Earlier quoted context omitted.
No, I think this is essentially wrong. It's hyped because it: (a) Doesn't have selectable or negotiable algorithms and constructions. (b) Exclusively uses modern constructions everybody trusts. (c) Has a minuscule implementation footprint, designed in part to avoid dynamic allocation altogether, that is straightforward to audit. (d) As a result of all of this, it is very fast. (e) As a result of all of this, software…
I am not challenging that Wireguard is a great technology, but I disagree it is faster than IPsec: it is fast compared to slow IPsec implementation such as the one you have in Linux. However, AES is hw-accelerated in most systems those days and as a result, using IPsec with AES-256-GCM is usually much faster than Wireguard [1]. Note that if Wireguard was using AES instead of Chach20-Poly1305 I am sure it would be on…
Using AES with GMAC I can clock from 2-4GiB/sec/core on typical laptops and over 1GiB/sec on phones. The Apple M1 does almost 5GiB/sec/core. Gen10 and newer Intel CPUs with VAES have produced benchmarks in excess of 10GiB/sec/core, which means a single core could theoretically saturate 100gig fiber if it were just doing crypto.
Of course nothing stops CPU makers from adding ARX accelerator instructions, but I have yet to see any proposed. If constructions like ChaCha and BLAKE2/BLAKE3 get popular enough I could see this happening.