Solana Shatters Records: Over 2000 TPS Achieved!

[MemeInSight]

Big news in the blockchain world as Solana has officially surpassed the 2000 TPS mark, making a bold statement in the ongoing race for scalability! This puts Solana not just ahead of other major cryptos but also challenges traditional payment processors like credit card companies in terms of transaction speed.

What’s more, while BNB shows high TPS, its centralization is a concern. Solana’s feat is significant as it combines high throughput with decentralization, something we've been advocating for a long time.

With Ethereum priced at $3k but managing only around 62 TPS max, and Bitcoin at about 11 TPS, can we start speculating? Could we see Solana hit a $3k price point soon? What are your thoughts?

[1714504851]

1714504851

[God bless u]

Big news in the blockchain world as Solana has officially surpassed the 2000 TPS mark, making a bold statement in the ongoing race for scalability! This puts Solana not just ahead of other major cryptos but also challenges traditional payment processors like credit card companies in terms of transaction speed.

What’s more, while BNB shows high TPS, its centralization is a concern. Solana’s feat is significant as it combines high throughput with decentralization, something we've been advocating for a long time.

With Ethereum priced at $3k but managing only around 62 TPS max, and Bitcoin at about 11 TPS, can we start speculating? Could we see Solana hit a $3k price point soon? What are your thoughts?

Yeah I mean it's a good achievement and SOL is one of the finest projects to invest in my opinion because of number of reasons. First of all they have improved a lot since 2021. They have made some very positive changes in their platform and because of that their progress is elevated so much. Their layer 2 projects have an amazing use case over the congestion in different types of blockchains like ETH.

Reaching 3k mark is a little challenging. I don't expect this much reach at least In this bull run but definitely it can reach up to this mark due to its strong team and use case. Let's see when!

[mk4]

With Ethereum priced at $3k but managing only around 62 TPS max, and Bitcoin at about 11 TPS, can we start speculating? Could we see Solana hit a $3k price point soon? What are your thoughts?

Because Bitcoin and Ethereum are more heavily focused towards decentralization first(while having more TPS on layer-2s), while Solana is mainly geared towards better user experience first(hence high TPs on base-chain), then decentralization second.

In the end, which protocols are 'better' will just depend on what you want to prioritize: decentralization or cheap fees/fast txs.

[UnruffledST]

Because Bitcoin and Ethereum are more heavily focused towards decentralization first(while having more TPS on layer-2s), while Solana is mainly geared towards better user experience first(hence high TPs on base-chain), then decentralization second.

In the end, which protocols are 'better' will just depend on what you want to prioritize: decentralization or cheap fees/fast txs.

I myself have seen where the dev team and Solana leaders turns down topics on anything being implemented that would make Solana itself less decentralized, so to me based on first hand sight I could not agree with you at all. This is definitely a huge feat being accomplished by Solana.

[crwth]

If we are to consider only that TPS, then yes it beats all the older cryptocurrencies around but is the platform itself friendly when onboarding new people? How about those who aren't tech-savvy to create their wallet etc? Would it be easy? I don't think so. I think before it reaches that level in price, it should be considered the money going to go in with the market, not just the features.

[mk4]

I myself have seen where the dev team and Solana leaders turns down topics on anything being implemented that would make Solana itself less decentralized, so to me based on first hand sight I could not agree with you at all. This is definitely a huge feat being accomplished by Solana.

You totally misunderstood what I said. Never said they're turning down decentralization updates/upgrades. It's just that they're focusing on cheap and fast TXs first, then decentralization second. That's simply just a fact as Anatoly and co. even confirms it.

[Bureau]

I think Solana should work on network congestion as it has now become quite common. I was trying to transfer USDT from my Binance account to another exchange and I saw that Solana network was congested. I checked today again and found it is still showing congested. TPS in such a scenario won't be helpful and would not come as a USP for the network.

[MemeInSight]

Solana has been maintaining a consistent TPS of 2k+ transactions, congestions since update has lowered and has maintained in swell positions since the update.

[btc78]

Big news in the blockchain world as Solana has officially surpassed the 2000 TPS mark, making a bold statement in the ongoing race for scalability! This puts Solana not just ahead of other major cryptos but also challenges traditional payment processors like credit card companies in terms of transaction speed.

No matter what happens in the future whether solana beats a lot of other top altcoins or maybe even bitcoin… one thing is for sure and that is a lot of tech right now are taking notes from solana’s blockchain. Solana has become a great avenue for experimenting with new ways to innovate and improve blockchains

With Ethereum priced at $3k but managing only around 62 TPS max, and Bitcoin at about 11 TPS, can we start speculating? Could we see Solana hit a $3k price point soon? What are your thoughts?

