Comment by toomuchtodo
2 months ago
None of which are in production at scale. I admit crypto is optimal for less than legal transactions and speculation, but the volume for legal payment transactions is negligible.
2 months ago
None of which are in production at scale. I admit crypto is optimal for less than legal transactions and speculation, but the volume for legal payment transactions is negligible.
Solana mainnet was shown to have capability to handle 100k transactions per second [1]. Granted, it was a synthetic benchmark of noops, but it shows the capability is there. For reference, Visa claim 83k TPS [2] for their system. It also has the advantage of being vastly cheaper than tradfi payment networks at ca. $0.0005 per transaction [3] irrespective of transaction amount.
[1] https://www.coindesk.com/markets/2025/08/18/solana-briefly-h...
[2] https://corporate.visa.com/en/sites/visa-perspectives/securi...
[3] https://solana.com/learn/understanding-solana-transaction-fe...
Until it is in prod, it is a proof of concept. Blockchains solve for low trust; if you have trust, you don't need the efficiency loss of a decentralized ledger or blockchain. Central banks provide trust.
As mentioned in one of my other comments, Pix in Brazil costs ~$10M/year. They process ~6-8 billion monthly transactions and roughly $6.7 trillion in payment volume a year [1]. That's roughly ~$0.0015/transaction based on the math in this comment, and we don't know what the ceiling is based on existing capacity (which would drive per transaction costs down further). Choose boring technology, when possible [2].
The innovation in this context is nuking the profits of Visa and Mastercard (their margins are ~45-50% [3] [4] [5]), replacing them with central bank instant payment systems run at cost. The reduction in their revenue is money back in the pockets of everyone paying unnecessarily to move value around. I highly recommend the book "The Innovator's Dilemma" on this topic [6].
[1] https://www.ebanx.com/en/insights/articles/five-years-on-pix...
[2] https://www.elibrary.imf.org/view/journals/002/2023/289/arti...
[3] https://finance.yahoo.com/markets/stocks/articles/visa-vs-ma...
[4] https://finance.yahoo.com/markets/stocks/articles/mastercard...
[5] https://aftabborka.substack.com/p/over-50-profit-margin-how-...
[6] https://en.wikipedia.org/wiki/The_Innovator%27s_Dilemma
Pix is really good but I don't think it beats Solana or Ethereum L2s.
Most recent indicator of peak Pix transaction volumes I could find [1] was 227M/day (=2700 TPS). You can see yourself that Solana does 130-140M/day consistently. Pix fees you quote are still triple Solana's.
Not to mention there is the entire decentralization aspect, which means the government does not control your money as with other blockchains.
[1] https://agenciabrasil.ebc.com.br/en/economia/noticia/2024-09...
[2] https://blockworks.com/analytics/solana/solana-onchain-activ...
And then we watch fraud soar. The 3% pays for a lot of bad transactions reversals and dispute management.
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