(Solana) one of the top layer 1 picks of 2024
Visa partnership +
Passed ETH in mupltiple metrics Google searchs, Dex Volume & NFT sales
The article below explains a comparison of Bitcon, Ethereum and Solana, simply based off of transaction fees, speed and confirmation time. It appears in Visa's article that SOL is the top contendor in the Web 3 space and just so happens to be who they are currently working with, to scale their network. Visa's transaction speeds before working with Solana was near 4,000 transactions per second (TPS). Building off of SOL's network they have already had the capability to jump to a staggering 65,000 TPS.
On a fundamental side this is very bullish for Solana going into 2024, we are sure that many other payment networks are going to be looking at scaling with SOL due to the fact Visa has taken notice and already adopting the technology.
On a technical side Visa's current annual throughput is somewhere near $13 Trillion. This will most likely be a major catalyst and contributor as to why Solana will gain in marketcap over to course of 2024. If Solana were to handle a mere 10% of Visa's overall transactions $1.3 Trillion dollars would cycle through the ecosystem.
Adaptv.ventures believes Solana is looking like a strong buy in the Web 3 space right now even near the $95 mark.
If we now take a look at the chart for the google search history and trends, it is indicating that during these past 7 days Solana has spiked above Ethereum in google searches as a whole. This is awesome news because it comes to show that many still do not know what Solana is and want to get the scoop behind the project. With curiosity on the table we believe there is still plenty of room to grow as the masses are yet to get involved.
Yahoo finance was able to scrape data from https://defillama.com/ (a popular DeFi tool) to pull DEX (decentralized exchange) data which SOL was boating near $10.1 billion over the past seven days while ETH trailed behind at around $8.8 billion. Much of this had to do with SOL's airdrops to the community and the listing of BONK on Coinbase. Nonetheless this is another strong signal as to how well Solana is growing even after the huge FTX collapse.
Do not fear Solana competing in the space with ETH it is a natural process and they both have metrics that performed very well and will both most likely grow into 2024.
Lastly, SOL and Bitcoin actually topped Ethereum in NFT sales. If people are wondering how did Bitcoin top ETH in NFT sales that is due to ordinals (new BTC feature in 2023) which will be another article for another day. Our focus currently is on SOL. This seemed like a no brainer. Cheaper fees, faster transactions and faster confirmation times spells for a great concoction to steal user growth. If users as a whole can move NFTs and liqidity around on-chain in the Web 3 space easily and cheaply then it is obviously going to be attractive and will for sure give Ethereum a run for its money this bull cycle.
Published January 2nd 2024
Written by:
Adaptv Ventures
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