Recently, Solana has been making waves in the cryptocurrency world due to remarkable net inflows and substantial price appreciation. Ranked as the fifth-largest cryptocurrency, Solana is experiencing a surge in value driven by developments unrelated to memecoins, drawing increased attention from investors and industry players alike.
Why is Solana Outpacing Ethereum in Net Inflows?
Data from Artemis Terminal reveals that Solana has seen impressive net inflows over the past three months, surpassing all other blockchains. While Ethereum recorded the highest overall inflow and outflow, Solana emerged as the leader in net inflow with a staggering $992.6 million. Notably, September 12 marked a peak, with Solana reporting a net inflow of $655.1 million on that day alone.
How is Solana Expanding its Use Cases?
Solana’s adoption is broadening, propelled by practical applications highlighted at the recent Solana Breakpoint Conference. The conference saw the debut of the Play Solana Gen1 portable gaming device, tailored for Web3 games. Additionally, Travala, a crypto-friendly travel booking platform, is leveraging the Solana Blockchain to enable payments in SOL, USDT, and USDC for travel services.
In a significant move, financial heavyweights Citigroup and Franklin Templeton have announced projects on the Solana network. Citigroup will pilot cross-border payment solutions, whereas Franklin Templeton aims to establish a mutual fund utilizing Solana’s blockchain. VanEck’s Market Vector report suggests Solana is undervalued and predicts potential growth to half of Ethereum’s market capitalization. These initiatives indicate promising prospects for Solana.
– Solana’s net inflow over the past three months reached $992.6 million.
– September 12 registered the highest single-day net inflow of $655.1 million.
– Solana is expanding into Web3 gaming and crypto travel bookings.
– Citigroup and Franklin Templeton are launching projects on Solana.
– Solana is perceived as undervalued with growth potential.
With its robust net inflows and expanding use cases, Solana is positioning itself as a formidable player in the cryptocurrency arena. Its ability to attract significant investments and partnerships reflects a strong growth trajectory, potentially paving the way for further advancements and increased market presence in the future.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Source: https://en.bitcoinhaber.net/solana-gains-traction-with-significant-net-inflows