Solana [SOL] Spot ETF Gets Approved in Brazil, Dominates DePIN Sector, and Makes a New ATH Against Ethereum [ETH]

Brazil has taken a significant step towards global cryptocurrency adoption by approving the world's first Solana [SOL] spot ETF.

Brazil has approved the world’s first Solana [SOL] spot ETF, a significant step towards global cryptocurrency adoption.

This new fund will begin trading in August, as reported by Solana Floor on X (formerly Twitter).

While major financial hubs like the U.S. and UK have not yet approved Solana ETFs, the delay is expected to be temporary as they’ll eventually approve Solana ETFs, allowing them to be traded on their markets.

Meanwhile, SOL is dominating the DePIN sector with 78 projects, outperforming all other blockchain networks.

This highlights Solana’s growing dominance over Ethereum [ETH], suggesting it may become the preferred blockchain for development.

Although Ethereum remained close behind, Solana’s lead is evident, with a 4% higher usage rate in DePin projects, according to Messari Crypto Research.

Recently, Circle has minted $250 million in USD Coin [USDC] on Solana, which constitutes about 70% of the stablecoin supply on the platform at press time.

This is significant compared to just 30% on Ethereum. Additionally, PayPal’s PYUSD, launched less than two months ago, already makes up around 11% of Solana’s stablecoin supply.

The dominance of USDC on Solana is due to efforts by Circle and the Solana Foundation to attract developers and integrate trading platforms.

The launch of Circle’s CCTP on Solana has also improved USDC’s usability and liquidity.

Despite recent declines, Solana’s total value locked (TVL) has rebounded by 20%.

Latest data shows that the SOL/ETH trading pair has reached a new ATH, despite Solana experiencing bigger losses during the recent market downturn.

This notable achievement for SOL might prompt investors to reconsider their long-term views on both Solana and Ethereum.

Despite the recent volatility and SOL’s decline, its new high against ETH suggests that the dynamics between these two cryptocurrencies are shifting, making it a critical moment to reassess investment strategies for both.

Finally, SOL surged over 13% in value, while Ethereum has dropped by 1.03% after the crash.

This sharp contrast in performance highlights Solana’s strong momentum compared to ETH.

Given this recent trend, Solana’s impressive gains suggested it could significantly outperform Ethereum in the current market cycle.

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