June 5, 2024
Latest Cryptocurrency News

Institutional Adoption Surges For Solana with PayPal Integration

Solana, currently the fourth-largest blockchain by total value locked (TVL), is witnessing a surge in institutional adoption. Robinson Burkey, co-founder and chief commercial officer of Wormhole Foundation, emphasizes the necessity for financial giants like PayPal, Stripe, and Visa to integrate with Solana to ensure future relevance.

Key Integrations Drive Momentum

Recent integrations underscore Solana’s growing importance in the institutional landscape. PayPal’s expansion of its stablecoin to the Solana network and Visa’s launch of USD Coin on Solana demonstrate increasing confidence in the blockchain’s capabilities.

Solana’s Competitive Edge

Solana’s scalability and cost-effectiveness position it as a formidable competitor to Ethereum. With a theoretical throughput of 65,000 transactions per second and average transaction costs as low as $0.0025, Solana outpaces Ethereum significantly.

Ran Goldi, VP of payments at Fireblocks, highlights Solana’s potential to accommodate traditional payment flows seamlessly, further fueling institutional adoption. Goldi suggests that adding confidential transfers could unlock even more partnerships for Solana. According to DefiLlama data, Solana holds over $4.7 billion in TVL, accounting for 4.49% of the total TVL across all blockchains.

TVL across all chains. Source: DeFiLlama

ETF Prospects and Future Outlook

Beyond institutional adoption, Solana’s potential for a spot exchange-traded fund (ETF) is generating excitement. Tristan Frizza, founder of Zeta Markets, predicts a Solana ETF given its major partnerships and growing merchant and institutional adoption.

Moreover, Frizza and other analysts see Solana as part of the “big three” cryptos, alongside Bitcoin and Ethereum, with a Solana ETF potentially on the horizon.

Thus, Solana’s robust infrastructure and expanding ecosystem position it as a frontrunner for future investment products and institutional partnerships.

Image by freepik

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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