Solana has such a huge potential that I am quite certain it can reach 1K USD at this point it is not a matter of if but rather a matter of when and that when I must say would be still quite a long time. Even more so if we are reaching 3k USD. We must be patient and watch how solana’s story unfolds.

[JeromeTash]

Big news in the blockchain world as Solana has officially surpassed the 2000 TPS mark, making a bold statement in the ongoing race for scalability! This puts Solana not just ahead of other major cryptos but also challenges traditional payment processors like credit card companies in terms of transaction speed.

Isn't this the same network that has had issue or network congestion a few days back on top of countless outages?

What’s more, while BNB shows high TPS, its centralization is a concern. Solana’s feat is significant as it combines high throughput with decentralization, something we've been advocating for a long time.

There isn't any much difference between BNB and Solana when it comes to centralization. Both use a proof of stake protocol that is favors centralization more.

With Ethereum priced at $3k but managing only around 62 TPS max, and Bitcoin at about 11 TPS, can we start speculating? Could we see Solana hit a $3k price point soon? What are your thoughts?

Ethereum's problems are well known. Everyone is trying to avoid those high fees. Same with Bitcoin especially with the ordinal turmoil but if we are to speak about the most secure and decentralized network. Nothing beats Bitcoin and you know that.

[MemeInSight]

Isn't this the same network that has had issue or network congestion a few days back on top of countless outages?

These congestions where expected to come and to be properly handled by the Solana team such as Ethereum did when it suffered congestion when it was an up and coming coin as well. Have you been in the crypto space longer then 10 years? Ethereum when it faced congestion was a whole Sh!t show and Solana has proven to handle this much much better then Ethereum did when it appeared to them. Everyone trying to fork Ethereum and all the blood bath internally. If you have been around long enough you would know this congestion isn't even worth of mentioning while we are maintaining focus on Solana's TPS, ETH suffered congestion while offering way less TPS???

[UnruffledST]

Big news in the blockchain world as Solana has officially surpassed the 2000 TPS mark, making a bold statement in the ongoing race for scalability! This puts Solana not just ahead of other major cryptos but also challenges traditional payment processors like credit card companies in terms of transaction speed.

Isn't this the same network that has had issue or network congestion a few days back on top of countless outages?

What’s more, while BNB shows high TPS, its centralization is a concern. Solana’s feat is significant as it combines high throughput with decentralization, something we've been advocating for a long time.

There isn't any much difference between BNB and Solana when it comes to centralization. Both use a proof of stake protocol that is favors centralization more.

With Ethereum priced at $3k but managing only around 62 TPS max, and Bitcoin at about 11 TPS, can we start speculating? Could we see Solana hit a $3k price point soon? What are your thoughts?

Ethereum's problems are well known. Everyone is trying to avoid those high fees. Same with Bitcoin especially with the ordinal turmoil but if we are to speak about the most secure and decentralized network. Nothing beats Bitcoin and you know that.

Yes, Solana did face congestion issues recently, but it’s important to note the context and the speed at which the Solana team has addressed these issues with updates. This responsiveness is crucial in technology spaces, especially blockchain.

Solana vs. Ethereum Congestion:
Remember the early days of Ethereum? When it faced congestion, it was indeed chaotic—more so because it was breaking new ground at a time when the ecosystem wasn't as mature. Solana, on the other hand, has not only managed to resolve similar issues quickly but has done so while maintaining a TPS that dwarfs that of Ethereum during its early years. It's important to make these comparisons with a historical lens, considering how fast blockchain technologies are evolving.

Ethereum and Bitcoin Congestions:
Both Ethereum and Bitcoin have had their fair share of scalability and congestion challenges. Ethereum's high gas fees during peak congestion times are well-documented, and Bitcoin has faced its own scalability issues, leading to the development of solutions like the Lightning Network. This shows that growing pains are common in evolving tech landscapes.

Decentralization - Solana vs. Binance:
Regarding decentralization, Solana and Binance (BNB) take different approaches, especially given BNB's more centralized control structure. Solana operates on a proof of stake model that is becoming increasingly decentralized as the network grows and more validators join the ecosystem. This contrasts with Binance’s approach, where control tends to be more centralized, reflecting in how decisions and updates are pushed across the network.

