VanEck Stands Firm on Solana ETF Despite Regulatory Hurdles

VanEck Stands Firm on Solana ETF Despite Regulatory Hurdles

The road to a Solana ETF continues to be bumpy. Despite the recent removal of 19b-4 filings for VanEck and 21Shares' Solana ETF proposals from the Cboe website, VanEck's head of digital assets research, Matthew Sigel, remains optimistic.

While acknowledging the setback, Sigel emphasized that the core of the application, the S-1 registration statement, is still under review. This document outlines the ETF's details and is crucial for approval.

A key point of contention is the classification of Solana as a security or a commodity. VanEck firmly believes that Solana should be categorized as a commodity, similar to Bitcoin and Ethereum, which already have approved spot ETFs. Sigel points to Solana's increasing decentralization, with a significant reduction in the control held by top addresses, as evidence supporting this classification.

The removal of the 19b-4 filings has sparked uncertainty in the market, but VanEck's persistence highlights the growing interest in Solana and the potential for a Solana ETF to become a reality.

Base Booms: 4 Million Active Addresses Amidst Onchain Summer

Coinbase's layer-2 solution, Base, is heating up. The platform recently hit a new milestone, boasting an impressive 4 million active addresses in a single week. This surge comes as Base continues to push its "Onchain Summer" campaign, a strategic initiative to encourage development on the network.

Last year's successful campaign saw a surge in NFT mints, crypto bridged to Base, and daily active wallets. Building on this momentum, Base has doubled down on its 2024 efforts, offering a $2 million reward pool for developers.

One high-profile collaboration during this summer's event is with AtariX, bringing classic arcade games to the blockchain. However, a recent controversy has erupted as a developer claims that Atari's "onchain" arcade game, Asteroids, is not actually running on the blockchain.

While the "onchain" debate unfolds, Base's growing user base and developer activity are undeniable indicators of its potential.

Galxe Launches Layer 1 Blockchain Gravity: A New Chapter in Web3

Web3 credentials platform Galxe has taken a significant step forward with the launch of its Layer 1 blockchain, Gravity. This new development aims to streamline the user experience by bringing all of Galxe's popular products under one roof.

Gravity is designed to address the fragmentation challenge in Web3 by enabling seamless interactions across different blockchains. Built on the Arbitrum Nitro stack, the proof-of-stake blockchain offers high speed and security. The platform's native token, G, will power the network and provide incentives for users and developers.

With over 25 million active users, Galxe is well-positioned to leverage its strong community and expand its influence in the Web3 ecosystem. The launch of the alpha mainnet is a crucial milestone, with the full mainnet expected to go live in Q2 2025.

This move by Galxe signifies a bold step into the competitive Layer 1 landscape and could potentially reshape the way users interact with Web3 applications.

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