August 8, 2024
The Brazilian Securities and Exchange Commission has taken the lead and approved the world's first Solana spot ETF. Although the market size of this product is destined to be small in the short term, it is also a small step forward for the entire crypto world. This also proves once again that when you are strong enough, someone will naturally choose to defect to you. The Brazilian securities market's recognition of SOL is a reward for its strong price performance.
If we only look at the price performance of SOL, it has experienced a cycle of big rise-big fall-big rise. During the dark days when FTX crashed, its price dropped to a single digit of -8 US dollars. Because of its strong connection with FTX, many people thought that SOL would be eliminated by the market. Facts have proved that Solana has survived the desperate situation with its own strength and the power of capital. At present, its ecological value is basically ranked second. Compared with the price of Ethereum, the exchange rate has shown a unilateral increase.
There is no harm without comparison, and Ethereum's performance itself is weaker than other mainstream assets such as BTC and BNB, so there is really nothing to say. However, I would like to add a few points. First, during the bear market, the price drop of Ethereum was not so exaggerated, so it is not fair to look at the exchange rate from the bottom of the bear market. Second, when Ethereum performed best this year, the price was not far from the high point.
The most important point is that Ethereum's ecosystem still ranks first. We cannot think that the development is weak just because Vitalik is in love recently. In fact, the development of L2 layer is Ethereum's biggest success this year. In terms of market conditions, we are waiting for a second test. We thought it would come out yesterday, but the capital relay is more obvious. If it can appear in the next few days, I will still recommend Ethereum as the next mainstream configuration.
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