Pantera Capital, a digital investment behemoth, is giving a bullish outlook for two Ethereum competitors, Solana (SOL) and Near in 2022.
Pantera partner Paul Veradittakit stated in the latest letter to investors that rival smart contract platforms are eating away the market share of Ethereum (ETH), the second-largest cryptocurrency by market capitalization, which now accounts for 63% of the total value locked (TVL) in decentralized finance, down from 97% at the start of 2021.
Read Also: Non-Fungible Token (NFT) Sales Volume on Solana Blockchain Surpasses $1 Billion
According to Veradittakit, Solana (SOL), which is seen as a faster and cheaper alternative to Ethereum, has the potential to grow rapidly in 2022, considering the increase in the number of projects in its ecosystem.
Paul Veradittakit noted:
“Solana, which offers unparalleled transaction throughput, saw an incredible 2021, reaching a peak TVL of $15 billion and a peak price of $260 in November versus $0.22 when it began trading in April 2020.
“Recent activity in the Solana community, including the launches of massive funds for decentralized social media and gaming, suggests that the ecosystem will continue to grow immensely in the coming year.”
Read Also: JPMorgan: Ethereum Is Losing Ground to Solana in the Non-Fungible Token (NFT) Sector
Likewise, Veradittakit stated that Near, which launched the Rainbow bridge that enables the transfer of digital assets between blockchains, is set for an explosion in terms of growth in 2022:
“Bridges (which enable interoperability between vastly different networks), such as NEAR’s Rainbow Bridge, will help accelerate the growth of non-Ethereum ecosystems by expanding access to liquidity and allowing easier composability of digital assets.
“Ethereum virtual machine (EVM) platforms, like Aurora on NEAR, are also making it easier than ever for Ethereum-based DApps (decentralized apps) to launch on other chains, enhancing cross-chain engagement within DeFi.”
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