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Home»ALTCOIN NEWS»A new trend that could give Solana an edge over Ethereum in the battle for layer 1 dominance: Sygnum Bank
ALTCOIN NEWS

A new trend that could give Solana an edge over Ethereum in the battle for layer 1 dominance: Sygnum Bank

By Crypto FlexsOctober 5, 20242 Mins Read
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A new trend that could give Solana an edge over Ethereum in the battle for layer 1 dominance: Sygnum Bank
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One “emerging trend” is that Solana (SOL) may gain an edge over Ethereum (ETH) in the battle for smart contract supremacy, according to an analysis by digital asset banking group Sygnum.

In a new report, the bank acknowledged that Solana has some inflated trading volume metrics and only represents a tiny fraction of Ethereum’s market share.

Sygnum also points out that Solana’s trading volume is “overwhelmingly” high based on memecoin issuance and trading.

But the bank argues that it could give Solana an edge if traditional financial firms prioritize Ethereum challengers when launching tokenization platforms and stablecoins.

“Recent signs have emerged that even conservative institutions may place greater emphasis on Solana’s scalability than Ethereum’s superior stability and security. After PayPal added Solana for stablecoin processing a few months ago, a PayPal executive claimed at a recent Solana event that ‘Ethereum is not the best solution for payments.’

Visa recently added Solana for USD coin payments and released a report highlighting Solana’s ‘high throughput through parallel processing, low costs and high elasticity through localized fee markets.’ Franklin Templeton also announced plans to launch mutual funds on Solana, and Citi suggested it was considering the network for cross-border payment processing.”

As of this writing, ETH’s market cap is $291.6 billion, while SOL’s market cap is $67.1 billion.

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