July was an important month for Solana as the first dividend from the ETF was launched.
Launch of the First Dividend ETF
In July, Rex Osprey announced the first dividend from its Solana staking-based ETF, totaling $600,000. Although the amount may seem small, it's important to highlight that the ETF had only been trading for 12 days. This dividend marks a significant milestone, proving the concept of staking-based ETFs.
Asset Dynamics and Market Influence
During its 12 days of trading, the Solana ETF attracted $137.4 million in liquidity. This figure is significantly lower than the levels seen by Bitcoin and Ethereum ETFs, but considering the limited time, this success can still be considered significant. Analysts expect that Rex Osprey's success could pave the way for new Solana ETFs.
Network Status and User Activity
Network metrics for Solana show a decline in activity compared to the peaks of 2024. The number of active addresses has fallen from 8 million to less than 4 million. Despite a slight uptick in decentralized exchange volume in July, it remains below previous highs seen in January.
July proved to be a critical period for Solana, driven by the first ETF dividend and associated innovations. However, declining network activity and price volatility continue to pose significant challenges for the project.
