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International financial services provider Bank of America's global crypto and digital asset strategist Alkesh Shah wrote in recent research that Solana has the potential to become the Visa of digital asset space.
The note was published by BofA clients. The bank sent the paper after hosting Lily Liu, a Solana Foundation member.
He mentioned that Solana supports various types of crypto projects, including P2P exchanges, NFT marketplaces, etc. Currently, there are over 400 dapps on Solana's network. According to Shah, Ethereum could be the protocol for high-value transactions and identity, storage, and supply chain.
Talking about Solana's shortcomings, Shah mentioned that the network is relatively less decentralized and secure because of tradeoffs.
In September, Solana faced a network outage for 17 hours. There were some other issues later, such as degraded performance this month.
In the research, Alkesh Shah also mentioned the Avalanche protocol, saying the attempts to provide Ethereum-level security and speed capability of Solana could make Avalanche the most preferable blockchain for DeFi and enterprises.
At the same time, the BofA analyst said that each protocol can work for various uses. Shah finds that Solana can have a similar role in crypto as Visa in finance as Solana suits well for consumer purposes like DeFi, non-fungible tokens, gaming, and others due to high performance, low costs, and ease of use.