In the current bull market frenzy focusing on Bitcoin and Ethereum, a quieter yet significant surge is happening with SOL, the primary token of the Solana blockchain.

Despite previous connections to disgraced crypto tycoon Sam Bankman-Fried, Solana has managed to thrive, reaching unprecedented levels and attracting a growing number of users to its network.

VanEck Highlights Thriving Ecosystem

The Solana blockchain positions itself as a quicker and more cost-effective option to Ethereum. However, Ethereum remains the leading choice for NFT marketplaces and decentralized financial applications.

But that could substantially change next year as asset management firm VanEck predicted that Solana would become a top three blockchain network by market capitalization, total value locked (TVL), and active users. The firm envisaged several asset managers applying for a spot Solana ETF (exchange-traded fund) by next year.

Read more: How To Prepare for a Bitcoin ETF: A Step-by-Step Approach

Solana’s current ecosystem lends credence to this prediction. During the past year, Solana has forged key collaborations with traditional global financial institutions. BeInCrypto reported that the platform has secured partnerships with industry giants like Visa and Shopify, who are using its technology to fasten their payment processes.

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Author: Oluwapelumi Adejumo

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