The head of research at VanEck, Matthew Sigal, 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.
Sigal noted that the language used in the Ethereum ETF filings, describing it as a commodity due to its decentralized nature, may be applied in a similar manner to Solana. He speculated that agreements to share oversight for Solana, similar to those for 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).
Sigal’s statement reignited the debate between Solana and Ethereum. He defended VanEck’s strategy against critics who argue that they did not wait for the release of an ETH ETF. Critics argue about the decentralization of SOL, noting that the Solana Foundation and its affiliates own 20% of the SOL supply, which is much higher than the 0.2% 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 affiliates still own 20% of the SOL supply, I wouldn’t call it decentralized. In comparison, the Ethereum Foundation owns about 0.2% of the ETH supply.
The ongoing debate between Solana and 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.
