A recent report from digital asset bank Sygnum suggests that a rising trend could give Solana (SOL) an advantage over Ethereum (ETH) in the competitive smart contract space.
Although Solana’s transaction volumes are inflated by memecoin activity and its market share remains much smaller compared to Ethereum’s, Sygnum points out that Solana’s scalability could become a significant draw for traditional finance companies.
The report highlights how some conservative financial institutions might be leaning towards Solana over Ethereum due to its capacity for handling large-scale tokenization platforms and stablecoin projects.
Notable developments include PayPal’s addition of Solana for stablecoin transactions, with a PayPal executive recently stating that Ethereum may not be ideal for payments.
Visa also embraced Solana for settling USD Coin, praising the network’s speed, cost-efficiency, and resilience.
Additionally, Franklin Templeton plans to launch a mutual fund on Solana, and Citi is reportedly considering using the network for cross-border payments.
The Shibburn tracker, which monitors SHIB burn activities, has reported a decline in Shiba Inu’s burn rate on both daily and weekly time frames.
XRP is currently trading at $0.53 and has dropped nearly 15% in October, largely due to a renewed appeal by the U.S. Securities and Exchange Commission (SEC) in the ongoing lawsuit against Ripple.
Quite a few market participants maintain a positive outlook for Bitcoin as the fourth quarter approaches, driven by stable macroeconomic factors and institutional investment.
The cryptocurrency market is experiencing a notable decline since the beginning of the week, but remain a trending topic in the investment world.