An experiment from Dragonfly Research that compared the performance of six blockchains by testing the capacity of Automated Market Makers on each has found Solana’s Orca DEX was the clear winner in trades per second.
It managed 273.34 trades per second and created a new block every 590 milliseconds.
Binance Smart Chain (BSC) wasn’t too far behind with 194.6 trades per second on PancakeSwap, followed by Polygon (MATIC), Avalanche (AVAX), Celo (CELO), and finally Ethereum (ETH).
A blog post by researcher “GM” argued that while there was a rich ecosystem built on Ethereum Virtual Machine (EVM) compatible chains, the results showed “if you want really high performance now you have to look outside the EVM space.” A now deleted line in an earlier version of the post suggested users will eventually need to “abandon the EVM.”
Dragonfly Research is the research arm of Dragonfly Capital and its portfolio page shows that it has invested in Celo, Avalanche, Cosmos, and Near, which is mentioned in the report. It has not invested in Solana.
GM concluded that with time, other layer-1 blockchains will surpass EVM-compatible chains. He wrote:
“Overall I come away with this impression: Ethereum is the MS-DOS of smart contract operating systems. But the current era of blockchains takes us into the Windows 95 era.”
EVM chains are blockchains that are compatible with Ethereum tooling. They often aid in the scalability of the Ethereum network.
The results of the experiment were published on Mar. 2. It was an attempt to compare blockchain throughput by measuring how many swaps could be made per block on native automated market makers (AMM). AMMs refer to decentralized exchanges (DEX) such as Uniswap and PancakeSwap that facilitate non-custodial token swaps on-chain.
The basic question GM attempted to answer was: “If you filled an entire block with Uniswap V2-style trades, how many trades per second would clear?”
Uniswap V2 was used as the benchmark given it is…
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