Bank of America's Digital Asset Analyst Predicts Solana to Dominate Similar to Visa

  • Solana has been up 3.56% in the last 24 hours.
  • Solana had more than its due proportion of network performance issues.

According to the Bank of America analyst, the cheap transaction costs, scalability, and simplicity of use of Solana will let it compete with Ethereum’s market dominance. For Bank of America digital asset analyst Alkesh Shah, Solana might become the “Visa of the digital asset ecosystem” in a research note published on January 11.

Since its inception in 2020, the Solana network has grown to be the fifth-biggest cryptocurrency globally, with a market worth of $47 billion. Over 50 billion transactions have been completed, and over 5.7 million non-fungible tokens have been created using the Lightning Network.

Decentralization and dependability may be sacrificed for speed, although Shah believes that the advantages outweigh these drawbacks.

Shah mentioned:

“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.”

Multiple Glitches

Since Binance confirmed withdrawal problems on January 12 this year, Solana has had more than its due proportion of network performance issues, including reports of delayed performance on January 7 on social media and what appeared to be a DDoS attack on January 5 – although Solana denied this was the case.

There were complaints of network congestion due to widespread botting related to an initial Dec offering (IDO) on Raydium, a decentralized exchange platform located in Solana, less than a month before this incident.

According to CoinMarketCap, the Solana price today is $152.88 USD with a 24-hour trading volume of $2,115,040,855 USD. Solana has been up 3.56% in the last 24 hours.

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