So, hold onto your hats, folks! Solana (SOL) is strutting its blockchain stuff and might just be the next cryptocurrency to snag a spot ETF in the U.S. According to the crystal ball of Pantera Capital in their February 2025 Blockchain Letter (which sounds like a fancy name for a newsletter you’d find in a hipster coffee shop), the stars are aligning. Why? Well, it’s all about the developer and economic activity, rapid ecosystem growth, and the SOL price doing its best impression of a rocket ship. 🚀
Solana ETF: Why Pantera Capital is Feeling All Warm and Fuzzy
In the world of altcoins, Solana (SOL) is like that overachieving kid in class who always has their hand up. It’s the fifth largest altcoin and is apparently on the fast track to getting its own spot ETF. Cosmo Jiang and Eric Wallach from Pantera Capital, who sound like they could be the next dynamic duo in a buddy cop movie, have made this bold proclamation in their Headwinds Becoming Tailwinds report. Spoiler alert: they’re optimistic! 🎉
“We also believe Solana is among the most likely next digital assets to have an ETF. It has strong fundamentals that undergird a positive investment case, is a widely traded digital asset on large reputable exchanges that can be monitored, and its ownership is widely…
— Pantera Capital (@PanteraCapital) February 14, 2025
According to these crypto wizards, Solana has transformed into the Beyoncé of smart contracts platforms. It’s been attracting new developers like a moth to a flame, processing the largest volume of DEX trading, and even giving Ethereum (ETH) a run for its money in the fee department. Talk about a glow-up! 💅
In the DEX world, Solana’s star product, Raydium (RAY), has been flexing its muscles, surpassing Uniswap (UNI) by 30% in trading volume for two months straight. That’s like winning the DEX Olympics! 🥇
And let’s not forget the Pump.fun mania that’s been fueling Solana’s new token creation. In Q4 2024, over 90% of new tokens decided to crash the Solana party. It’s like the blockchain version of a wild house party where everyone shows up with their AI agent tokens and DeSci cryptocurrencies. 🎊
When it comes to developer adoption, Solana is stealing the spotlight like a diva at an awards show. It welcomed 7,625 new developers in 2024, leaving Ethereum’s 6,456 devs in the dust. Sorry, ETH, but Solana is the new kid on the block! 😎
XRP, DOGE, ADA, LTC: The Altcoin ETF Race is On!
And just when you thought it couldn’t get any better, Solana generated 37% more revenue (transaction fees + MEV tips) compared to its ancient rival Ethereum. In 2024, Solana raked in a jaw-dropping $5 billion in revenue. That’s a lot of crypto bling! 💰
Pantera Capital reminds us that the U.S. SEC has to make a decision on four potential Solana ETFs — by Bitwise, Canary, Grayscale, and VanEck — by March 15, 2025. No pressure, SEC! 😬
As we’ve previously reported, experts are buzzing about the possibility of new altcoin ETFs getting the green light in 2025. XRP, Litecoin (LTC), Cardano (ADA), and Dogecoin (DOGE) are all in the running, and it’s shaping up to be a nail-biter! 🍿
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2025-02-15 17:56