VanEck’s research head, Matthew Siegel, believes that the approval of a spot Ethereum ETF will pave the way for a Solana ETF, reigniting interest in the cryptocurrency market.
The language used in the Ethereum ETF filing describes altcoins as a commodity, and due to its decentralized nature, can be similarly applied to Solana. He suggests that the regulatory shared arrangement for Solana would be similar to the spot ETF’s regulatory shared arrangement for Bitcoin and Ethereum, which could facilitate the approval of a SOL ETF.
He also mentioned that some commodity-based funds exist without a futures market, which could support the case for a SOL ETF, as Solana lacks a futures market on the Chicago Mercantile Exchange (CME).
Siegel’s statements have once again sparked debate between Solana and Ethereum. He defended VanEck’s strategy against critics who claim that VanEck should have waited for an ETH ETF before taking action. Critics have raised questions about the decentralization of SOL, pointing out that the Solana Foundation and its affiliates hold 20% of the supply, significantly higher than the 0.2% of ETH held by the Ethereum Foundation.
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Ethereum’s Chief Technology Officer and co-founder, Steve Dakh, stated, “Given that the Solana Foundation and its related entities still hold 20% of the SOL supply, I would not call it decentralized. In contrast, the Ethereum Foundation holds about 0.2% of the ETH supply.”
The ongoing debate between Solana and Ethereum focuses on efficiency, development, and scalability. Solana’s co-founder, Anatoly Yakovenko, believes that both technologies can coexist and compete in overlapping areas. He rejected the idea of Solana replacing Ethereum, emphasizing the potential for both networks to thrive.
