According to Matthew Sigel and Patrick Bush, two analysts at VanEck, Solana could join the Spot ETF race in 2024 and is set to become one of the top three blockchains by market capitalization, value locked (TVL) and active users within the next two years.
The report cites a number of factors that support this prediction, including:
- Solana's exponential and rapid growth in recent months. Blockchain TVL has increased by over 160% in the last 30 days, reaching over $800 million;
- the growing adoption and support of Solana by developers and users. The blockchain hosts over 4000 projects, to name a few Solana Labs, dYdX and Serum;
- support from major asset managers, starting with VanEck launching a Solana exchange-traded note (ETN) on Deutsche Borse, indicating the company's confidence in Solana's long-term potential.
If VanEck's prediction comes true, the arrival of a Solana Spot ETF would be a significant event for the entire industry, as it would bring additional liquidity and a new method of accessibility that would especially help institutional investors.
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