Due to a variety of factors, Solana outperformed other mainstream cryptocurrencies this week
PANews reported on June 28 that, according to The Block, Solana (SOL) outperformed its peers this week. The token has risen by 9% in the past seven days, while Bitcoin and Ethereum have fallen by 4% and 2%, respectively. Coinbase analysts David Duong and David Han stated in their Friday report: "This performance is supported by a series of specific endogenous catalysts within the Solana ecosystem, including major technical releases and VanEck's first application for a Solana spot ETF in the United States."
The report states that recent developments have strengthened the value proposition of the Solana blockchain. One of these is ZK compression technology which can reduce costs for Solana, especially for large-scale token distribution. Analysts also said that Blockchain Links represents a development that could bring an "improved and more widespread user experience" to Solana applications. Coinbase analysts explained: "'Blockchain Links', abbreviated as 'blinks', allows specific operations on Solana to be embedded into any website user interface. With proper setup, blinks enable users to participate in various chain operations - including NFT minting, USDC transfers, DEX Swap transactions, governance proposals etc."
Regarding VanEck's first application for a Solana spot ETF in the United States, Coinbase analysts said: "Regardless of the outcome, this development is worth looking forward to.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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