Researchers at Dragonfly Research ran tests on six different blockchains to see which one could execute more trades per second using Automated Market Makers. They concluded that Solana's Orca DEX was the clear victor.
Each block was made every 590 milliseconds, with a total of 273.34 transactions per second.
With 194.6 deals per second on PancakeSwap, Binance Smart Chain (BSC) was not far behind Polygon (MATIC), Avalanche (AVAX), Celo (CELO), and finally Ethereum (ETH) .
Although the Ethereum Virtual Machine (EVM)-compliant chain environment was thriving, "GM" noted that "if you want truly great performance now you have to explore outside of the EVM realm." "Abandon EVM" was mentioned in an earlier version of the post, but it has since been removed.
According to Dragonfly Research's portfolio page, the Dragonfly Capital research arm has invested in Celo, Avalanche, Cosmos and Near. Solana is not on the company's radar.
EVM chains are blockchains that may be used with the Ethereum platform's software and services. They are frequently used to increase the Ethereum network's scalability.
The experiment's findings were released to the public on Tuesday, March 2. A comparison of blockchain throughput was made by counting the number of swaps that could be made on native automated market makers per block (AMM). For example, Uniswap and PancakeSwap are decentralised exchanges (DEX) that permit non-custodial token swaps on the blockchain.
To address this topic, GM asked, "How many deals per second would clear if you filled a whole block with Uniswap V2-style trading?"
As the dominant DEX with $1.6 billion in 7-day transaction volume, Uniswap V2 was used as the benchmark. According to the study, the benchmark was 18.38 transactions per second, with a block generation time of 13.2 seconds. It's not a perfect benchmark, but it's "illustrative in providing a holistic sense of performance," according to the author GM.
For each blockchain, the most active DEX was flooded with token swaps on the most liquid pairs to establish the current capacity limit. For this reason, they didn't test rollup scaling on layer one chains.
GM noted in a blog post that he expected "all of the major L1 blockchains to enhance their performance over time."
In spite of the findings of the paper, decentralisation advocates point out other difficulties on the Solana platform. As reported by Cointelegraph, the company behind the EVM-compatible Spookyswap DEX on Fantom Opera slammed the findings, saying that Solana "is a completely centralised network unlike Ethereum."
Bitcoin and the rest of the cryptocurrency market have been subjected to similar selling pressure, and Ethereum has been no exception.
According to blockchain records, recently the Ukrainian government has collected a total of $20 million in Bitcoin and Ethereum donations.
The Ukrainian government took to Twitter on February 26, 2022, two days after Russia invaded Ukraine, to solicit bitcoin donations. An address for Bitcoin and Ethereum donations was revealed by the government in a tweet.
The government has received $9.4 in Bitcoin and $10.6 in Ethereum, according to blockchain data.
These donations are part of a wider cryptocurrency donation-push to help Ukraine during Russia's military incursion.
A total of $35 million has been raised by the Ukrainian government and supporting NGOs, according to blockchain analytics platform Elliptic, through more than 35,000 crypto donations.
The Ukrainian government stated yesterday that it is now taking Polkadot donations in addition to Bitcoin and Ethereum.
Polkadot founder Gavin Wood has given $5.8 million worth of Polkadot to the Ukrainian government after making that statement.
On top of that, the administration plans to conduct an airdrop at 6 p.m. Kyiv time tomorrow.
The Ukrainian NGO Come Back Alive has given Ukraine $7.2 million in an unspecified cryptocurrency.
Support Ukrainian Sovereignty, a fundraiser, also claims to have raised $560,000.
With a 24-hour trading volume of $14,831,900,249 USD, Ethereum's current live price is $2,912.15 USD. Our ETH to USD exchange rate is updated in real time. It's been a rough 24 hours for Ethereum, with the price falling 2.71 percent. There is a live market value of $348,889,504,103 USD on CoinMarketCap at this time. No information on the maximum supply or how many tokens are currently on the market is available.
If you'd like to know where to buy Ethereum, Binance, OKX, DigiFinex, Hotcoin Global, and FTX are the best cryptocurrency exchanges for trading Ethereum stock.
ETH stands for "Ethereum"; what is it?
Open-source blockchain system Ethereum contains its own coin, Ether, which is decentralised and open source. Many additional cryptocurrencies and decentralised smart contracts can be run on the Ethereum platform.
Vitalik Buterin published a whitepaper outlining the concept of Ethereum in 2013. In the summer of 2014, Buterin and the other co-founders raised money for the project through an online public crowd sale. To date, the project has raised $18.3 million in Bitcoin and sold over 60 million Ether (Ether) in the Initial Coin Offering (ICO). Since the summer of 2014, Ethereum's price has increased by an annualised pace of over 270 percent, essentially quadrupling your investment each year.
After months of testing and development, the Ethereum Foundation on July 30, 2015, formally published the blockchain under the codename "Frontier." As of Aug. 5, 2021, the "London" hard fork has taken place, with "Constantinople," "Istanbul," "Muir Glacier," "Berlin," and most recently "London" all being added to the network since then.
Decentralized apps are Ethereum's stated purpose, allowing people from all over the world to build and execute software that is immune to censorship, downtime, and fraud from any location.
When it comes to cryptocurrency, what sets it apart from the rest?
With Ethereum, the concept of a blockchain-based smart contract platform has been pioneered. When an agreement between several parties on the internet is made using smart contracts, the steps required to carry it out are run automatically by computer programmes. To lower transaction costs and increase transaction reliability, they were meant to eliminate the need for trusted intermediaries between contractors.
In order to take use of the advantages of smart contracts, Ethereum created a framework that allowed it to run smart contracts on a blockchain. "One computer for the entire planet," says co-founder Gavin Wood, "may theoretically make any programme more resilient, censorship-resistant and less susceptible to fraud by running it on a worldwide distributed network of public nodes."