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2022-01-14 08:00:19

Solana Could Flip Ethereum To Become “Visa Of Crypto,” New Study By Bank Of America Shows

New research from Bank of America Reveals Solana might become the “Visa of the digital asset ecosystem.” Because of its focus on scalability, ease of use, and low transaction costs, the bank stated the Solana blockchain may very well become the equivalent of Visa for the world of cryptocurrencies and NFTs in a research report to its clients after hosting the Solana Foundation’s member Lily Liu. Solana High Throughput Is It Merit In a Tuesday research note, Bank of America digital asset strategist Alkesh Shah said that Ethereum competitor Solana may become the “Visa of the digital asset ecosystem.” The Solana network went live in 2020, and its native token, SOL, has since grown to become the fifth-largest cryptocurrency by market capitalization, with a market worth of $47 billion. It has been used to settle over 50 billion transactions and create over 5.7 million nonfungible tokens, and it is an order of magnitude faster than Ethereum (NFT). Critics claim that the speed comes at the expense of decentralization and reliability. Shah believes the advantages outweigh the disadvantages: “Its ability to provide high throughput, low cost and ease of use creates a blockchain optimized for consumer use cases like micropayments, DeFi, NFTs, decentralized networks (Web3) and gaming.” Bitcoin, the world’s most popular cryptocurrency, is up 3.3% this week. The price of ethereum, its closest rival in term...

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