Key Points
- Brazil has approved the world’s first Solana spot ETF, set to begin trading in August.
- Solana is leading the DePIN sector with 78 projects, surpassing all other blockchain networks.
Brazil has taken a significant step towards global cryptocurrency adoption by approving the world’s first Solana spot ETF.
This new fund is set to begin trading in August.
Major Financial Hubs Yet to Approve Solana ETFs
Although the U.S. and UK have not yet approved Solana ETFs, this delay is expected to be temporary. Eventually, they will approve Solana ETFs, allowing them to be traded on their markets.
Solana is leading the DePIN sector with 78 projects, surpassing all other blockchain networks.
This demonstrates Solana’s growing dominance over Ethereum, suggesting it may become the preferred blockchain for development.
Despite Ethereum’s close competition, Solana’s lead is clear, with a 4% higher usage rate in DePin projects.
TVL Rebounds by 20% After Fall
Circle recently minted $250 million in USD Coin on Solana, which constituted about 70% of the stablecoin supply on the platform. In comparison, Ethereum only holds 30%.
PayPal’s PYUSD, launched less than two months ago, already makes up around 11% of Solana’s stablecoin supply.
The dominance of USDC on Solana is due to efforts by Circle and the Solana Foundation to attract developers and integrate trading platforms.
The launch of Circle’s CCTP on Solana has also improved USDC’s usability and liquidity. Despite recent declines, Solana’s total value locked (TVL) has rebounded by 20%.
The latest data shows that the SOL/ETH trading pair has reached a new ATH, despite Solana experiencing bigger losses during the recent market downturn.
This achievement for SOL might prompt investors to reconsider their long-term views on both Solana and Ethereum.
Despite recent volatility and SOL’s decline, its new high against ETH suggests that the dynamics between these two cryptocurrencies are shifting.
SOL surged over 13% in value, while Ethereum has dropped by 1.03% after the crash.
This sharp contrast in performance highlights Solana’s strong momentum compared to ETH.
Given this recent trend, Solana’s impressive gains suggested it could significantly outperform Ethereum in the current market cycle.