In summary, while no blockchain is without its issues, what's important is how these challenges are met and what the roadmap looks like for addressing them. Solana has shown commitment to scaling effectively while maintaining an impressive TPS, positioning it well for future growth and adoption. Let's keep the discussion factual and forward-looking, focusing on how these technologies can evolve to meet growing demands.

[MemeInSight]

Thank you for the reply @UnruffledST,

But yes below I will be touching more on the differences between Solana and BNB, prior to doing so I want to ask the community to start providing more factual replies please, no low quality posts. History is being made right in front of our eyes right now so let's have some actual intellectual conversations.

Binance’s Centralization:

Controlled Validation Process: Binance Chain and Binance Smart Chain are known for their high transaction speeds and low fees, primarily because they use a consensus model called Delegated Proof of Stake (DPoS). In this model, a limited number of validators (e.g., 21 validators on Binance Smart Chain) are elected by Binance Coin (BNB) holders to confirm transactions. This centralizes power significantly because only a small group controls the entire network, and these validators are often directly or indirectly influenced by Binance due to significant holdings and vested interests.

Control Over Governance: Binance has substantial control over the governance of its chains. Decisions regarding updates, forks, and changes in protocol are heavily influenced by Binance and a few large BNB holders. This concentration of power contrasts sharply with more decentralized networks where changes require broader consensus.

Centralized Decision Making: The development and operation of Binance’s blockchain infrastructure are handled by a central entity — Binance. This includes decisions on software updates, network changes, and the handling of security breaches, which are managed centrally rather than through community governance.

Solana’s Decentralization Efforts:

Proof of History (PoH) and Proof of Stake (PoS): Unlike Binance, Solana uses a unique hybrid consensus model combining Proof of History (PoH) with Proof of Stake (PoS). PoH helps to create a historical record that proves that an event has occurred at a specific moment in time. This is combined with PoS for network security and validator selection, allowing for greater participation and less centralization in validator roles.

Increasing Number of Validators: Solana encourages decentralization through its support for thousands of validators. This is in contrast to Binance’s limited validator set. The larger the number of validators, the more decentralized the network becomes, as it reduces the ability of any single entity or small group to control the network.

Community-Driven Governance: Solana’s governance involves the community to a greater extent compared to Binance. Decisions on network upgrades and changes involve discussions within the community, and SOL holders can participate in governance decisions, fostering a more democratic and decentralized environment.

Conclusion:

While Binance offers efficiency and speed, it does so at the cost of centralization. Solana, meanwhile, is working towards increasing its network's decentralization through technological innovations like Proof of History and a broad validator base, ensuring that control over the network is distributed among many participants rather than concentrated in a few hands.

These distinctions highlight fundamental differences in how blockchain networks can balance efficiency, speed, and decentralization, and they underscore the importance of understanding the underlying mechanisms that govern these platforms.

Honestly it's disgusting to compare BNB to Solana, please don't do it again saying they are both the same.

[JeromeTash]

These congestions where expected to come and to be properly handled by the Solana team such as Ethereum did when it suffered congestion when it was an up and coming coin as well. Have you been in the crypto space longer then 10 years? Ethereum when it faced congestion was a whole Sh!t show and Solana has proven to handle this much much better then Ethereum did when it appeared to them. Everyone trying to fork Ethereum and all the blood bath internally. If you have been around long enough you would know this congestion isn't even worth of mentioning while we are maintaining focus on Solana's TPS, ETH suffered congestion while offering way less TPS???

I have been around. Probably much longer than you. I was a very good user of ethereum back in the day and I haven't used it for ages, so yes I know what happened when there was congestion but trying to compare it with growing and unstable networks like solana is sick

The reason it was hard to make a quick decision to address the high fee and congestion issue was probably because Ethereum was way more decentralized back in the day (POW) than solana is today(POS). You don't just wake up and make the amendments without getting full support of the community.

Care to know why Forks take some time to be implemented on a network like Bitcoin? It's because of a huge level of decentralization. Not like small chains such as solana where one wakes up with an idea and within a week changes are made  

[MemeInSight]

These congestions where expected to come and to be properly handled by the Solana team such as Ethereum did when it suffered congestion when it was an up and coming coin as well. Have you been in the crypto space longer then 10 years? Ethereum when it faced congestion was a whole Sh!t show and Solana has proven to handle this much much better then Ethereum did when it appeared to them. Everyone trying to fork Ethereum and all the blood bath internally. If you have been around long enough you would know this congestion isn't even worth of mentioning while we are maintaining focus on Solana's TPS, ETH suffered congestion while offering way less TPS???

