Franklin

Solana

Asset management firm <a href="https://crypto.news/tag/Franklin-Templeton/" rel="noopener noreferrer nofollow">Franklin Templeton</a> sees growing potential in <a href="https://crypto.news/tag/solana/" rel="noopener noreferrer nofollow">Solana </a>to cement itself as the third-largest cryptocurrency in the market.
The asset manager with over $1.5 trillion in assets under management (AUM) took to X on May 2 to praise Solana,&nbsp;currently&nbsp;the fifth largest cryptocurrency by market cap.
“Solana’s growth is likely to continue because it is well-positioned to capture the next wave of crypto adoption, solidifying itself as the third major crypto asset after Bitcoin (BTC) and Ethereum (ETH),” the firm said.
In the note <a href="https://twitter.com/FTI_DA/status/1786049586152255659" target="_blank" rel="noopener noreferrer nofollow">shared </a>on X, the firm revealed that Solana&nbsp;was able to&nbsp;grab a part of the cryptocurrency acceleration during Q4 2023 through its round of native airdrops, which subsequently propped up the whole SOL ecosystem.&nbsp;
Franklin Templeton also mentioned the network’s robustness. Solana was <a href="https://crypto.news/solana-plunging-as-scrutiny-over-ftx-relations-grows/" rel="noopener noreferrer nofollow">severely affected </a>by FTX’s meltdown in 2022 but&nbsp;managed to <a href="https://crypto.news/active-solana-wallets-tripled-since-ftx-disaster/" rel="noopener noreferrer nofollow">recover&nbsp;with solid adoption numbers</a>. Owing to its low fees and scalability, Solana also <a href="https://crypto.news/solana-memecoin-sector-now-worth-6b-bonk-wif-investors-driving-sol-price-to-250/" rel="noopener noreferrer nofollow">capitalized on the memecoin craze</a>, creating popular meme tokens, including BONK and WIF, which have remained among the top 100 cryptocurrencies by market valuation.
You might also like: <a href="https://crypto.news/solana-to-surpass-all-time-high-despite-activity-decline-expert-predicts/" rel="noopener noreferrer nofollow"> Solana to surpass all-time high despite activity decline, expert predicts </a>
The Wall Street giant expects Solana to expand its reach as its performance and network effects position it to capitalize on the&nbsp;next&nbsp;crypto trends. The network is home to various initiatives deploying use cases, including payments, decentralized physical infrastructure network (<a href="https://crypto.news/?s=depin" rel="noopener noreferrer nofollow">DePIN</a>), and compression non-fungible tokens (NFTs), which Franklin Templeton believes will help the blockchain usher in the next wave of adoption.
The firm’s note stated:
“Crypto enthusiasts are wondering what the next big thing in crypto might be… While we don’t know the precise answer, we’d argue there is a strong chance it happens on Solana.”
While the institution acknowledged that increased activity had caused operational problems in Solana, it also recognized the efforts of<a href="https://crypto.news/anza-network-aims-to-fix-solana-congestion-woes-we-analyzed-the-root-cause/" rel="noopener noreferrer nofollow"> developers working to fix</a> these issues as soon as possible.
On Oct. 31, Dan Albert, the executive director of the Solana Foundation, <a href="https://crypto.news/solana-soars-90-in-a-month-as-firedancer-testnet-launches/" rel="noopener noreferrer nofollow">revealed </a>the launch of the testnet for Firedancer, an anticipated scaling solution for Solana.&nbsp;
The project, spearheaded by web3 development firm Jump Crypto since last August, is expected to enhance the network’s speed, reliability, and validator diversity, with a&nbsp;mainnet launch projected for the first half of 2024.
Read more: <a href="https://crypto.news/solana-gains-momentum-following-solana-bitcoin-cross-chain-announcement/" rel="noopener noreferrer nofollow"> Solana gains momentum following Solana-Bitcoin cross-chain announcement </a>

Franklin Templeton foresees Solana as third-largest cryptocurrency

crypto.news

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