The rivalry between the largest altcoins Ethereum (ETH) and Solana (SOL) continues. While both altcoins have their supporters, investment bank Cantor Fitzgerald said he prefers Solana over Ethereum.
According to The Block, Cantor Fitzgerald said he supports Solana more as a treasury asset than Ethereum.
Solana is a more logical treasury asset than Ethereum, Cantor analysts said, despite Ethereum having wider adoption and higher total locked value.
Stating that he focused on three companies that adopted Solana as a treasury asset at this point, Cantor listed them as DeFi Development Corp., Upexi and SOL Strategies.
Cantor analysts said the basis for this view is Solana’s potential to strengthen stronger developer growth and future on-chain finance.
Analysts have stated that although they prefer Solana to Ethereum, they do not see SOL as a reserve asset similar to Bitcoin.
“Developer growth on Solana has far exceeded growth in ETH recently and we expect this to continue.
At this point, it makes sense to use SOL as a treasury asset instead of ETH, as SOL is thought to be capable of overtaking ETH, which currently has a market cap that is approximately 259% higher.
Just as Bitcoin has established itself as the primary reserve currency or asset for the digital economy, we believe Solana aims to be the technology that powers transactions and marketplaces in the digital economy.
We believe that SOL treasury companies are betting that the future of finance will be on-chain and that Solana will be the chain of choice.”
Cantor recently set a target of $45 for DeFi Development Corp., $16 for Upexi, and $4 CAD for SOL Strategies.
*This is not investment advice.
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