Solana (high-throughput Layer-1 network) launches @solanapayments, claims faster, cheaper payments

According to the announcement, it touts 1.4x higher TPS (transactions per second metric) than Visa and 4.6x than SWIFT (bank messaging network), with fees up to 26,000x cheaper than SWIFT and 600x vs Ethereum.

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Summary

Solana (high-throughput Layer-1 network) launched @solanapayments and published comparative performance and cost figures. It claims throughput is 1.4x faster than Visa, 4.6x faster than SWIFT (bank messaging network), 83x faster than Ethereum, 27x faster than Polygon (Ethereum scaling network), and 14x faster than Base (Coinbase Layer-2 network). It also says fees are 26,000x cheaper than SWIFT, 600x cheaper than Ethereum, and 1.5x cheaper than a linked service. These stated figures focus on TPS (transactions per second metric) and fees.

Terms & Concepts
  • Transactions per second (TPS): A throughput metric showing how many transactions a network processes each second.
  • Layer-2 network: A secondary blockchain built atop a base chain to boost throughput and cut costs.
  • Gas fees: Per-transaction costs paid to process and secure blockchain transactions.