The host of the crypto-focused YouTube channel InvestAnswers, experienced crypto analyst James, listed a series of potential growth catalysts for Solana (SOL), which is considered as the strongest competitor to Ethereum (ETH).
Solana and Ethereum: Side by Side According to the Analyst
In his recent video, James, the host of InvestAnswers, stated that Solana network has received more mainstream attention amidst significant program developments. James commented on Solana as follows:
I see a series of positive trends for Solana, but Ethereum is still riskier. Ethereum is like an 800-pound gorilla. Almost everything is built on the Ethereum network. And it’s very difficult to knock this rider off the horse. However, let me tell you about some positive developments for Solana.
The world is waking up to this, all the narratives, mainstream media, etc. Fidelity is making statements where ETH and SOL are mentioned together. There is another report from Standard Chartered Bank. They said ETH will reach $8,000 and mentioned SOL in their research articles, stating that Solana could take most of Ethereum’s market share, especially in areas like tokenization, which is a big deal.
List of Supportive Developments for Solana
The analyst highlighted several important supportive developments for Solana, including Solana Pay, which recently integrated with Shopify, and the project’s crypto-friendly smartphone, Saga:
Solana Pay, Saga phone, and the decentralized app store are the biggest advantages for Solana. It has EVMs (Ethereum virtual machines) and SVMs (Solana virtual machines) built on Solana, so bridging from SOL to ETH is now much more capable.
Firedancer and one million transactions per second are coming. It is expected to come out of beta by the end of this year and be released in 2024. All of these will bring more flexibility, efficiency, decentralization, and security to the network. All of these were built on Ethereum Rust in the C++ language, and if both are working, there will be no more risk of interruption. Additionally, there are many positive factors such as cost efficiency, scalability, partnership with Visa, great tokenomics, gaming, tokenization of real-world assets, and more.
