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The Big Bank Turned! "This Altcoin Can't Surpass Ethereum!"
The strong competition between Ethereum (ETH) and Solana (SOL) continues as Sygnum Bank released a new comparative report on ETH and SOL.
In its previous reports, it had stated that institutions preferred Solana over Ethereum and that SOL could displace ETH.
However, the bank seems to have abandoned this idea. Because Sygnum Bank stated that it does not expect Solana to surpass Ethereum in the medium term.
The large bank stated that it has no "convincing signs" that Solana could surpass Ethereum as the preferred blockchain for institutions due to the instability of its income from memecoins.
Sygnum, completely backing away from its previous stance, claimed that institutions could choose Ethereum instead of Solana, as the market views Solana as "less stable" because its revenue generation is "concentrated in the memecoin sector."
The bank stated that Solana leads Ethereum in market share for layer-1 fee generation, but that most of the fees are paid to validators and do not increase the value of the Solana token, adding that "In fact, when it comes to revenues, Ethereum still surpasses Solana by 2 to 2.5 times."
Ethereum rose to $2,250 with an 18% increase in the last 24 hours.