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.

Summary:

 We will be looking into the following comparisons:

• Daily % Success Transactions across all chains
• Daily Users Across Chains
• Cumulative Users Across Chains
• Daily Transactions Across All Chains
• Cumulative Transactions across chains
• Daily Fees Across All Chains
• Cumulative Fees across all chains
• Distribution of number of users across chains
• Distribution of number of transactions across chains
• Average Transactions per block on various chains
• Maximum Transactions per block on various chains
• Minimum Transactions per block on various chains
• Average Time Taken per block
• Average Time taken per block over time
• Average Time taken per block Distribution
• Average Transactions per minute for chain
• Average Transactions per minute for chains over time
• Conclusions

Introduction:

NEAR is a very popular L1 and has been known specifically for having readable names instead of cryptographic addresses . One can read more and look at it’s prices here.

In summary, some of it’s features are:

• Lesser Fees
• More transactions than Ethereum and many L1s on an average

Methodology:

• For the % success across all chains, we would be using the transactions table. The transactions table would also be used for daily users, cumulative users, daily transactions , cumulative transactions, daily fees, cumulative fees, distribution of new users and distribution of transactions among chains. We would also calculate the average number of transactions per chain and make a comparison with others
• For average, maximum and minimum transactions in a block, the blocks table would be used. It will also be used for finding the average time taken between blocks, the average time taken over time and the average time taken per block distribution

Explanation & Insights:

• The performance of a network not only depends on parameters like speed, number of transactions per minute and percent of successful transactions but also on the number of users it has, the number of transactions and the time taken between blocks in comparison to other chains
• After Solana, Polygon and BSC, Near has the most number of transactions in a block
• The average number of transactions on NEAR is way less and is at about 6.6 transactions per block
• After L2s and Solana, NEAR has the least time taken between blocks
• Hence, with a lesser transaction time between blocks and more possible transactions in a block, NEAR is the fastest L1 after Solana among ETH, FLOW,AVAX, BSC, OSMOSIS, ALGORAND , SOLANA AND NEAR
• Given the product above, it is even faster than L2s like Arbitrum and Optimism but a bit slower than Polygon
• Among L1s after BSC , NEAR has the least number of transactions
• As for % of successful transactions, NEAR has the highest % of successful transactions across L1s and L2s
• NEAR has the least number of unique users and the second least number of transactions on an average
• NEAR processes about 50 transactions on an average which is very small as compared to solana which processes about 33k transactions per minute

Conclusions:

It can thus be concluded that NEAR is a very fast chain second only to Solana and has the highest % of successful transactions across L1s and L2s. It can also be concluded that NEAR has the least number of unique users and the second least number of transactions Even L2s have a higher number of transactions than NEAR. Hence, NEAR has a lot of room to grow and despite it being the fastest chain , it has the least distinct user participation