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Talk of Ethereum surpassing Bitcoin in market cap has been a thing for a long time now (at least in “crypto” years).
But Bank of America is making news for a prediction that Ethereum may be eclipsed by more speedier and most cost effective blockchain networks.
They specifically mentioned Solana as a contender.
After hosting Solana Foundation member Lily Liu, Bank of America informed clients in a research note that the Solana blockchain might become the “Visa of the digital asset ecosystem” since it focuses on scalability, cheap transaction costs, and simplicity of use.
The news about Bank of America’s assessment was reported by coindesk.com.
Analyst Alkesh Shah wrote in a note published Tuesday that since Solana launched in 2020, it has settled over 50 billion transactions (Visa, the global payments giant, processed 164.7 billion transactions in the year ended Sept. 30), has more than $11 billion in total value locked, and has been used to mint more than 5.7 million non-fungible tokens (NFTs).
Solana is designed for consumer use cases like micropayments and gaming, according to the bank.
Solana has also seen an astronomical rise in the value of it’s token. In 2021, it went from around two dollars to a high of over 240 dollars, before an end of the year sell-off that has characterized cryptos and stocks as well.
The Solana network sell-off also may have had something to do with several outages that showed the project still has work to do when it comes to bullet-proof reliability.
Some other blockchains, including Fantom and Hedera, also are boasting transaction volumes that are far outpacing Ethereum.
Hedera, used by more enterprise-class companies than any other DLT (Distributed Ledger Technology), has earned growing interest as one of the most environmentally friendly, cost-effective and reliable networks in use.
The coindesk story can be read here.