- Franklin Templeton endorses Solana.
- Solana praised for efficiency and scalability.
- Institutional interest in Solana grows.
Solana sees a continued trend of increased interest from major financial institutions. After partnering with Stripe and Paypal, and a major endorsement with VanEck’s Solana ETF filing, more traditional institutions are joining in.
Among these, Franklin Templeton, a global leader in asset management, has once again expressed its support for Solana. The firm’s digital assets team highlighted Solana’s advanced technology and strong adoption rate.
Franklin Templeton Highlights Solana’s Tech
On Tuesday, July 23, the Digital Assets team of Franklin Templeton took to Twitter to highlight Solana’s significant advancements. The endorsement highlighted Solana’s high adoption rates, as it fixed some of its earlier technical issues. Moreover, they praised its high-throughput, monolithic architecture, which sets it apart in the blockchain space.
Solana’s adoption rate is seen in its high decentralized exchange (DEX) volume. On Wednesday, July 24, the network flipped Ethereum once again, reaching $2.485 billion in daily volume. A part of this growth comes from memecoins, with platforms like pump.fun collecting $48 million in total fees in Q2 of 2024. This performance is key as it showcases the network’s ability to handle a large number of transactions with low latency while keeping costs down.
Franklin Templeton’s recent praise for Solana reflects its earlier endorsement of the blockchain’s technology and vision. In January, Franklin Templeton highlighted Solana’s capabilities, emphasizing its efficient, single-state atomic machine vision. The firm praised Solana’s potential to reduce information asymmetry and its significant activity in DeFi, NFT innovation, and other areas.
Franklin Templeton DA Sees Potential in Bitcoin, Ethereum
Franklin Templeton’s DA team emphasized their continued interest in Ethereum, citing it as the largest decentralized ecosystem. They noted parallel execution, which helps scale the network, and restaking, which introduces a new way for stakers to earn rewards.
In addition to Solana, the DA team expressed enthusiasm for advancements within the Bitcoin ecosystem. They specifically noted developments in Bitcoin Layer 2 solutions, which help scale its network. In addition, they highlighted other ways of earning rewards and more.
On the Flipside
- Solana has previously struggled with outages, including a recent one in February. At the time, analysts suggested that bugs in the code were behind the problem.
- The network also struggles with high congestion, leading to transaction failures.
Why This Matters
Franklin Templeton’s endorsement of Solana highlights its growing importance and reliability in the blockchain space. Similar endorsements boost investor confidence and attract more developers to its ecosystem.
Read more about Franklin Templeton’s earlier case for Solana:
Solana Praised by Finance Giant Franklin Templeton
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