Neon EVM’s parallelized architecture achieves record TPS on Solana Mainnet

Neon EVM — the first mainnet, parallel-capable, EVM — showcased a record high-throughput, demonstrating how Ethereum-compatible dApps can leverage Solana’s low-cost, fast transactions.

We are thrilled to announce that on December 16, 2023, Neon EVM achieved a whopping 730 Transactions Per Second (TPS) on Solana Mainnet, showcasing exceptional performance and efficiency.

This achievement is a testament to the innovative parallel architecture of Neon EVM, which settles directly on Solana, offering dApps the benefits of low-cost, high-speed transactions, and Solana’s Sealevel parallel transaction capabilities. How did Neon EVM manage this feat?

Stepping into the future: Neon EVM takes the lead

Parallel Execution

‍In recent years, blockchain technology has witnessed tremendous popularity. The last few years of development in the industry have largely been dedicated to improving blockchain performance. While multiple dApps exist across DeFi, gaming, cryptocurrencies, NFTs, most are plagued by scalability issues owing to blockchains struggling to process transactions concurrently. This is where parallel execution opens new doors by allowing multiple transactions to be processed simultaneously, increasing the overall throughput and responsiveness of the network.

Mainnet showcase

Neon EVM is the first parallel EVM to demonstrate its mainnet performance.

Neon EVM breaks away from the common practice of testing on stagenets, testnets, or devnets, providing a real-world demonstration of its mainnet performance. The emphasis on showcasing a multi-threaded parallelized EVM highlights Neon EVM's commitment to addressing scalability challenges for developers worldwide.

But first, some fact-checks on our TPS.

Neon EVM TPS metric

Take a look or head straight to Neonscan and do some surfing:

tps imagin 2.png Image: Neonscan

It is important to remember that Solana has a block time of 400 milliseconds – so it requires a corrective multiplication of 2.5 to measure transactions per second. Neon EVM’s transactions per block corrected to TPS comes in at an impressive 730 TPS.

Specifically, TPS can be calculated by taking the number of transactions in a single block and dividing it by the block time (in seconds).

For the above data,

Neon EVM TPS = (361 + 297 + 218)/1.2 = 730

Combine this high speed with the added benefit of negligible gas fees as we are deployed on Solana.

TPS Comparison

In a notable comparison, Neon EVM outperformed the combined TPS of the entire Ethereum ecosystem. On December 16, 2023 we saw some interesting spikes across the Ethereum ecosystem, must be the holiday mode setting in!! So we decided to take Neon EVM on a drive and compare how we fared. And in the words of Marina Guryeva, the director of Neon Foundation: “We think we may have created the fastest EVM out there!”

Our TPS was higher than the combined TPS of the Ethereum ecosystem put together - L1s, L2s, and sidechains!! Let that sink in.

While we are not presenting a daily average TPS (yet), here is a comparative for the Ethereum ecosystem: https://l2beat.com/scaling/activity.

l2 beats.png

Image: Average combined activity on Ethereum Mainnet December 16, 2023

The average combined activity on Ethereum-native chains on December 16, 2023 displayed 152 TPS when Neon EVM hit 730 TPS. We will leave you to do the math, or better still, let’s get building on the future with the OG Parallel EVM in town — Neon EVM.

Neon EVM parallelization facilitates throughput increases for EVM dApps without compromising on decentralization or requiring massive changes to the protocol. We stand at the cusp of a new era in blockchain technology and remain committed to creating a truly fast, secure, and scalable EVM.

Want to learn more?

Read more about Solana’s parallel processing and what the EVM ecosystem has been doing to address the challenges of sequential sequencing of transactions in our blog: Parallel processing from an EVM.

Meanwhile, join the buzz with Neon EVM community on Discord and stay tuned for all the EVM alpha on our Twitter.

Are you building?

If you plan to build your dApp, check out the grants program supported by Poolz x Neon EVM. Complete the form to apply for a co-grant from Poolz Finance and Neon EVM. Don’t miss a beat: join Neon EVM on Discord and Twitter for the latest updates.