Breaking Down the Top 10 Layer 1 Blockchains by Daily Transaction Milestones
It’s clear that 2024 has been bitcoin’s ( BTC) year, with the leading crypto asset making up over 56% of the entire crypto economy’s valuation. Together, the top ten L1 chains, including BTC, account for a whopping 81.77% of the total market share. There are plenty of ways to compare different blockchain networks, but in this analysis, we focus on one key metric: the number of verified transactions processed daily (tpd). To take it up a notch, we’ve broken that down by the 86,400 seconds in a day, giving us a clear view of each network’s transactions per second (tps).
The transaction numbers in question are all one-off peaks, not a reflection of the average daily transactions (tpd) these networks usually handle. To gather the daily transaction data, Bitcoin.com News tapped into statistics from Coin Metrics and Artemis Terminal. The analysis covered several blockchains, including BTC, ETH, BNB, SOL, XRP, DOGE, TRX, TON, ADA, and AVAX. To ensure accuracy, additional sources like blockchain explorers and statistical sites such as ycharts.com were used to verify the Coin Metrics and Artemis Terminal stats.
According to data from artemis.xyz, Solana topped the charts with a record 57 million transactions processed on Dec. 24, 2021. If you break that down by the number of seconds in a day, it comes out to 659.72 transactions per second (tps). Following Solana, BNB secured the next spot with a record 32.68 million transfers on Dec. 7, 2023, which translates to 378.24 tps. Tron’s network secured the third spot by confirming 13.78 million transactions on June 12, 2023, delivering 159.49 transactions per second (tps). Tron joins the top trio of blockchains that have surpassed 10 million transactions per day (tpd).
XRP grabs the fourth spot with 7.22 million transactions processed on Dec. 31, 2023. Notably, six of the top ten coins hit their transaction milestones in 2023. XRP’s total translates to 83.56 transactions per second (tps). Close behind, Avalanche posted 6.4 million transactions on Nov. 22, 2023, breaking down to 74.07 tps. Making waves in its first appearance among the top ten crypto market caps, The Open Network (TON) settled 5.1 million daily transactions on Dec. 11, 2023, with a tps rate of 59.03.
Ethereum ranks seventh with 1.96 million transactions logged on Jan. 14, 2024, translating to 22.69 tps. The meme-inspired DOGE network confirmed 1.7 million transactions on Nov. 26, 2023, earning a tps rate of 19.68. Bitcoin takes the ninth spot, with 928,131 transactions processed on April 23, 2024, and a max tps of 10.74. Finally, ADA rounds out the list with 496,800 transfers confirmed on Nov. 22, 2021, landing at around 5.75 tps.
The competitive landscape among L1 blockchains continues to evolve, driven by transaction capacity and real-world utility. While Solana and BNB boast impressive transaction speeds, legacy chains like Bitcoin and Ethereum maintain dominance through market share and adoption. The ongoing developments suggest that scalability and innovation will shape the future of these networks as they compete for relevance in the expanding crypto economy.
What do you think about the top 10 L1 chains and their tpd and tps counts? Share your thoughts and opinions about this subject in the comments section below.
