Coinbase Report: Solana Outperformed Other Major Cryptocurrencies This Week Due to Multiple Catalysts
On June 28, The Block reported that Solana (SOL) outperformed other major cryptocurrencies this week, rising 9% in the past seven days, while Bitcoin and Ethereum fell more than 4% and 2% respectively in the same period.
Coinbase analysts David Duong and David Han said: "This performance is supported by some specific endogenous catalysts in the Solana ecosystem, including major technology releases and VanEck's first Solana spot ETF application in the United States."
According to Coinbase's weekly report released on Friday, multiple recent developments have enhanced the value proposition of the Solana blockchain. One of them is ZK compression technology, which analysis points out can reduce Solana's costs, especially for large-scale token distribution.
The analyst also added that Solana Blinks represents a development that may bring "improved and more universal user experience" to Solana applications.