The upcoming premieres of Futures Solana (SOL) in Chicago Mercantile Exchange (CME), an American derivative exchange, signals that the first American lists of the stock market fund (ETF) will soon appear.
On March 17, CME is prepared to introduce Sol Futures contracts. They will be one of the first regulated Solana’s term contracts, which went to the American market after launching Coinbase in February.
The list “paves the way to the final approval of ETFS SOL,” said Chung Cointelegraph.
Chung said that he expected the American Commission for Securities and Stock Exchange (SEC) to approve the asset managers of Vaneck and Canary Capital proposed by Solana ETFS Solana ETFS.
The existence of regulated Solana term contracts “signals for regulatory bodies that Solana matures as a resource, which makes it easier for them to cover additional financial products with similar risk and type,” said Chung.
Futures contracts are standardized contracts for the purchase or sale of base assets at the next time. They play a key role supporting ETF for cryptocurrency, because regulated Futures markets are a stable reference point for measuring digital resource performance.
CME already lists Futures contracts for Bitcoin (BTC) and Ether (ETH). American officials approved ETF for both of these cryptocurrencies last year.
CME already lists Crypto Futures, including Bitcoin contracts. Source: CME
Related: CME group reports Nagric Cryptographic volume for Q4
Apart from Memecoins
In addition, Solana Futures and ETF will aid to expand the history of Solana’s growth outside Memecoins, which were crucial for the success of the blockchain network in 2024, said Chung.
These products will “bring more serious, sticky capital and pave the way for the development of other real use cases, such as payments and monetary messages”, according to Chung.
These cases of apply are “[f]Perhaps more boring than Memecoins, but a reliable source of long -term revenues that will build a salted price for the next bears. “
Memecoin trading, largely associated with the popular Pumps.FUN pump platform, accounts for about 80% of the revenues of Solana Blockchain Network, according to the Vaneck asset manager.
However, the Solana network activity fell in February after a series of scandals related to Memecoin, which were led to retail traders.
Solana Vs. price chart Ethereum. Source: Tradingview
Ethereum competition
Despite this, the volumes of cryptocurrency trading in Solana are still competing throughout the Ethereum ecosystem, including layer scaling chains, Vaneck said on March 6.
Chung said that he expected ETF Solana to start between retail investors, partly because of the challenges faced by the competing smart contract platform Ethereum.
According to TradingView, she made the native Sol Solana to about twice and the ether from the beginning of 2024.
The point price of Ethereum has fought from March 2024, when the improvement of transaction in Dencun reduced transaction fees by about 95%.
“Thanks to the extremely poor price, which we see in ETH, Solana is now the only option for retail investors who want to get an exposure to cryptocurrencies outside Bitcoins, but does not want to go to full degen,” said Chung.
Bloomberg Intelligence has determined the chances of approval of Sec Solana and Litecoin ETFS at 70%.
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