Institutional Interest in Cardano and Solana is Increasing

Cryptocurrency services provider CoinShares recently published a new report about the blockchain projects with the highest institutional traffic. As per the report, the top two projects that come on the top are Cardano and Solana networks. The report published by CoinShares views the data till August 20th that shows 21 million inflows followed by a six-week high outflow period.

For Solana, the favorable price action has been noticed in the latest weeks. The blockchain project has an estimated market cap of $57.3 million. This level is the highest since May, when the altcoin market was at its peak. The report also noticed that for various products, the flow data remained divided between ‘outs and inflows’ on both sides of the spectrum. Meanwhile, the trading activities in Europe and the North American region were found to be pre-dominantly inflow prone.

Cardano and Solana Outperform Bitcoin in Inflow Activity

The report published by CoinShares reveals that Bitcoin was the 7th largest altcoin in terms of outflow traffic rounding up at $2.8 million weekly. On the other hand, Ethereum also showed a small inflow inclination as high as $3.2 million. Other altcoins that remained on top of the list in terms of inflows are Solana, Litecoin, Polkadot, and Cardano that facilitated millions pouring into the cryptocurrency market.

Last week, the topmost inflow candidate was the Solana network token valued at $7.1 million. The second and third largest cryptocurrencies in the same category are Ethereum and Cardano, respectively. In terms of a month-to-date or MTD basis, Cardano remained the foremost runner for inflow charts. The major portion of ADA activity is the result of the highly anticipated smart contracts upgrades due in September this year.

Milkomeda is a new blockchain-based project powered by dcSpark. The company recently introduced the one-of-a-kind blockchain junction as a novel sidechain protocol. Milkomeda is an interoperability protocol that will allow the developers on Ethereum and Cardano to swap projects with each other. Cardano is not the only blockchain that can connect with the mainnet of Ethereum with this feature.

Other blockchain projects are also going to use this option. Commenting on the new project, Charles Hoskinson said in a new tweet that it is great to see smart contracts from Ethereum transfer on the Cardano blockchain. The sidechains are going to provide connectivity with mainchain junctions and use wADA wrapped ADA for transaction fees purposes.