Bank of America strategist: “Solana can compete with Ethereum”

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Digital asset strategist at Bank of America Alkesh Shah praised the Solana ecosystem and even suggested that it could compete with Ethereum in the future.

Alkesh Shah noted that the ease of use and low fees make Solana a worthy competitor to Ethereum, which is more focused on security and decentralization, which loses in bandwidth and inflates fees.

“The Solana ecosystem responds very well to mainstream consumer needs – NFT, micropayments, DeFi, and gaming. In addition, it shows high throughput and relatively low fees, ”Shah said.

He suggested that Solana could become a kind of Visa system for cryptocurrencies. Payment system Visa processes about 1,700 transactions per second (TPS), but claims to be able to increase this figure to 24,000 TPS. At the same time, Solana has a theoretical limit of 65,000 TPS, while Ethereum has 12 TPS.

However, Shah admits that Solana is sacrificing security. So, in September last year, the Solana network crashed due to a DoS attack. The developers of the Avalanche network are now trying to find a middle ground between speed and reliability.

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