VanEck's head of research, Matthew Siegel, predicts that the green light for an Ethereum spot ETF could pave the way for a Solana ETF. VanEck made headlines by initiating the process for the first Solana (SOL) ETF in the United States, reigniting the longstanding debate surrounding Solana versus Ethereum. Siegel advocates for the establishment of surveillance sharing agreements for Solana, mirroring the arrangements in place for Bitcoin and Ethereum spot ETFs, as a strategy to secure approval for a SOL ETF. He draws attention to the existence of commodity-based ETFs without a futures market, suggesting that this precedent could bolster the case for a Solana ETF.

Notably, VanEck's foray into the world of Solana with the ETF filing marks a significant strategic move, building on its earlier submission for an Ethereum spot ETF to the Securities and Exchange Commission (SEC) in 2021. The anticipated launch of these products is slated for early July, accompanied by VanEck's offer to waive fees until 2025, pending approval. The timing of VanEck's actions is noteworthy as 31Q followed suit by filing for a similar product in Canada mere days before, potentially introducing the inaugural Solana exchange-traded product (ETP) to North America.

Siegel's articulation of these developments rekindled the perpetual discourse comparing Solana and Ethereum, prompting investors to scrutinize the implications of Solana's decentralization relative to Ethereum's approach. Anatoly Yakovenko, one of Solana's co-founders, rebuffed the notion of Solana aiming to supplant Ethereum, asserting that both platforms could coexist and vie for market share in overlapping domains. Yakovenko's buoyant outlook on the prospects of both networks underscores the potential for success, particularly in light of Ethereum's Danksharding advancements, which are poised to address Solana's data requirements effectively.