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Bank of America Claims Cryptocurrency Solana Could Become Visa of Digital Asset Ecosystem

Antigua and Barbuda, Saint George, New Winthorpes
Published 1 week ago
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Bank of America Claims Cryptocurrency Solana Could Become Visa of Digital Asset Ecosystem
Antigua and Barbuda, Saint George, New Winthorpes,
Published 1 week ago

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Solana offers its clients low transaction fees, ease of use and scalability relative to other cryptocurrencies, according to the crypto asset specialist.

Crypto asset strategist and Bank of America analyst Alkesh Shah said Tuesday that the cryptocurrency Solana (SOL) "could become the Visa of the digital asset ecosystem," comparing it to the popular credit card system.

In his report addressed to his clients, the expert pointed out that Solana has more than 400 applications on its network, which ranges from peer to peer exchanges to NFT markets.


In addition to comparing this digital currency to the world's largest credit card network, Shah noted that, by comparison, Ethereum would become a 'blockchain' intended for "high-value transactions and identity, storage and chain use cases. of supply".

"Solana prioritizes scalability, but a relatively less decentralized and secure blockchain has its advantages and disadvantages, illustrated by various network performance issues up front," the expert reported. 


Ethereum prioritizes decentralization and security, but at the expense of scalability, which has led to periods of network congestion and transaction fees that are sometimes higher than the value of the transaction being sent, he added.

According to the Decrypt portal, theoretically Visa is capable of performing at least 24,000 transactions per second (TPS), but on average it reaches about 1,700 transactions, Etherum at about 15 TPS, while Solana, according to its own conclusions, is capable of reaching to the limit of 65,000 TPS.

Likewise, Solana stands out for having settled more than 50,000 million transactions since it was launched, possessing more than 11,000 million dollars in total insured value and housing more than 5.7 million non-fungible 'tokens' (NFT).

Shah also highlighted that Solana offers its clients low transaction fees, ease of use, and scalability relative to other cryptocurrencies. "Its ability to provide high performance, low cost and ease of use creates a 'blockchain' optimized for consumer use cases such as micropayments, DeFi, NFT, decentralized networks (Web3) and games," concluded the expert.




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    Antigua and Barbuda, Saint George, New Winthorpes
    George Ae 3949 Sca