Question

How does NEAR stock up to other L1s in terms of speed and performance? How fast is NEAR, and compare it with other blockchain speeds in terms of transactions per minute and percentage of transactions that fail.

Methodology

• In this dashboard, in part 1, the performance of the NEAR blockchain is analyzed in terms of transaction speed and transaction success rate, then in part 2, the performance of the NEAR network is compared with other blockchains.

• In this dashboard, the following tables are used to extract data.

  • flipside_prod_db.mdao_near.transactions

  • flow.core.fact_transactions

  • ethereum.core.fact_transactions

  • avalanche.core.fact_transactions

  • bsc.core.fact_transactions

  • flipside_prod_db.algorand.transactions

  • osmosis.core.fact_transactions

  • polygon.core.fact_transactions

  • solana.core.fact_transactions

Data Analysis

Part 1. NEAR Performance Analysis

The chart below shows the number of daily transactions on the NEAR network.

• The highest number of daily transactions was recorded on this blockchain on January 16. The number of transactions on this day was equal to 1.77M transactions. On the other hand, the lowest number of transactions on NEAR (172k) is related to October 17, 2021.

• From January 2022 to the end of May 2022, the chart fluctuates more than other days.

• On some days, there are sudden jumps in the number of transactions on the NEAR blockchain. Some of these days are:

  • Jan 16, 2022 → 1.77M TXs
  • Feb 5, 2022 → 851k TXs
  • Mar 16, 2022 → 1.04M TXs
  • Apr 2, 2022 → 1.02M TXs
  • May 10, 2022 → 1.52M TXs

• From the end of March 2022, the number of transactions on the NEAR network gradually increased. This upward trend continued until May 10, but the number of transactions gradually decreased from this date until mid-June. Since mid-June, the number of transactions has been fluctuating within a certain range.

  From examining the number of successful and failed transactions, the following results are obtained:

• The maximum number of successful transactions in one day → Jan 16, 2022 → 1.65M TXs

• The minimum number of successful transactions in one day → Oct 17, 2022 → 163k TXs

• The maximum number of failed transactions in one day → May 10, 2022 → 836k TXs → On May 10-12, the state of the crypto market was extremely volatile. The price of Bitcoin experienced a significant decline and other factors disturbed the state of the crypto market. The bursting of the bubble of the Terra project and the exit of UST from the peg value were among the factors that caused the further decrease in the price of Bitcoin. These factors also affected the NEAR network. So that on May 10, the number of failed transactions of the NEAR network exceeded the number of successful transactions of this network.

• The minimum number of failed transactions in one day → Sep 13, 2021 → 4.1k TXs

Since the beginning of September 2021, a total of 86.7% of all transactions on the NEAR network have been successful and only 13.3% of transactions on this network have failed.

On the other hand, the graph related to the success rate of transactions shows that the percentage of failed transactions of the NEAR network has increased over time. For example, 2% of all NEAR network transactions failed at the beginning of September 2021, but at the beginning of July 2022, this number reached 20%.

From checking the monthly chart of the number of transactions on the NEAR network, the following information is obtained:

• Maximum transactions on NEAR → May 2022 → 25.5M TXs (19.7M successful TXs vs. 5.8M failed TXs)
• Maximum successful transactions on NEAR → January 2022 →20.1M TXs
• Maximum failed transactions on NEAR → May 2022 →5.8M TXs

On the other hand, checking the monthly success rate of transactions chart shows that despite the fact that the maximum number of failed transactions was recorded on May 10, April had the highest number of failed transactions.

The chart below shows the number of NEAR network transactions per minute (TPM). The highest and lowest TPM on the NEAR network is equal to:

• Maximum TPM → 1,231
• Minimum TPM → 120

The interesting thing to note here is that since the beginning of 2022, the TPM of the NEAR network has never been less than 200, except once.

Part 2. Comparison of NEAR's performance with other blockchains

In this section, the average number of transactions per minute(TPM) on the NEAR network is compared with other blockchains.

Different blockchains are ranked in terms of TPM as follows:

1. Solana 2. Polygon 3. Flow 4. Algorand 5. Ethereum 6. Near 7. Avalanche 8. Osmosis 9. BSC