Solana Will Topple NYSE And NASDAQ, Predicts Investment Firm

An ambitious new investment thesis from crypto-focused venture firm Multicoin Capital claims that Solana—currently a dominant $100 billion blockchain ecosystem—could eventually “outperform the major traditional finance (TradFi) players,” including NYSE, NASDAQ, and CME. The 17-minute read, published by Multicoin Capital Co-Founder Kyle Samani and titled “The Solana Thesis: Internet Capital Markets,” outlines in detail why the firm believes SOL can capture value from every layer of the global financial stack.

How Solana Could Topple NYSE And NASDAQ

Multicoin Capital has been a supporter of Solana since its seed round in May 2018. Noting that the network has become “the fastest-growing developer ecosystem” while surpassing “Ethereum on most major on-chain metrics (trading volumes, daily active addresses, REV, TEV, DePIN payments, etc.),” Samani describes the newly released thesis as the firm’s fifth major SOL-focused essay.

“Now that Solana is a $100B asset… we wanted to share our thoughts on how we’re underwriting SOL for strong returns even above $100B market cap,”Samani writes.

Multicoin’s core argument is that Solana’s architecture can reduce user fees by 90% to 99%—yet also enable the ecosystem to capture a market cap that surpasses many TradFi incumbents. Samani contends that while conventional stock exchanges capture fees solely for trading services, Solana’s decentralized nature allows it to accrue additional revenue from multiple financial protocols built atop its network.

In the thesis, Samani stresses that the direct fee revenue from payments is not the real prize. Although the near-zero cost of a SOL transaction (roughly $0.001 per transaction) makes it attractive to merchants and consumers, these fees pale in comparison to high charges on mainstream money-movement systems.

“Still, he sees payments as a crucial vector for growth: “Payments are important for driving adoption… they are inherently viral,” Samani says.

According to the report, a viral-like spread of wallet usage occurs whenever people transact with each other, making everyday payments a powerful tool for onboarding new users. This, in turn, drives more liquidity and volume toward the core DeFi applications responsible for generating the bulk of profits.

Samani highlights

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Author: Jake Simmons

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