The Solana ETF's chances of approval are good, according to a VanEck executive

VanEck head of research Matthew Siegel believes the approval of the spot Ethereum ETF will pave the way for the Solana ETF, which will spark renewed interest in the crypto market.

Seagull noted , that the language used in Ethereum ETF filings describing altcoin as a commodity due to its decentralized nature, can be similarly applied to Solana. He suggested that supervisory sharing arrangements for Solana, similar to those for spot ETFs for Bitcoin and Ethereum, could facilitate ETF approval for SOL.

He also mentioned that some such commodity-based funds exist without a futures market, which could support the case for SOL's ETF, since Solana lacks a futures market on the Chicago Mercantile Exchange (CME).

Siegel's announcement reignited the debate between Solana and Ethereum . He defended VanEck's strategy against criticism that it did not wait until after the ETH ETF was launched. Critics dispute SOL's decentralization, noting that the Solana Foundation and its affiliates own 20% of the supply of SOL , which is much more than the 0.2% in ETH held by the Ethereum Foundation.

Steve Dakh, CTO and founding member of Ethereum, stated:

Given that the Solana Foundation and its related entities still own 20% of the SOL supply, I wouldn't call it decentralized. In comparison, the Ethereum Foundation owns about 0,2% of the ETH supply.

The ongoing Solana vs. Ethereum debate focuses on efficiency, development, and scalability. Solana co-founder Anatoly Yakovenko argues that the two technologies can coexist and compete in overlapping areas. He dismissed the idea of ​​Solana replacing Ethereum, stressing the potential for both networks to flourish.