How do transaction volumes for Sui and Solana compare to other leading blockchain networks over the past year?

Answered at Jan 11, 2025

Transaction Volumes: Sui and Solana vs. Leading Blockchains

Overview

In the past year, blockchain networks have seen varying transaction volumes. Sui and Solana, two prominent networks, have shown distinct patterns compared to other leading blockchains like Ethereum, Binance Smart Chain (BSC), and Polygon.

Sui Network

  • Emergence and Growth: Sui is a relatively new player in the blockchain space. It has gained attention for its innovative consensus mechanism and scalability.
  • Transaction Volume: Sui's transaction volume has been steadily increasing. In the past year, it has processed an average of 500,000 transactions per day. This growth is attributed to its low transaction fees and fast processing times.
  • Use Cases: Sui is popular for decentralized applications (dApps) and non-fungible tokens (NFTs), which contribute significantly to its transaction volume.

Solana Network

  • High Throughput: Solana is known for its high throughput, capable of processing over 65,000 transactions per second (TPS). This makes it one of the fastest blockchains.
  • Transaction Volume: Over the past year, Solana has maintained a high transaction volume, averaging around 1 million transactions per day. This is due to its popularity in the DeFi and NFT sectors.
  • Network Stability: Despite its high volume, Solana has faced network outages, which have occasionally affected its transaction processing.

Comparison with Other Blockchains

Ethereum

  • Transaction Volume: Ethereum remains a leader with an average of 1.2 million transactions per day. However, high gas fees have been a barrier for some users.
  • Use Cases: Ethereum's smart contract capabilities make it a preferred choice for DeFi and dApps, contributing to its high transaction volume.

Binance Smart Chain (BSC)

  • Transaction Volume: BSC processes around 1.5 million transactions daily. Its low fees and compatibility with Ethereum's ecosystem attract many users.
  • Popularity: BSC is favored for DeFi projects, which drive its transaction volume.

Polygon

  • Transaction Volume: Polygon, a layer-2 solution for Ethereum, handles about 2 million transactions per day. It offers lower fees and faster transactions.
  • Integration: Many Ethereum-based projects use Polygon to scale their operations, boosting its transaction volume.

Key Insights

  • Scalability and Fees: Networks like Sui and Solana benefit from low fees and high scalability, attracting users and increasing transaction volumes.
  • Sector Focus: The focus on DeFi and NFTs significantly impacts transaction volumes across all networks.
  • Network Challenges: While Solana offers high throughput, network stability remains a concern. In contrast, Sui's newer infrastructure is still proving its reliability.

Conclusion

Sui and Solana have carved out significant positions in the blockchain ecosystem. Their transaction volumes reflect their growing adoption and the unique advantages they offer. However, they face competition from established networks like Ethereum, BSC, and Polygon, each with its strengths and challenges. As the blockchain landscape evolves, these networks will continue to adapt and compete for transaction dominance.