthly average number of transactions per minute chart shows this metric is decreasing on BSC, Algorand, Ethereum, Avalanche, and NEAR over time. The only blockchain whose number of transactions per minute has increased over time is Flow.

    Success rate:

    Apart from Algorand, Ethereum is the blockchain with the least and NEAR is the blockchain with the most number of failed transactions. Also, Flow blockchain was placed in 4th rank in terms of the least number of failed transactions. The Monthly success rate shows this metric is increasing on all blockchains over time.

    The number of transactions:

    In terms of the average daily number of transactions per chain, BSC has the highest and Terra 2.0 has the lowest number of daily transactions. Also, Flow blockchain takes the title of the 4th chain. The Monthly number of transactions chart shows this metric is decreasing on BSC, Algorand, Ethereum, Avalanche, and NEAR over time. The only blockchain whose number of transactions has increased over time is Flow.

    This chart shows the daily transfer volume decreased since the beginning of 2022.

    There are some spikes on daily charts:

    • Jan 20th with $161M.
    • Feb 3rd with $169M.
    • Mar 8th with $152M.
    • Mar 19th with $179M.
    • Dec 7th with $119M.

    Could be say the transfer volume increased since Aug again.

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    The top 10 event types in terms of the number of transactions per month show TokensDeposited, TokensWithdrawn, and Deposit event types are among the top 10 every month. But if look at the total number of transactions of each event type since 2022, see TokensDeposited and TokensWithdrawn are in first place but next place belongs to FeesDeducted which did not have a place among the top 10 events in January, February, and March.

    Monthly change (%) in average number of transactions per minute:

    Flow's monthly performance in terms of TPM has been negative for only 3 months, and in this sense, it has been growing more than other blockchains.

    Monthly change (%) in transactions success rate:

    Flow's monthly performance in terms of transaction success rate has been negative for only 3 months, and in this sense, it has stable than other blockchains again.

    Monthly change (%) in number of transactions:

    Flow's monthly performance in terms of the number of transactions has been negative for only 4 months, and in this sense, it has stable than other blockchains too.