Graphite: L1 Blockchain That’s On Track to Outperform Ethereum, Solana, Ripple, and Cardano by 2025

Graphite Network: A Revolutionary Layer 1 Blockchain Redefining Trust

According to a Footprint Analytics’ research report from November 2024, Layer 1 (L1) blockchains reached a valuation of $2.8 trillion, becoming the focal point of the ongoing crypto bull run. However, unlike the bull run of 2020 and 2021, when Ethereum dominated the space with over $1 million in daily fees, the spotlight in 2024 has shifted to another L1: Solana. 

In order to evaluate the performance of Ethereum and Solana, examining the statistics of both networks provides a clearer picture.

Ethereum originally used PoW, but with the Merge in 2022, it switched to PoS to improve scalability and reduce its environmental impact. However, the network is still addressing issues like high gas fees and congestion, with an average cost of $5 per transaction.

Solana, on the other hand, uses a unique approach that combines proof-of-history (PoH) with PoS, keeping fees around $0.00025 per transaction. While Solana theoretically supports up to 65,000 TPS, its actual record high, according to CoinGecko, is 1,504 TPS, reached on April 6 this year. Ethereum, by comparison, handles only 15-30 TPS. On the flip side, Solana’s speed has occasionally led to network outages. 

Speaking of theoretical TPS, The Open Network (TON) recently conducted its first performance test, during which it was announced that it reached TPS of over 104,000, making it one of the fastest blockchains in history. However, Chainspect’s chart shows a different story – it’s actual TPS keeps breaking at around 300 TPS.

Cardano is another L1 that has achieved a significant milestone, with its TVL reaching an all-time high of approximately $619 million – an impressive leap from its sub-$1 million levels in January 2022. While modest compared to its peers, these figures represent meaningful progress for a blockchain often subject to criticism. Despite boasting low transaction fees of just $0.40, Cardano lags behind Solana, TON, and Ethereum in speed, with a maximum theoretical TPS of only 18. 

A couple of months ago, Graphite Network rolled out a new L1 blockchain that tackles the usual blockchain headaches – scalability issues, gas wars, and inconsistent TPS, while bringing extra features that set it apart from the rest.

Graphite – L1 That Has It All

Trust, risk, scams, and access barriers are no match for Graphite, which works to ensure blockchain and crypto are safe, reliable, and inclusive. Here’s how it does that.

Model that rewards all kinds of nodes

Unlike other blockchains that limit earning potential to resource-heavy validator nodes, Graphite stands out by allowing regular users to run entry-point (transport) nodes and generate income.

Half of the transaction fees processed by transport nodes go to their operators, with the other half distributed to block sealers. By enabling anyone to profit from running nodes, Graphite opens the door to broader participation and builds a network where everyone contributing to its functionality gets a fair share of the rewards.

Beyond entry-point nodes, Graphite also has authorized nodes. Unlike entry-point nodes, which are open to anyone, to become an authorized node, a server must pass a compliance test by the Graphite Foundation, checking reliability, speed, and storage. Once approved, these nodes verify new blocks, earn rewards, and help keep the network secure and efficient. 

While approving validators does bring some centralization, aiming for complete decentralization in every part of the system would add significant technical complexity and make it harder to maintain efficiency and scalability.

Fresh take on trust and reputation 

Instead of relying on energy-intensive mining, Graphite uses a Proof-of-Authority (PoA) model, amplified by the Polymer 2.0 algorithm. What this means is that transactions are validated by a network of trusted, authorized nodes, keeping things fast and efficient while cutting out the heavy computational demands of older systems. High-performing nodes get priority in block validation, doubling their chances to seal blocks and earn a share of transaction fees.

What really sets Graphite apart is its reputation-driven approach. Requiring users to activate wallets with a small fee as part of “One User, One Account” policy helps deter the creation of disposable wallets often linked to fraud while filtering out fake or inactive accounts, too. 

