Source: TradingViewRivaling EthereumStill, cryptocurrency trading volumes on Solana continue to rival those of the entire Ethereum ecosystem, including its layer-2 scaling chains, VanEck said on March 6. Chung said he expects Solana ETFs to take off among retail investors, partly because of the challenges facing rival smart contract platform Ethereum. Solana’s native SOL token has performed about twice as well as Ether since early 2024, according to TradingView. Ethereum’s spot price has struggled since March 2024, when the network’s Dencun upgrade cut transaction fees by approximately 95%. “With the extremely weak price action we’re seeing in ETH, Solana is now the only option for retail investors wanting to get exposure to crypto beyond Bitcoin, but not willing to go full degen,” Chung said.
These products “will bring more serious, sticky capital and pave the way for the development of other real-world use cases, such as payments and remittances,” according to Chung. Those use cases are “[f]ar more boring than memecoins, perhaps, but a reliable source of long-term revenue that will buoy Solana’s price in the next bear market.”Memecoin trading, largely tied to the popular Pump.fun platform, comprises roughly 80% of the Solana blockchain network’s revenues, according to asset manager VanEck.
The existence of regulated Solana futures “signals to regulators that Solana is maturing as an asset, making it easier for them to greenlight additional financial products of similar risk and type,” Chung said. Futures contracts are standardized agreements to buy or sell an underlying asset at a future date.
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Author / Journalist: Cointelegraph by Alex O’Donnell
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