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 12 memecoin projects on Solana were left by creators right after the ICO this lending. Investors to losses.
While the rise of meme coins may lead to an increase in security issues. However, raising the investor’s scrutiny together with strong security systems are vital steps to prevent fraudulent schemes in the volatile environment of meme coins.
Also Read: ABCON Seeks SEC Oversight on Forex P2P