Bank of America endorse Solana

Bank of America

TL;DR Breakdown

  • Bank of America analyst endorses Solana.
  • Analyst says Solana is in line to be Ethereum killer.
  • FTX CEO says Solana could be next BTC.

Alkesh Shah, an analyst at Bank of America, has passed a vote of confidence on the supposed ‘Ethereum killer’ Solana.

The Bank of America analyst in a recent publication called the fifth largest crypto by market capitalization “the Visa” of the crypto world.

Solana has been one of the top-performing cryptocurrency projects in the past 12 months. Its native token SOL has increased its USD value by nearly 4,300% in one year. Its market capitalization is roughly $50 billion.

According to the note, since Solana launched in March 2020, it has seen “significant adoption” with more than 50 billion settled transactions and more than 5.7 million NFTs minted. There are currently over 400 projects that have joined Solana’s network.
All of this growth has helped drive the price of sol up more than 4,000% over the past year.

The Bank of America analyst explained that Solana could reach new heights soon despite the significant advancement. He maintained that Solana is superior to some of its rivals as it offers relatively low transaction costs and enhanced scalability. Moreover, it utilizes both proof-of-stake and proof-of-history technology, granting it further advantages.

Shah said further that Solana’s differentiated design could take market share away from Ethereum with its proof-of-work mechanism. Ethereum transactions per second are also considerably slower than Solana’s.

While explaining why he predicted Solana could become ‘the visa’ of crypto, he said it could occur because the protocol successfully facilitates micropayments. It also plays a vital role in the gaming and non-fungible token universe, he said.

Aside Bank of America analyst, FTX CEO endorses Solana

Previously, Sam Bankman-Fried, CEO and founder of crypto exchange FTX, said Solana had “a real shot” at becoming the next most dominant digital asset project because of its speed of scaling.

He tipped it to be the next BTC also because it is green-focused. Reportedly, Solana is less harmful to the environment than the web browsing giant Google. The statement estimated that two Google searches consume more energy than one transaction on the Solana network.

Muhaimin Olowoporoku

Muhaimin Olowoporoku

Muhaimin loves writing on crypto news aside from being a crypto enthusiast. He has a knack for analysing issues and updating people on what's happening around the globe. He believes that blockchain and cryptocurrency are the most useful systems of mutual trust ever devised.

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