Introduction

What Is Flow?

Flow is a powerful tool for developers to create empowering experiences for users. Every aspect of the platform was designed from the ground up to support exceptional experiences at mainstream scale.Originally conceived by the team behind CryptoKitties, Flow today is a decentralized network supported and built on by a growing community of  brands and Web3 builders.The flow blockchain enables fast, low-cost transactions and supports smart contracts. Flow is a proof of stake blockchain designed to be the foundation of Web3 and the open metaverse, supporting consumer-scale decentralized applications, NFTs, DeFi, DAOs, PFP projects, and more.Unlike traditional blockchains, Flow has a multi-node, multi-role architecture. Instead of each node storing the entire state and performing all the work associated with processing every transaction in the chain, Flow pipelines and separates the jobs of the validator node into four different roles: collection, consensus, execution, and verification. This separation of labor lets validator nodes become specialized in their own roles, upping the scalability of the blockchain without sharding

Why does its Transaction Speed Matter?

Transaction speed is one of the prime factors in Blockchains. Cryptocurrency having higher transaction speed results in the most efficient cryptocurrency. This means the higher the transaction speed of the Blockchains, the better its ability is to transfer data from one party to the other and confirm transactions. Here it is important to note that its transaction speed depends upon several factors such as block time, block size, transaction fees, and network traffic.

What Is Transaction Throughput?

Throughput is a measure of how many actions are completed within a given time frame. In the blockchain space, transaction throughput refers to a rate of how fast a blockchain processes transactions, which is commonly expressed in transactions per second (TPS), but may also be expressed in minutes (TPM) or hours (TPH).

To increase a blockchain’s throughput, developers use various methods such as rollups, sidechains, state channels, new consensus mechanisms, and block size increases.

L1 Blockchain Definition:

• ✨Ethereum is a decentralized blockchain platform that establishes a peer-to-peer network that securely executes and verifies application code, called smart contracts. Smart contracts allow participants to transact with each other without a trusted central authority.

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• ✨ NEAR Protocol is a public Proof-of-Stake (PoS) blockchain that aims to bring DeFi to the masses with low transfer fees and fast transactions. NEAR competes with Avalanche, Solana, Cardano, Algorand, the new version of Ethereum, and other PoS networks.

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• ✨ Binance Smart Chain: BNB Smart Chain (BSC) is best described as a blockchain that runs in parallel to the BNB Beacon Chain. Unlike BNB Beacon Chain, BSC boasts smart contract functionality and compatibility with the Ethereum Virtual Machine (EVM). The design goal here was to leave the high throughput of BNB Beacon Chain intact while introducing smart contracts into its ecosystem

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• ✨ Avalanche: Avalanche is a blockchain platform that aims to address the blockchain trilemma of scalability, security and decentralization thanks to its unique Proof of Stake (PoS) mechanism.

Part 2️⃣ Success Rate of Transactions

Based on the data in the graphs above, which we have considered the two time periods of the first six months and the second six months, Average Daily Transactions in terms of the number of daily transactions, the number of transactions per minute, and the number of transactions per second They have dropped compared to the second six months, which is one of the reasons for the bear market in the second six months of the year.

In terms of the daily Average transactions available in the first six months of the Binance Smart chain, is more than other chins, in the next ranks are Ethereum, Avalanche, Near, and lastly Flow.

In terms of Average daily transactions, NEAR chain has a better performance than Avlanche chain in the second half of the year.

The average number of transactions per minute and the average number of transactions per seconds in the second six months of the year, BSC chain has a better performance than other Chains.

In terms of the average number of transactions per second, in the second six months of the year, the FLOW chain has better performanc than NEAR compared to the first six months of the year.

Based on the data in the charts above, the number of successful transactions of the Ethereum chain has a better performance than other chains at the beginning of the year, but over time, Ethereum has a better performance than other chains.

On August 20, Near chain recorded her worst performance with a success rate of 14%.

On May 29, Flow recorded its worst performance with a 24% success rate.

Based on the data in the graphs above, which we have considered the two time periods of the first six months and the second six months, Average Daily Success Transactions in terms of the number of daily transactions, the number of transactions per minute, and the number of transactions per second They have dropped compared to the second six months, which is one of the reasons for the bear market in the second six months of the year.

In terms of the daily Average Success transactions available in the first six months of the Binance Smart chain, is more than other chins, in the next ranks are Ethereum, Avalanche, Near, and lastly Flow.

In terms of Average daily Success transactions, Flow chain has a better performance than Avlanche chain in the second half of the year.

The average number of Success transactions per minute and the average number of Success transactions per seconds in the second six months of the year, BSC chain has a better performance than other Chains.

In terms of the average number of Success transactions per second, in the second six months of the year, the FLOW chain has better performanc than NEAR and Avalanche Chains compared to the first six months of the year

based on the below charts:

Based on the number of monthly transactions, all the chains have had a downward performance.

Also, based on the number of monthly transactions per minute and per seconds, the total amount of chains has had a downward performance.

