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Cryptocurrency News Articles
Franklin Templeton Forecasts Solana (SOL) to Become Crypto's Third Giant After Bitcoin and Ethereum
May 06, 2024 at 03:57 am
Global investment titan Franklin Templeton predicts Solana (SOL) will surpass Tether's USDT and BNB (BNB), becoming the third-largest cryptocurrency after Bitcoin (BTC) and Ethereum (ETH). The firm cites Solana's strong growth, including increased fees, decentralized exchange volumes, and its potential to dominate sectors such as decentralized networks, payments, compression NFTs, and limit order books. Franklin Templeton also highlights the wealth effects created by airdrops in the Solana ecosystem, contributing to the rise of SOL and other ecosystem tokens.
Franklin Templeton Predicts Solana (SOL) to Ascend as Third-Largest Cryptocurrency After Bitcoin and Ethereum
Investment titan Franklin Templeton, managing a global portfolio worth $1.6 trillion, has issued a comprehensive report entitled "Solana: Accelerated Adoption," projecting the digital asset Solana (SOL) to emerge as the third-largest cryptocurrency, surpassing Tether's USDT and BNB (BNB) in market capitalization. The report underscores the compelling factors driving this anticipated ascendancy.
Solana Positioned to Capture Next Wave of Crypto Adoption
Franklin Templeton's digital assets unit forecasts that Solana's native token, SOL, will establish itself as a dominant force in the crypto landscape, solidifying its position as the third-largest crypto asset after Bitcoin (BTC) and Ethereum (ETH). The report asserts, "Our view is that Solana's growth is likely to continue because it is well positioned to capture the next wave of crypto adoption, solidifying itself as the third major crypto asset after Bitcoin (BTC) and Ethereum (ETH)."
The analysts at Franklin Templeton highlight Solana's remarkable growth in total fees and decentralized exchange volumes over the past year, signaling its robust momentum. They further emphasize Solana's exceptional capabilities to capitalize on the impending adoption surge in various sectors, including decentralized physical infrastructure networks (DePIN), payment systems (particularly micropayments), compression non-fungible tokens (NFTs), and centralized limit order books (CLOBs) with payment-for-order-flow.
Solana's Dominance in Crypto Ecosystem
Franklin Templeton astutely observes that Solana has captured a substantial proportion of the recent surge in crypto activity, largely attributed to major airdrops within the Solana ecosystem, such as Jito and Pyth. The report notes, "These airdrops created a billion dollar plus wealth effect in the ecosystem, driving SOL and other Solana ecosystem tokens higher, especially meme coins."
The Wall Street behemoth anticipates that the surge in Solana network activity will continue at an accelerated pace in the coming months, fueled by additional airdrops and the unabated popularity of meme coins. "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."
Addressing Solana's Congestion Challenges
It is noteworthy that Franklin Templeton initially recognized Solana's potential earlier this year, expressing admiration for Solana Labs co-founder Anatoly Yakovenko's vision of Solana as a single atomic state machine, a "powerful use case." The asset manager was also impressed by the significant developments within the Solana ecosystem during the fourth quarter of 2023.
However, the unprecedented demand for Solana has come at a cost, resulting in persistent congestion issues that have plagued the network for months, causing transaction failures and hindering the seamless execution of basic tasks.
Undeterred, Solana builders have diligently released a mainnet beta update, v1.17.31, aimed at mitigating congestion, although the issues have yet to be fully resolved.
Conclusion
Franklin Templeton's comprehensive analysis provides a compelling case for Solana's ascent as the third-largest cryptocurrency after Bitcoin and Ethereum. The asset manager's recognition of Solana's potential is a significant endorsement, highlighting the growing momentum behind the digital asset and its ecosystem. While congestion challenges persist, Solana's developers remain committed to refining the network's infrastructure, ensuring its long-term scalability and positioning it as a formidable force in the rapidly evolving crypto landscape.
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