Canada has become the first country to launch a Solana spot ETF with staking, marking a significant milestone in the cryptocurrency landscape. The Ontario Securities Commission (OSC) has granted approval to four asset managers—Purpose, Evolve, CI, and 3iQ—to offer this innovative investment vehicle.
This Solana ETF is set to invest in physical $SOL in the long term, utilizing staking mechanisms to enhance returns. Investors can expect better rewards compared to traditional Ether staking, potentially reshaping investment strategies in the crypto market.
Read on to discover how this development could impact the larger crypto environment. We’ll also touch on the Solaxy presale and its role at the center of Solana’s rising potential.
The Heating ETF Race
The SEC approved a Bitcoin-pegged ETF in the US back in January 2024; however, it is still contemplating the acceptance of staking-enabled ETFs. Grayscale’s proposal to introduce staking in its spot ETH ETFs is currently on hold.
Historically, Canada has shown a proactive stance over the US in this domain; they launched their first Bitcoin ETF in 2021. It appears that the US may soon follow suit, with Bloomberg analyst James Seyffart suggesting a possible launch by the end of 2025.
A considerable portion of this progress can be attributed to the pro-crypto stance of the previous Trump administration, as its relaxed regulations have fostered a more favorable environment for cryptocurrency.
The global ETF race is indeed heating up, with regulators currently reviewing multiple applications for ETFs supported by various cryptocurrencies—including Litecoin, XRP, and Solana. Other regions like Hong Kong and Australia have launched their own crypto ETFs, emphasizing the growing interest in digital assets worldwide.
Solana’s Price Showing Strength
In addition to the ETF developments, Solana has exhibited notable technical momentum in recent weeks. $SOL gained over 30% last week and is currently trading at $133. While it remains below the $300 mark, this positive rally is sparking optimism among investors.
The SOL/ETH pair has witnessed a remarkable rally of over 45% since late February, surging by 25% just last month and currently trading at approximately 0.08012, edging close to its all-time high. This growing strength of $SOL compared to $ETH suggests the potential for Solana to outpace its Ethereum counterpart in the near term—something the OSC endorses.
BitBull, a renowned crypto trader, draws parallels between the current $SOL setup and Ethereum’s trajectory in 2021. Back then, Ethereum was trading around $1,600 and subsequently skyrocketed to around $4,500 within three months. If $SOL follows suit, the $300 threshold may be reached sooner rather than later.
What’s Stopping Solana?
Despite Solana’s undeniable potential to ascend alongside $ETH and $BTC, it has yet to fully harness its capabilities due to persistent scalability issues.
Initially, Solana was viewed as simply a meme coin blockchain, primarily due to its rapid speeds and low transaction costs. However, this perception shifted with the introduction of two highly successful meme coins, $TRUMP and $MELANIA. The influx of new investors strained Solana’s network capacity, resulting in lagging transactions or outright failures.
Thus, Solana urgently requires enhanced scalability solutions. This is where a new cryptocurrency, Solaxy ($SOLX), promises to make significant strides in this area.
Solaxy Promises to Breathe New Life Into Solana
It’s essential to distinguish Solaxy as more than just another meme coin in Solana’s realm; it aims to solve the network’s congestion issues effectively. Designed as a truly valuable token, Solaxy will develop Solana’s first Layer 2 scaling protocol.
By facilitating the batch processing of transactions on a sidechain, $SOLX aims to significantly alleviate the pressure on Solana’s mainnet, thereby improving throughput and ramping up scalability and speed back to or beyond its legendary levels.
Additionally, it is noteworthy that $SOLX, the native cryptocurrency of Solaxy, features multi-chain compatibility. It effectively blends the liquidity benefits of Ethereum with the rapidity and low fees of Solana, revitalizing the meme coin landscape.
$SOLX Could Be the Next Crypto to Explode
Solaxy has gained significant traction with its unique mission, swelling over $30 million in funding just a few months post-presale. This has marked it as one of the most promising crypto presales available currently.
The wide interest in Solaxy spans both retail and whale investors, illustrating a healthy market appetite for the project.
Moreover, you still have the opportunity to buy $SOLX at an appealing presale price of only $0.001694 per token.
In fact, predictions indicate that $SOLX could soar to $0.2 by 2030—representing a staggering markup of over 11,800% within five years. It’s becoming increasingly evident that $SOLX could be the next crypto to explode.
For more insights on purchasing, refer to our guide on how to buy Solaxy. Furthermore, to delve deeper into the project’s technical specifics, consider reviewing Solaxy’s whitepaper. For regular updates, you may also subscribe to their X feed and join their Telegram channel.
Lastly, we remind readers that the cryptocurrency market carries inherent risks and does not guarantee returns. Please invest judiciously and conduct your own research. This article should not be considered financial advice.
