Last week, Bank of America
BofA analyst Alkesh Shah told clients in a note Tuesday after hosting Solana Foundation member Lily Liu: "Solana prioritizes scalability, but a relatively less decentralized and secure blockchain has trade-offs, illustrated by several network performance issues since inception," adding that its main competitor Ethereum struggles with poor scalability that leads to long network congestion and high transaction fees. Solana has enjoyed strong adoption since launching in 2020.
Shah noted the network has settled over 50 billion transactions, boasts over $11 billion in total value locked, and has been used to mint over 5.7 million non-fungible tokens. Therefore BofA believes Solana is optimized for consumer use cases such as micropayments and gaming, and the financial giant projects Solana and other newer blockchains can take market share from Ethereum over time via adoption and differentiation.
Here is the rest of the week in review:
Bill Miller, the market-beating fund manager and billionaire, revealed he feels so bullish on Bitcoin (BTC) that the major coin and closely related investments tied closely now comprise 50% of his personal net worth, in a video interview with WealthTrack published Friday. Miller gained fame for beating the S&P 500
A group of U.S. banks plans to offer their own stablecoin dubbed USDF, in a move to tackle concerns about the reserves behind nonbank-issued equivalents. The group said Wednesday the new coin "addresses the consumer protection and regulatory concerns of nonbank issued stablecoins." Founding members of the USDF Consortium include Synovus
Crypto prices edged up to $2.07 trillion this week. For the majors, all except stablecoins ended in the green. In the top 100, the biggest decliners were Loopring (LRC), down 16%, Internet Computer (ICP), down 15%, and Chainlink (LINK), down 9%. The biggest gainers were Oasis Network (ROSE), up 52%, Secret (SCRT), up 43%, and NEAR Protocol, up 42%. Next week traders will see if the market makes a bigger move.
The author owns a small amount of BTC.
- 1. https://www.coindesk.com/business/2022/01/12/solana-could-become-the-visa-of-digital-asset-world-bank-of-america/
- 2. https://www.coindesk.com/business/2022/01/10/billionaire-investor-bill-miller-now-has-50-of-his-personal-wealth-in-bitcoin/
- 3. https://www.yahoo.com/entertainment/us-banks-form-group-offer-133453761.html