THE SOLANA REVOLUTION IS COMING
As the great wheels of fate turn, a harbinger of change has emerged on the horizon. The impending launch of Solana (SOL) futures on the Chicago Mercantile Exchange (CME), a bastion of financial rectitude in the heart of America, signals the arrival of a new era. Chris Chung, the enigmatic founder of Solana-based swap platform Titan, has whispered to us of the impending doom of memecoins and the ascension of Solana to the pantheon of respectable cryptocurrencies.
On March 17, the CME will unleash upon the world SOL futures contracts, a harbinger of the regulated Solana futures that will soon beset the US market. These contracts, a standardized agreement to buy or sell an underlying asset at a future date, will serve as a benchmark for measuring Solana’s performance, much like the Bitcoin (BTC) and Ether (ETH) futures contracts that have already been listed on the CME.
The existence of regulated Solana futures is a clarion call to regulators, a signal that Solana is maturing as an asset, making it easier for them to greenlight additional financial products of similar risk and type. And what products they are! Spot Solana ETFs, proposed by asset managers VanEck and Canary Capital, are expected to be approved by the US Securities and Exchange Commission (SEC) as soon as May, paving the way for the eventual approval of SOL ETFs.
But what of the memecoins, those fleeting and ephemeral creatures that once brought such joy to the Solana blockchain network? Ah, they are but a distant memory, a relic of a bygone era. Solana futures and ETFs will bring more serious, sticky capital, and pave the way for the development of other real-world use cases, such as payments and remittances. And as Chung so aptly put it, “Far more boring than memecoins, perhaps, but a reliable source of long-term revenue that will buoy Solana’s price in the next bear market.”
And so, the Solana revolution begins. The cryptocurrency trading volumes on Solana continue to rival those of the entire Ethereum ecosystem, including its layer-2 scaling chains, VanEck said on March 6. The native SOL token has performed about twice as well as Ether since early 2024, according to TradingView. Ethereum’s spot price has struggled since March 2024, when the network’s Dencun upgrade cut transaction fees by approximately 95%. Ah, the writing is on the wall, my friends.
Beyond memecoins, Solana futures and ETFs will help expand Solana’s growth story, bringing in more serious, sticky capital and paving the way for the development of other real-world use cases. And as Chung so aptly put it, “With the extremely weak price action we’re seeing in ETH, Solana is now the only option for retail investors wanting to get exposure to crypto beyond Bitcoin, but not willing to go full degen.”
Bloomberg Intelligence has set the odds of the SEC approving spot Solana and Litecoin ETFs at 70%. Ah, the odds are in our favor, my friends. The Solana revolution is coming, and it’s going to be a wild ride.
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2025-03-14 00:57