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Home » Solana could “Seriously Challenge” Ethereum as Institutions Favour Scalability, Says Sygnum

Solana could “Seriously Challenge” Ethereum as Institutions Favour Scalability, Says Sygnum

John Hobbs by John Hobbs
October 4, 2024
in Currencies
Solana could “Seriously Challenge” Ethereum as Institutions Favour Scalability, Says Sygnum
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Swiss crypto bank Sygnum suggests that Solana could become a serious contender to Ethereum, particularly if financial institutions continue choosing it for real-world asset tokenization platforms and stablecoins. 

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In an October 1 report, Sygnum noted that some “conservative institutions” may prefer Solana’s scalability over Ethereum’s stability and security. 

“A PayPal executive recently claimed at a Solana event that ‘Ethereum is not the best solution for payments.’”

Visa has also integrated Solana for USD Coin (USDC) settlements due to its high throughput and low costs. Franklin Templeton also plans to launch a mutual fund on Solana, and Citi is considering using Solana for cross-border payments.

Source: Sygnum Bank

However, Ethereum still leads in the tokenization and stablecoin markets, with 81% and 49% shares, respectively, compared to Solana’s sub-3% share. One more factor to consider is that Ethereum’s market cap exceeds Solana’s by over $218 billion.

Sygnum also claims that some of Solana’s volume metrics are overstated, and much of the network revenue is largely influenced by memecoin issuance and trading.

Former American intelligence contractor and whistleblower Edward Snowden recently criticised Solana for being too centralised and claimed that “anything significant” built on the network could easily be disrupted “if states begin moving toward it.”

Nevertheless, Solana’s price has surged dramatically, outperforming Ether by 300% year-on-year and 600% since the start of 2023. 

Solana to Ether price ratio since September 2023. Source: Sygnum Bank/ CoinMarketCap

Sygnum noted that Ethereum, despite recent underperformance, remains more attractive to traditional investors than Bitcoin due to its connection to economic activity and network revenues, akin to equity investments. 

ETH’s risks of being labelled a security have also diminished after the US regulator closed its investigation into Ethereum in June, while Solana still faces potential scrutiny.

Sygnum concluded that for Solana to challenge Ethereum in the long run, it must lead future technological cycles and foster groundbreaking decentralised applications that drive widespread adoption. Sygnum manages $4.5 billion in client assets, operating from hubs in Zurich and Singapore.

Tags: FeatureSolana News
John Hobbs

John Hobbs

John Hobbs serves as the co-Leader of the Coin Culture tokens and data team for Australia site, specialising in crypto derivatives, DeFi, market microstructure, and protocol analysis. John possesses a cryptocurrency portfolio including assets such as YFI, SHIB, DOGE, USDT, MATIC, MANA, GLMR, LINK and XMR. Additionally, he contributes over $5,000 to liquidity pools across various platforms including Compound, Curve, SushiSwap and PancakeSwap. John has a professional background in finance and data analysis, with over five years of experience as a crypto investor.

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