CoinGecko identified the fastest blockchain networks by analyzing their processing speeds in relation to the total value locked on DeFiLlama. Solana emerged as the leader, followed by Sui and the Binance Smart Chain, with Ethereum and Bitcoin notably absent from the top rankings.

Despite experiencing occasional outages, Solana demonstrated exceptional speed, boasting an average daily TPS of 1,053.7 and reaching a peak of over 1,500. This places Solana far ahead of Ethereum, being 46 times faster, and outpacing Polygon by over 5 times.

However, Solana's average TPS falls short of its theoretical maximum speed of 65,000 TPS. Solana's rapid transaction speed and relatively low fees have made it attractive for various meme coins.

Additionally, CoinGecko highlighted the dominance of non-EVM networks like Sui and BSC, which are typically four times faster than their EVM counterparts. Despite Ethereum's transition to proof of stake, it still lags behind, ranking 17th with an average TPS of 22.7, while Polygon, a major layer 2 network, surpasses Ethereum with 190 TPS.

Bitcoin, operating on proof of work, also falls behind, ranking 20th with an average TPS of 10.73.