🚀 Pantera Capital sees Solana as the next major blockchain to get a spot ETF in the U.S. Key growth factors include developer adoption, DEX trading, and revenue.
Solana ETF: Why Analysts Are Optimistic
According to Pantera Capital’s February 2025 report, Solana (SOL) is a top contender for a U.S. spot ETF. The blockchain’s rapid growth, strong developer adoption, and dominance in decentralized exchange (DEX) trading make it a prime candidate.
Crypto analysts Cosmo Jiang and Eric Wallach highlighted these factors in Pantera’s Headwinds Becoming Tailwinds report. They believe Solana has evolved into a dominant smart contracts platform, even outpacing Ethereum (ETH) in key areas.
Solana’s Growth: Key Factors Driving ETF Speculation
1️⃣ Leading in Developer Adoption
- Solana onboarded 7,625 new developers in 2024, surpassing Ethereum’s 6,456.
2️⃣ Dominating DEX Trading
- Raydium (RAY), Solana’s top DEX, outperformed Uniswap (UNI) by 30% in trading volume for two consecutive months.
3️⃣ Massive Token Creation on Solana
- In Q4 2024, 90% of new tokens launched on Solana, including AI and DeSci cryptocurrencies.
4️⃣ Surpassing Ethereum in Revenue
- Solana generated 37% more revenue than Ethereum from transaction fees and MEV tips.
- Total 2024 revenue reached $5 billion.
SEC Decision on Solana ETFs Expected Soon
The U.S. SEC is set to rule on four Solana ETF applications (Bitwise, Canary, Grayscale, and VanEck) by March 15, 2025. If approved, Solana could become the next major cryptocurrency to receive an ETF in the U.S.
Altcoin ETF Race Heats Up
With the potential approval of a Solana ETF, speculation is growing around other major altcoins. Analysts suggest that XRP, Litecoin (LTC), Cardano (ADA), and Dogecoin (DOGE) could also be next in line for ETF listings.
As crypto ETFs gain momentum in 2025, investors are watching closely for the next big regulatory decision.
