Global investment giant Franklin Templeton thinks Solana (SOL) is primed to establish itself as the “third major crypto asset” after Bitcoin (BTC) and Ethereum (ETH).

In a new analysis, the firm’s digital assets unit notes that the Solana network has witnessed significant increases in total fees and decentralized exchange (DEX) volumes in the past year.

“We expect this growth to continue as Solana’s network effects grow stronger and its network performance improves even more, positioning itself to capture the next trends in crypto. The network has proven to have some of the lowest fees, lowest transaction latency and highest data throughput relative to other networks. This is where Solana really shines.”

SOL is trading at $143.34 at time of writing. The fifth-ranked crypto asset by market cap is up nearly 3% in the past 24 hours but down more than 22% in the past month.

Franklin Templeton also believes Solana is “uniquely qualified” to serve as the focal point of adoption for several sectors in the crypto space, including decentralized physical infrastructure (DePIN), payments, compression non-fungible tokens (NFTs) and centralized limit order books (CLOBs). In addition, the investment titan sees activity in the Solana network surging in the coming months due to potential airdrops and the resurgence of memecoin mania.

“Further, the Solana ecosystem has more expected airdrops in the coming months which should continue adding a wealth effect to the ecosystem. And memecoin activity has shown no signs of slowing down on the network.”

Generated Image: Midjourney

The post Solana Primed To Establish Itself As ‘Third Major Crypto Asset’ After Bitcoin and Ethereum: Franklin Templeton appeared first on Crypto News Australia.

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Filed under: Bitcoin - @ May 5, 2024 12:22 pm