Solana blockchain could become the “Visa of the digital asset ecosystem” due to its scalability, low transaction fees and ease of use, said Bank of America in a research report.
Crypto currency Solana faced strong adoption since its launch in 2020. The ecosystem has completed over 50 billion transactions where in comparison Visa has processed 1647.7 billion transactions in the year ended September 2021.
Solana has more than $11 billion total value locked and used to mint more than 5.7 million non-fungible tokens (NFTs), according to the report.
“Solana prioritizes scalability, but a relatively less decentralized and secure blockchain has trade-offs, illustrated by several network performance issues since inception,” the report read.
“Ethereum prioritizes decentralization and security, but at the expense of scalability, which has led to periods of network congestion and transaction fees that are occasionally larger than the value of the transaction being sent.”
