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Solana Emerges as Leading Blockchain with Highest DEX Transactions » The Merkle News
In the last 30 days, Solana has solidified its position as a top contender in the blockchain industry, boasting a whopping 290 million decentralized exchange (DEX) transactions, the highest number of any blockchain.
Additionally, Solana has attracted over 18 million unique traders, surpassing any other blockchain in this metric. While Ethereum leads in total trading volume, Solana’s user engagement and transaction numbers highlight its growing importance.
Take a look at the DEX activity on major blockchains over the last 30 days
Solana Exceeds Expectations with 290 Million DEX Transactions pic.twitter.com/l4IRd56oN7
— Coin98 Analytics (@Coin98Analytics) June 26, 2024
Today VanEck announced the first filing for a Solana spot ETF in the United States, a significant milestone for blockchain. VanEck highlighted that Solana offers a superior user experience compared to Ethereum.
This follows Grayscale’s 2021 launch of the Solana Trust Fund, designed for institutional and high-net-worth investors. However, it is important to note that the Trust’s SOL will not be used to earn staking rewards or generate additional income.
VanEck announced the first filing for Solana spot ETF in the United States. VanEck said that Solana is a commodity that offers a better user experience than Ethereum. In 2021, Grayscale launched the Solana Trust Fund, which targets institutional and high net…
— Wu Blockchain (@WuBlockchain) June 27, 2024
More light on the news of the Solana ETF
Despite this progress, Solana faces challenges in its ETF application process. Unlike Bitcoin and Ethereum, Solana does not have a futures ETF, complicating its path to approval. Additionally, the SEC has previously ruled that SOL is a security, leading to its delisting from platforms like Robinhood.
However, Solana’s rapid growth in user transactions and its expanding merchant base underscore its potential. Blockchain’s ability to efficiently handle a high volume of transactions makes it an attractive option for both users and investors.
If VanEck’s spot ETF application is approved, it could mark a significant step forward for Solana, strengthening its credibility and opening up new avenues for investing.
As the blockchain industry evolves, Solana’s innovative approach and strong performance metrics position it as a formidable player, ready to challenge established leaders and redefine user experiences in the decentralized financial space.
Disclosure: This is not trading or investment advice. Always do your research before purchasing any cryptocurrency or investing in any service.
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