In what’s begun as a tough year for cryptocurrencies, Solana has attracted more investors than any other coin. The high speed network landed $6 million in inflows so far this year.
Larger competitors like Bitcoin and Ethereum have seen outflows in the tens and hundreds of millions of dollars.
What I find particularly striking is that Solana’s market cap is only a fraction the size of its larger peers. Bitcoin has a total value around $800 billion, and Ethereum nearly $400 billion.
Meanwhile, Solana is worth just $44 billion. Nonetheless, it managed to beat these much larger protocols in attracting investors.
This is a pattern I expect to continue long term. Solana can process tens of thousands of transactions per second for virtually nothing.
Compare that to Ethereum, where completing a single transaction costs about $46!
Would merchants accept a credit card that cost them $46 in transaction fees every time someone used it? Of course not.
Ethereum’s high fees will severely limit its use cases until the fees come down.
Bitcoin looks better at about $2 a transaction. But Solana charges mere fractions of a cent.
A new technology that’s dramatically faster and cheaper will win, regardless of the market. I expect Solana to continue to gain value relative to the older protocols.
At least until a swifter competitor enters the ring!
More on tech:
How Solana Could Wipe Out Visa and MasterCard
A Day in the Life of an Angel Investor
Is Fathom the Future of Blockchain?
Photo: “Solana Beach, CA Neon Sign” by JoeInSouthernCA is licensed under CC BY-ND 2.0
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