Solana (SOL) has risen 12% in the last week after VanEck filed for a spot Solana ETF.
VanEck, one of the first Bitcoin ETF providers, wants to give investors direct exposure to SOL, boosting demand and price.
On June 27, led by VanEck's first Solana ETF application, the SOL ecosystem rose approximately 9% in 24 hours and traders increased by 30%, according to Bitget Research head analyst Ryan Lee.
Many Solana Memecoins also gained, including BOME, which jumped 15% with an 80% rise in traders, and WEN, which increased 15.5% with a 25% increase.
Solana ETPs, ETNs Trade in Europe Several Solana exchange-traded products trade in Europe. The CoinShares Physical Staked Solana ETN follows the Solana index. 21% Solana Staking ETP.
Lee said Solana's DeFi ecosystem has evolved significantly, with total TVL growing from $1.3 billion in 2024 to $4.5 billion now, a 346% rise.
This rise is due to the focused introduction of Solana ecosystem initiatives including JITO, Jupiter, Kamino, Marginfi, and Drift, according to Bitget “These projects have greatly enriched the Solana ecosystem, bringing more DeFi features to the chain,” says Lee.
Is Solana Solana is a blockchain platform for dApps and crypto-currency transactions.
For its speed and scalability, Solana can handle over 65,000 transactions per second with low fees using its Proof of History (PoH) and Proof of Stake consensus mechanisms. Developers and projects flock to its environment as a powerful Ethereum rival.
Investors are optimistic about a U.S. spot Solana ETF, signaling increasing acceptance of Solana in conventional financial markets. The VanEck ETF would let investors to obtain exposure to SOL without buying the cryptocurrency, perhaps increasing institutional interest and adoption.
0 people tipped the creator.
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content.See T&Cs.
