In a recent note, Bank Of America's digital asset strategist Alkesh Shah said that Solana could become the "Visa of the digital asset ecosystem."
Bank of America told its clients in a research note that Solana's ability to provide high throughput, ease of use, and low cost offers a blockchain optimized for consumer use cases including DeFi, micropayments, NFTs, Web3, and gaming.
Shah pointed out over 400 successful decentralized projects have already been implemented on solana's blockchain and that Solana's innovations enable the processing of an industry-leading 65,000 transactions per second with a relatively small transaction fees of $0.00025 while remaining decentralized and secure.
Source: Solana
Solana has received strong adoption since its launching in 2020, rising to become the 5th-largest cryptocurrency. Solana blockchain has settled more than 50 billion transactions and has over $11 billion in total value locked. The platform has been used to mint over 5.7 million NFTs.
According to Shah, Solana seems to have better chances to thrive for microtransactions and NFTs, while Ethereum’s could remain a better bet for high-value transactions, identity, data storage, and supply-chain uses.
Interestingly, Visa itself aims to be a player in crypto too. Recently the company had said that its network can handle 65,000 transactions per second and that the true cryptos aren’t fast enough for purchase transactions. Transactions involving using fiat currency on the Visa network is minuscule compared to the cost for Bitcoin and Ether.
According to Bank Of America, Solana and other blockchains might pull market share from Ethereum over time, and might distinguish themselves via user adoption and developer interest.