Bank of America predicted that blockchain Solana could become the digital asset ecosystem’s Visa, enabling it to get a higher market share compared to Ethereum. The bank’s analysts Alkesh Shah said that the simplicity, speed, and low transaction fees of Solana are the benefits that will attract more investors to it. These benefits will make it a strong competitor to Ethereum. It is expected to attract more developers and investors.
Excellent Performance in the Last Year
Solana blockchain’s native token SOL has delivered the best performance in the last year. It saw its price increase by more than 4000%. Currently, it is at the fifth position among crypto assets when evaluated on a market cap basis. While DeFi and NFT spaces are dominated by Ethereum, Solana-like rivals are giving it tough competition. Solana’s cheap transaction fees and high transaction speed are big attractions. Some analysts have even predicted that ETH can lose its dominance to protocols like Solana, Avalanche, and Terra that have smart contract protocols.
Why Is Solana Preferred among All Ethereum Rivals?
Solana has been declared “Ethereum-killer” by many crypto enthusiasts and analysts. It has faced some scrutiny after it suffered network attacks but most analysts still believe it has everything going for it to outperform Ethereum. It has scaling abilities, increasing its prospects of becoming a prominent crypto blockchain.
Along with the scaling advantage, blockchain Solana also offers better provenance and stake-proof mechanisms. These advantages give it an edge over Ethereum that remains dependent on an energy-intensive work-proof scheme.