Blockchain Deception? Study Uncovers Massive Gaps Between Claimed and Real TPS

Research indicates that many blockchain projects, including Sonic, Solana, and Aptos, significantly overestimate their theoretical Transactions Per Second (TPS) compared to actual mainnet performance, with an average overestimation of 20 times. A recent study by Taraxa, conducted by co-founder Steven Pu, introduces a new metric called TPS per Dollar to measure cost-efficiency, revealing that Taraxa leads with 49.72 TPS per dollar. The study also highlights that Sonic overstates its TPS by over 100 times, raising concerns about investor and developer trust. Additionally, validator node costs vary widely, with Taraxa at $98.7 per month and Solana at approximately $1,014.40, influencing overall cost-effectiveness.

Blockchain throughput, measured in TPS, is a crucial metric for evaluating a network's scalability and efficiency. Theoretical TPS represents the highest possible transaction rate under ideal conditions, while actual TPS reflects real-world mainnet performance. The Taraxa study, published on February 24, 2025, exposes a substantial gap between these values, demonstrating the potential for misleading claims.

Steven Pu’s research, which analyzed 22 blockchain networks using data from Chainspect, found that theoretical TPS figures are exaggerated on average by a factor of 20. For instance, Sonic (formerly Fantom) reported a theoretical TPS of 47,619, while actual TPS stood at just 471, an overestimation factor of approximately 101x. To better evaluate cost-efficiency, the study introduces TPS per Dollar, which is calculated by dividing actual TPS by the monthly validator node cost. Taraxa ranks highest in this metric with 49.72 TPS per Dollar, benefitting from its low validator cost of $98.7 per month compared to Solana’s $1,014.40.

The discrepancies between theoretical and actual TPS can be attributed to network congestion, inefficient consensus mechanisms, and unrealistic performance assumptions. According to Pu, transparency is crucial: “Investors, developers, and users need accurate data to make informed decisions. Our study reveals that many projects fail to meet their claimed performance metrics, leading to misallocation of resources and trust issues.”

The study’s methodology involved measuring maximum historical TPS realized on the mainnet across a 100-block range while excluding voting transactions to avoid inflated figures. Validator node costs were estimated using the Google Cloud Calculator based on each blockchain’s official documentation. The TPS per Dollar metric provides a more balanced performance assessment by considering both transaction speed and operational costs.

Key findings include:

• Sonic: Theoretical TPS of 47,619 vs. actual TPS of 471 (101x overestimation). Validator cost: ~$507.20/month. TPS per Dollar: 0.93.
• Solana: Theoretical TPS of 65,000 vs. actual TPS of 2,909 (22.3x overestimation). Validator cost: ~$1,014.40/month. TPS per Dollar: 2.87.
• Aptos: Theoretical TPS of 160,000 vs. actual TPS of 11,936 (13.4x overestimation). Validator cost: ~$547.20/month. TPS per Dollar: 21.81.
• Taraxa: Theoretical TPS of 50,000 vs. actual TPS of 4,906 (10.2x overestimation). Validator cost: $98.7/month. TPS per Dollar: 49.72.

The overestimation of TPS is often due to testing under optimal conditions that do not account for real-world constraints like latency, congestion, and hardware limitations. Many projects present their theoretical TPS as a benchmark, which can mislead stakeholders about actual capabilities. Pu’s study emphasizes the need for realistic performance reporting to avoid misallocated investments and false expectations.

Steven Pu stated in an exclusive press release that the blockchain industry needs to shift its focus from theoretical lab-generated figures to real-world performance: “Transparency is key. The obsession with high TPS claims must be replaced by verifiable mainnet performance.” This call for accountability could foster greater trust and innovation within the industry.

The introduction of TPS per Dollar as a metric encourages projects to prioritize cost-effective performance. By showcasing Taraxa’s cost-efficiency leadership and exposing inflated TPS claims, the study serves as a benchmark for assessing blockchain scalability. Moving forward, further research could introduce additional metrics such as energy efficiency per TPS to enhance performance evaluations. This shift towards transparency could lead to better decision-making for investors and developers while improving blockchain network reliability.