Is Solana the next Ethereum?

The altcoin Solana network has settled over 50 billion transactions since its launch. Solana could become the Visa of the cryptocurrency ecosystem according to analysts at the Bank of America. The Solana blockchain is focused on scalability, lowering transaction fees and ease of use. Visa can process 1,700 Transactions per second (TPS), however the Solana network theoretically can handle at most 65,000 TPS.  

Since Solana launched in March 2020, it has seen "significant adoption" with more than 50 billion settled transactions and more than 5.7 million NFTs minted, according to the note. Solana is the fifth largest cryptocurrency, sporting a market capitalization of $47billion. 

Solana's ability to offer such innovations is driven by its proof of history blockchain, which helped improve the performance of its proof of stake consensus mechanism.

There are currently over 400 projects that have joined Solana's network. All of this growth has helped drive the price of sol up more than 4,000% over the past year. But that ultimately leaves room for Solana and other scalable block chains to chip away at Ethereum's market share.