The global crypto market is home to a plethora of projects, of which a handful of these projects have been turning heads. The metrics of the protocols have been meritorious at numerous fronts, be it monetary, fundamentals, development, or utility. In succession, Solana has been making it to the spotlight quite often.
Solana this time around gets exposure, as a strategist of Bank of America. In a research, note commends that Solana could become the Visa of digital assets. Which has garnered applauds from the Solana circle. In a sack full of praiseworthy utilitarian applications, Solana built DeFi becomes the third-largest options protocol in DeFi by TVL in just 3-weeks from launch.
Will Solana Be The Visa Of Digital Assets?
Bank of America’s global crypto and digital assets strategist in a research note that sheds light on a few cryptos. Cites that Solana could become the Visa of digital assets. He further mentioned that, with the network being home to 400 dApps, hosts from p2p exchanges to NFT marketplaces.
He takes note, writing that Solana’s ability to provide high-throughput, apace with lower costs and ease of use, makes it a sought-after protocol for DeFis, NFTs, Web3.0, micropayments, and gaming. While the lower level of decentralization is a tradeoff, the scalability, transaction speeds, and affordable costs, makes it a capable Ethereum killer.
Solana with its robust fundamentals and faster TPS (65000 theoretical), elbow drops the TPS of Ethereum and Visa. Which are at 12 TPS on mainnet for Ethereum, and 1,700 TPS of Visa, which theoretically can manage 24,000 TPS.
Solana And Its Troop Of Use Cases!
Solana with its robust fundamentals is also one of the most composable chains. The founder of stable coin UXD cites that it helps the network in attracting a host of investors and coders. As it fosters innovation and dummy runs.
With a host of applications being created and integrated with each other. Entrepreneurs can build on top of that, which increases the value of every other application. Further enlightening that composability is important because it opens doors to various ways to innovate by integrating with other defi primitives.
As aforementioned, In a sack full of praiseworthy utilitarian applications. Solana built DeFi Friktion becomes the third-largest options protocol in DeFi by TVL, with $96 M in TVL. In just 3-weeks from launch. The remarkable feat is achieved with no inflationary incentives, based solely on purely market-driven sources of returns.
On the other hand, Solana’s Intergalactic metaverse, Space Falcon will be launching on Radium Protocol. Pool registration is scheduled from 24th January to 25th January at 00:00 UTC. The IDO of the FCON token is due on the 25th of January at 12:00 UTC.
Summing up, the praiseworthy fundamentals of the blockchain, apace with the network’s presence in NFTs and Metaverse will be the foundation for Solana’s embarkment to higher levels. However, the congestion in the network which is a major setback needs to be countered for a lunar expedition.