Currently, Solana (SOL) stands out the most among Ethereum (ETH) killers. This cryptocurrency gained its popularity due to its many features, and its relevance is evident to this day. Lately, it was rated by one of the most famous financial companies, Bank of America.
Bank of America studies Solana with Lily Liu
To date, the issue of cryptocurrency has become very acute for American banking organizations. This is due, no doubt, to the growing popularity of the digital currencies market and their subsequent competition with other assets. Also, for many customers, banks appear as a more reliable system than the various crypto exchanges. So the Bank of America also began to explore this market. For example, more recently, he welcomed Lily Liu, a member of the Solana Foundation.
Now, this bank is making a new statement about Solana in its latest research note. It should be noted that the organization highly values Solana’s activity. Moreover, according to Bank of America, this cryptocurrency could become the equivalent of Visa for the world of digital assets.
Of course, such a bold statement must have its reasons. Thus, the Bank of America has emphasized the scalability of this cryptocurrency. Currently, this blockchain is capable of performing a large number of transactions per second while having very low commissions. According to the bank, it is this set of qualities that will allow it to become an analogue of the world-famous financial company for the cryptocurrency market.
Bank of America also draws attention to the disadvantages of Solana
However, despite the generally positive opinion of the Bank of America on Solana, this organization has noted some disadvantages of this cryptocurrency. One of the main flaws is the fact that, unlike its main competitor Ethereum, Solana does not pay as much attention to the security of its network. This is evidenced by network performance issues, which have already shaken the entire crypto community several times.
Furthermore, Bank of America pointed out that despite all its drawbacks like poor scalability, due to which transaction fees sometimes exceed their value, Ethereum is still more decentralized.
It must be emphasized that Solana is one of the most successful cryptocurrencies, which exploded in the year 2021. Launched in 2020, it has become incredibly widespread, which has allowed its market capitalization, as well as its value, to soar.
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The blockchain offers so many possibilities! After NFTs and the metaverse, who knows what this technology can still offer us? This universe fascinates me and I love to read and write about it. I wish you as much pleasure while reading me!