"Solana: Next Crypto ETF Darling?"

Pantera Capital, a prominent cryptocurrency investment firm, has released a report suggesting that Solana could be the next digital asset to receive ETF approval. The February 2025 report, titled "Headwinds Becoming Tailwinds," highlights several factors that position Solana as a strong candidate for ETF approval in the coming months.

The report, authored by General Partner Cosmo Jiang and Investment Analyst Eric Wallach, emphasizes Solana's strong fundamentals and decentralized ownership structure as key factors supporting its ETF case. These characteristics align with regulatory requirements for cryptocurrency investment products.

Several major investment firms have already begun preparations for a potential Solana ETF. Canary Capital, VanEck, 21Shares, and Bitwise have submitted applications to regulators, indicating growing institutional interest in bringing Solana to traditional investment markets.

Market data from Polymarket shows an 84% probability of Solana ETF approval in 2025, placing it ahead of other alternative cryptocurrencies. For comparison, Ripple (XRP) shows 80% approval odds, while Cardano (ADA) and Dogecoin (DOGE) stand at 59% and 31% respectively.

Developer activity on the Solana network has shown robust growth. In 2024, the platform attracted 7,625 new developers, exceeding Ethereum’s addition of 6,456 developers during the same period. This metric demonstrates increasing technical adoption and platform development.

Trading volumes on Solana-based decentralized exchanges have reached record levels. Raydium, Solana’s primary decentralized exchange, has outperformed Ethereum’s Uniswap by 30% in trading volume over the past two months.

The platform has become a preferred choice for new token launches. Data shows that over 90% of new tokens in Q4 2024 were created on the Solana blockchain, driven partly by the Pump.Fun phenomenon.

Solana has established itself as the leading network for specific cryptocurrency sectors. It has become the primary platform for AI agent tokens and decentralized science (DeSci) cryptocurrencies, showing its versatility across different use cases.

The network’s fee generation has surpassed Ethereum, indicating high user activity and platform