Sygnum Doubts Solana’s Potential to Challenge Ethereum

Swiss crypto bank Sygnum believes that Solana still needs significant development before it can compete with Ethereum as a preferred choice for traditional financial institutions. In its recent blog post, Sygnum highlights that while Solana has seen an increase in transactions and network fees, it lacks the key characteristics that attract institutional investors. The bank’s primary concern is Solana’s reliance on memecoins for revenue generation, which makes its long-term stability questionable.