I have been around. Probably much longer than you. I was a very good user of ethereum back in the day and I haven't used it for ages, so yes I know what happened when there was congestion but trying to compare it with growing and unstable networks like solana is sick

The reason it was hard to make a quick decision to address the high fee and congestion issue was probably because Ethereum was way more decentralized back in the day (POW) than solana is today(POS). You don't just wake up and make the amendments without getting full support of the community.

Care to know why Forks take some time to be implemented on a network like Bitcoin? It's because of a huge level of decentralization. Not like small chains such as solana where one wakes up with an idea and within a week changes are made  

I have utilized BTC since 2011 when I was 14 years old and have always been informed about the community here and then but honestly I have made a decision to not reply to you anymore your responses have no factual information to them, I see you stopped talking about BNB vs Solana as well and when it comes to Solana the community has a say and can provide ideas just as someone woke up with the idea to fork Bitcoin and decided to gain community support for a fork, stop the trollish discussions if that is your point and move on elsewhere.

[yazher]

I can't say that they gonna hit such a high price so soon because they have a long way to go before that but judging by their current progress, there's no impossible to their crypto success and they might heading to that point sooner than we expected. right now, they are the most trending investment that we can recommend to others because of their continued development which has a big impact on the current crypto market. hopefully, for them, it will last long since others cannot get consistent with their updates at this point anymore. They need to continuously provide their investors satisfying updates that they need.

[Tipstar]

Big news in the blockchain world as Solana has officially surpassed the 2000 TPS mark, making a bold statement in the ongoing race for scalability! This puts Solana not just ahead of other major cryptos but also challenges traditional payment processors like credit card companies in terms of transaction speed.

What’s more, while BNB shows high TPS, its centralization is a concern. Solana’s feat is significant as it combines high throughput with decentralization, something we've been advocating for a long time.

With Ethereum priced at $3k but managing only around 62 TPS max, and Bitcoin at about 11 TPS, can we start speculating? Could we see Solana hit a $3k price point soon? What are your thoughts?

TPS has always been the plus point for Solana. The largest resistance to bull had been the speed of transaction in network. And we have seen network like Ethereum reach to halt as the popularity of an onchain game like cryptokitties in the past. They would have not handled the meme coin hype at current time.
Solana with it's higher TPS had been the choice for viral meme coins. They provide a platform to transact quick and with low fees. Theoretically they can handle 5K TPS without any issue, but we have never been there. But the 3K TPS mark would break soon. Let's see how much she can handle.

[o48o]

-cut-
Honestly it's disgusting to compare BNB to Solana, please don't do it again saying they are both the same.

While i wasn't the one doing that comparison, your whole thread using TPS as any kind of comparative measurement these days, is just purposely misleading people.
I thought this would be already common knowledge, as it has been explained over and over by different devs all over the cryptoland.

I would hope people wouldn't make financial decisions based on something like that, but hell, they buy because it's a simple idea and "it's a lot more then eth!". And honestly i can't blame them as they buy anything these days. Meme nfts or frog tokens as well.

[GreatArkansas]

I'm really glad for Solana right now. After a lot of ups and downs happened to this network, they still managed to stay and still on the top.
With their issue about down times, being offline, and related to FTX Exchange, they are doing pretty well right now. They are proving that layer-1 is still kicking even though we have a lot of layer-2 networks right now.

[justdimin]

Big news in the blockchain world as Solana has officially surpassed the 2000 TPS mark, making a bold statement in the ongoing race for scalability! This puts Solana not just ahead of other major cryptos but also challenges traditional payment processors like credit card companies in terms of transaction speed.

What’s more, while BNB shows high TPS, its centralization is a concern. Solana’s feat is significant as it combines high throughput with decentralization, something we've been advocating for a long time.

With Ethereum priced at $3k but managing only around 62 TPS max, and Bitcoin at about 11 TPS, can we start speculating? Could we see Solana hit a $3k price point soon? What are your thoughts?

Considering how we could see SOL end up freezing the system whenever they see a problem, I agree that decentralized ways of bitcoin and ethereum is the reason why it is the most liked reasons why they are at the top and why SOL is not. However, that doesn't mean that SOL will not go up, it has gone up so much this year, in fact there were moments when SOL went up while others went low, so we could say that SOL is already getting the attention it deserves.

I feel like this achievement is good enough and I respect it for it, but that doesn't mean that it will go above ethereum, let alone bitcoin. Those will stay at the top, and SOL could maybe go beyond BNB and even that is not that easy to achieve if you ask me.