The head of research at VanEck, Matthew Sigel, believes that the approval of a spot Ethereum ETF will pave the way for a Solana ETF, which will generate new interest in the crypto market.
Sigel noted that the language used in the statements for the Ethereum ETF, describing it as a commodity due to its decentralized nature, could be applied in a similar manner to Solana. He speculated that agreements to share oversight of Solana, similar to those for the Bitcoin and Ethereum spot ETFs, could facilitate the approval of an ETF for SOL.
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).
Sigel’s statement reignited the debate between Solana and Ethereum. He defended VanEck’s strategy against critics who argued that it did not wait for the launch of an ETH ETF. Critics argue about the decentralization of SOL, noting that the Solana Foundation and its related parties own 20% of the supply of SOL, which is much more than the 0.2% of ETH owned by the Ethereum Foundation.
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Steve Dakh, Chief Technical Officer and Co-Founder of Ethereum, stated:
Given that the Solana Foundation and its related parties still own 20% of the supply of SOL, I wouldn’t call it decentralized. For comparison, the Ethereum Foundation owns about 0.2% of the supply of ETH.
The ongoing debate about Solana versus Ethereum focuses on efficiency, development, and scalability. Solana co-founder Anatoly Yakovenko claims that the two technologies can coexist and compete in overlapping areas. He rejected the idea of Solana replacing Ethereum, emphasizing the potential for both networks to thrive.
