NEAR Performance

    Q5. 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.

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    In This Dashboard We Will See:

    • Comparing Transactions Per Minute of NEAR To Other Blockchains(TPM)
    • Comparing The Transactions That Fail on NEAR To Other Blockchains

    What is NEAR Protocol?

    Near Protocol is a layer 1 blockchain network. It provides a platform on which developers can build decentralized applications (dapps). The most successful layer 1 blockchain is Ethereum, so protocols like Near are seen as challengers.Near Protocol is faster and cheaper than Ethereum. The network can handle up to 100,000 transactions per second besides offering instant block creation in 1 second. 

    Transactions Per Minute Of NEAR And Comparing it to Several Blockchains Since the Beginning of the Year

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    The last 12 months was an incredible year for the NEAR community. The ecosystem grew at a phenomenal clip, bringing in new developers, projects and users. The NEAR Protocol was also successfully upgraded to Phase 0 of Simple Nightshade, making the blockchain faster and more robust, while keeping it carbon neutral.

    On January 20, NEAR Foundation kicked off the new year with its first Town Hall of 2022. NEAR Protocol recorded the highest number of transactions in January 16th.

    May was a groundbreaking month for user growth on the protocol, with NEAR surpassing the 10 million wallets created mark. Flament noted that since the partnership announcement with move-to-earn project Sweatcoin, over 6 million wallets have been created.

    Comparing Transactions That Failed From NEAR And Some Other Blockchains Since the Beginning of the Year

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    Conclusion

    NEAR Protocol has the Potential to Replace Ethereum in Future.

    NEAR Protocol has Good Amount of Speed to Produce Multiple Transactions.

    Due to the Number of Daily Transactions, Few Failed Transactions are Observed.