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A research note on cryptocurrencies published by Bank of America this week makes a strong case for Solana in its competition with Ethereum, predicting it can take a big share of the second largest crypto asset.
Noting that Solana is a perfect fit for micropayments, gaming, and non fungible tokens (NFTs), analyst Alkesh Shah takes a bold position and expects “Solana could become the Visa of the digital asset ecosystem.”
The report also cites Solana Foundation member Lily Liu who praises Solana’s blockchain for being optimized “for consumer use cases by prioritizing scalability, low transaction fees and ease of use.”
According to Shah, with already over 50 billion transactions settled since the token launched in March 20202, Solana’s ease of use and low cost make the crypto optimized for micropayments, gaming, and NFTs. He said:
“Solana could become the Visa of the digital asset ecosystem.”
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The analysts also noted Solana’s impressive scaling capacity as a threat to Ethereum:
“These innovations allow for the processing of an industry-leading ~65,000 transactions per second with average transaction fees of $0.00025, while remaining relatively decentralized and secure.”
Solana is the fifth-largest cryptocurrency with a market capitalization of about $46 billion. It is currently moving hands at $147.65 according to CoinMarketCap.