In a recent report by CoinGecko, it has been revealed that Solana cuts through this blockchain network speed race. This surge is due to a significant spike in meme coin activity on the Solana ecosystem.
The report points out that Solana has reached a daily rate of 1,504 TPS (Transactions Per Second). Such notable performance becomes a strong characteristic for Solana because it has made transactions almost 46 times faster than Ethereum and about 5 times faster than Polygon, the former leader among Ethereum scalable solutions.
Solana has already demonstrated that it can achieve even more speed, being able to function with only 1.6% of its theoretical maximum of 65,000 TPS.
ZachXBT, a security researcher, has found out that the creators of 12 memecoin projects on Solana left right after the ICO, leading to losses for investors.
While the rise of meme coins may lead to an increase in security issues, raising investors’ scrutiny together with strong security systems are vital steps to prevent fraudulent schemes in the volatile environment of meme coins.
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