Franklin Templeton, a $1.5 trillion assets under management investment (AUM) firm, has praised the evolution of Solana, stating that the network has what it takes to keep growing as part of the wide crypto market. In a note released on social networks, the firm declared that Solana managed to capture part of the cryptocurrency acceleration during Q4 2023 with its round of native airdrops, which consequently propped up the entire SOL ecosystem.
Franklin Templeton also remarked on the network’s resilience. Solana was heavily affected by the downfall of FTX back in 2022 and managed to rise again with strong adoption numbers. Due to its low fees and scalability, Solana also managed to capitalize on the meme coins trend, producing notable tokens like BONK and WIF, which have stayed in the top 100 cryptocurrencies by market capitalization.
The firm expects Solana to grow its reach, as its performance and network effects position it to capture the next trends in crypto. The network is home to several initiatives deploying use cases including payments, decentralized infrastructure, and compression non-fungible tokens (NFTs), which Franklin Templeton believes might bring 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 this increased activity has brought operativity problems to Solana, it also recognized the work of developers attempting to fix these issues promptly. “Solana will establish itself as the third major crypto asset after bitcoin and ether, and will likely be the network that captures the next major wave of crypto adoption,” the note concluded.
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