Key Takeaways:
- Stellar network handled 83.26 transactions every second in 2021.
- Ripple had the second-highest transactions per second in 2021 with over 2million transactions daily.
- Bitcoin registered 2.58 transactions per second in the fourth quarter of 2021.
LAGOS (CoinChapter.com) — A new study has found that Stellar is the leading blockchain network regarding transaction speed in the cryptocurrency space, surpassing top assets like Bitcoin, Ethereum, and others.
According to data from Forexsuggest, a cryptocurrency, stock, and forex-focused platform, Stellar network processes transactions faster than any other blockchain network in 2021.
Stellar has solved the issue of transaction scalability, which is a major challenge for many blockchain networks in the crypto space. According to the study, Stellar handled the most transactions per second in 2021, handling about 83.3 transactions every second.
Notably, all cryptocurrencies face scalability issues, but compared with traditional transaction providers, we see the crypto industry is still well behind.
Visa reportedly handles about 1,700 transactions per second. However, Visa claims to have already reached a peak of 10,547 transactions per second. Likewise, Mastercard claims to handle 5,000 transactions per second compared to Stellar, which handles two million transactions in 4-minute.
The transaction speed matters as it indicates which cryptocurrency network is more efficient. Moreover, blockchain networks with faster scalability and high transaction speed usually attract more users. In contrast, slow transaction speed leads to the network becoming overwhelmed when many users try to process transactions at one time.
Ripple And Litecoin Among Top 5 Cryptocurrencies With Highest Transactions Per Second
Although Stellar registered the highest transactions per second in 2021, other tokens also performed outstandingly. For example, according to the study, Ripple had the second-highest transactions per second in 2021.
Ripple recorded more than 25 transactions per second in 2021, over 2.2 million daily transactions, due to its design for enterprise use and mission to become a fast, cost-efficient network.
Coming in at 3rd and 4th respectively is the second and largest cryptocurrency by market cap, Ethereum and Bitcoin. Ethereum registered 14.9 transactions per second, while Bitcoin handled almost three transactions per second in 2021.
In fifth place is Litecoin, which reportedly processes 1.5 transactions per second in 2021. Litecoin aims to rival bitcoin on the medium-of-exchange front, hence its need for fast transactions.
Other notable tokens with fast transaction speeds include Solana (SOL), Cardano (ADA), Cosmos (ATOM), EOS, KAVA, and ICON, among others. Additionally, reports also indicated that tokens that focus on a particular niche tend to have substantially quicker transaction times.