Graphite keeps privacy front and center with a flexible, tiered KYC system. Right now, it’s focused on simpler checks like social media verification, but more advanced options are coming soon. Respective KYC centers verify identities off-chain – only the final KYC level gets logged on the blockchain. Moreover, using the Zero Knowledge Proof (ZKP) technology, Graphite ensures that third-party decentralized applications (dApps) verify user information without accessing the data itself, which offers a less intrusive approach than traditional finance while maintaining the anonymity users expect.

Each user gets a Trust Score – a kind of credibility rating – based on how long their account has been active, the transactions they’ve made, whether they’ve gone through KYC or not, and more. Users can even choose to accept payments only from accounts that meet their verification criteria. All this makes it easier to know who users are dealing with and adds an extra layer of confidence to every interaction.

This feature is still to be implemented, but tagged addresses will be an extension of Graphite's KYC system, adding transparency and accountability on the blockchain. These addresses will be linked to specific purposes, like charity donations, ensuring it's clear how funds are being used. If misused, like for gambling, the system will flag it, and smart contracts will block transactions from problematic addresses.

Predictable fees

Thanks to Graphite's straightforward fee model, users can pretty much plan their costs. This ensures a smoother experience without the unpredictable fee spikes that Ethereum users sometimes face.

@G Ticker System

To help users navigate the ecosystem more easily, a new ticker system (@G) has been rolled out by the Graphite team. Now, stablecoins like USD@G will clearly indicate which network they belong to, which will help reduce the confusion that often exists in the market. 

EVM compatibility 

Graphite is EVM-compatible, allowing developers to easily transition their Solidity smart contracts and scale dApps without the extra resources needed on blockchains like Solana. The use of the Ethereum Virtual Machine ensures smoother integration with familiar developer tools and accelerates adoption. Unlike other EVM-based networks that rely on high Ethereum gas fees, Graphite’s low-cost transactions make it more accessible for everyday users without compromising on transaction speed. 

Graphite and the Corporate Sector

Graphite offers a lot of benefits for both users and developers, but it’s also a strong choice for businesses, banks, and financial institutions. For instance, businesses can create custom smart contracts based on reputation, targeting specific user groups, and banks can offer loans only to users who meet certain criteria.

With features and offerings that make Graphite a blockchain for bank compliance, it is well-positioned to become a blockchain for mass adoption. It's hard to imagine that any Web3 technology can attract Web2 masses without being seamlessly integrated with conventional financial products and entities. By taking a step closer to serving the needs of banks and other businesses, Graphite brings blockchain adoption closer. 

Graphite’s Ecosystem 

Graphite’s ecosystem is made up of a few key tools that make interacting with Graphite smooth and straightforward, whether it's for making transactions or building something new. The Graphite Wallet is a Chrome extension that lets users access everything Graphite offers on Ethereum-compatible chains. The Graphite Bridge makes moving assets between blockchains a breeze, and with Graphite Explorer, users can get access to blockchain data and track transactions, explore address activity, and more – in real time. Developers can also take advantage of the Graphite Testnet as a safe environment for launching and testing their apps and Faucet as an easy way to access testnet funds. 

Graphite Tops Ethereum, Solana, Cardano, and Other L1 Blockchains

Graphite Network’s L1 blockchain stands out with real scalability – up to 1,400 transactions per second and confirmation times under 10 seconds. Compared to TON, which in practice has only reached about 300 TPS, Graphite offers a consistent performance, which gives it a significant edge.

Cardano also faces challenges with scalability and slower speeds. Graphite not only ensures faster and more consistent performance but also provides higher levels of privacy and reputation, maintaining both transparency and confidentiality in transactions. 

Another advantage is that Graphite rewards all nodes, promoting a more inclusive and incentivized network, unlike many other blockchains that only reward select nodes. 

With its clear fee structure and Ethereum compatibility, Graphite simplifies the process for developers to scale and integrate existing smart contracts, ensuring a smoother, more accessible experience for everyone.