Methodology

First of all, I have handpicked a few blockchain for comparison. They are Ethereum , Binance Smart Chain, Near , Avalanche and FLOW itself. In order to obtain the transactions on respective blockchain, I’ve select several tables : flow.core.fact_transactions,near.core.fact_transactions,ethereum.core.fact_transactions,bsc.core.fact_transactions and avalanche.core.fact_transactions.

All the analysis shown are within the timeframe of Year 2022.

To perform events analysis I have taken data fromflow.core.fact events .

In this dashboard, I illustrate how has Flow increased its speed in transaction per minute , transaction per second, transaction per day.

We compare speed of flow with following L1 blockchain:

• L1 Blockchain:
  • Ethereum
  • Near
  • Binance Smart Chain
  • Avalanche

WORKFLOW

We classify our analysis in following 4 parts:

• Part 1️⃣ Transaction Count of Flow vs L1 Blockchain: In this part, we calculate following metrics:
  • Daily transactions count
  • Average daily transaction count
• Part 2️⃣ Success Rate of Transactions: In this part, we do following analysis:
  • we compare daily Success Rate of Transactions of Flow with L1 blockchain
  • we compare average daily Success Rate of Transactions of Flow with L1 blockchain
  • for flow and each other L1, we calculate daily success and failed transaction count.
• Part 3️⃣ Transactions Volume of Flow : In this part, we compare Transactions Volum of Flow over time (daily, weekly and monthly)
• Part 4 Top Events: ٍ
  • What types of events (we study volume and price) have raised or decreased the blockchain's performance over that time period?
  • Are there bursts of transaction volume or interest on the chain?

Part 1️⃣ Daily and Average Transactions Count of Flow vs L1 Blockchain

Based on the data in the above graphs, the number of daily transactions of the Binance Smart chain is higher than other chains in most of the year. Ethereum and Flow are next.

In terms of the number of transactions per minute, the Binance Smart chain has higher numbers than other chains in most of the year. Ethereum and Avalanche chains are next.

In terms of the number of transactions per seconds, Binance has the ability to process more transactions than other chains.

Based on the data in the above graphs, the number of daily successful transactions of the Binance Smart chain during the year mainly have better performance than other chains. Also, during the year, there is a competition between Flow and Near, where the performance of Flow is better than of Near.

In terms of successful daily transactions per minute and per second, Binance Smart Chain has a better performance than other Chains. Ethereum, Avalanche, Flow and lastly Near are placed in the next ranks.

Part 3️⃣ Transactions Volume of Flow

Based on the data in the above graphs, the daily volume of the Flow chain does not have a particular trend, so in the first six months of the year, more volume of this chain has been recorded than the second six months.In terms of weekly volume, it has the same behavior as the daily trend.81 / 5,000

The highest monthly volume was recorded in March for the Flow chain with 1 billion.

Part 4 Top Events

Based On the above charts, we can see FeesDeducated, TokensWithdrawn and TokensDeposited have by far the highest share in emitted events on Flow chain. these 3 events almost consist 65% of all emitted events on Flow blockchain since the start of the year 2022.

So, we can say events which are related to token transfers and also their fee-related transactions have the greatest impact on Flow chain’s speed.

And on the above charts, we can see share of emitted events on Flow blockchain over time. As mentioned earlier, 3 major events of the Flow blockchain are TokensWithdrawn, TokensDeposited and FeesDeducated.

The main activity of FeesDeducated event has started since April 2022 and before that there was no FeesDeducated event emitted on Flow chain.

There are also other events such as Deposit, Withdraw, JoyrideMultiToken, PlayerTransaction and FinalzeTransaction which are listed among the top emitted events on Flow blockhain over time.

The number of users running on the Flow chain has grown significantly in late April, but in general, compared to the Ethereum and Binance Smart chains, it has a lower number in terms of numbers throughout the year.

On November 23, Flow has registered a better number of users rather than the number of Ethereum users.(😮😮😮)

Conclusions :

• Binance Smart Chain (BSC) has by far the highest transactions activity during the year but we can also see its heavy decreasing trend as time goes on over time.
• The interesting thing on these charts is significant evolution of FLOW chain transactions over time to to extent that it has totally overtaken Avalanche chain after May (Terra collapse).
• Flow is performing worse than all other chains in terms of number of successful transactions over time.
• Compared to the first days of 2022, the number of transactions on the FLOW blockchain has increased both in terms of the total number of transactions and the average number of transactions per second.
• We can see Binance Smar Chain, Ethereumd and especially Avalanche have experienced decrease in their number of transactions compared to the start of the year 2022 but FLOW blockchain has performed satisfying among these chains and has by far the highest positive evolution over time which is increasing more and more as time goes on.
• we can kinda see an decreasing trenf of transactions volume on Flow chain over time. This high decline in volume of transactions can be mainly because of the whole cryptocurrency market bearish situation and also the crash of several projects such as Terra and FTX during this year and also the bankruptcy of several crypto-related companies.
• FeesDeducated, TokensWithdrawn and TokensDeposited have by far the highest share in emitted events on Flow chain.