Major cryptocurrency network Solana (SOL) has released a major upgrade on its mainnet as rumors around a possible Exchange Traded Fund (ETF) application intensify. Titled V 1.18.15, the new upgrade is the latest on the Solana blockchain and aims to improve the programmable blockchain for its end users.
Solana on the Rise?
Solana’s star is on the rise as the crypto maintains its position as the network of choice for blockchain developers. Despite its occasional choking problems, an overwhelming majority of new blockchain development is being done on the fifth-largest crypto network by market capitalization.
Trailing only Bitcoin, Ethereum, USD Tether, and BNB in the charts, SOL is making great progress on the valuation front.
The digital currency has risen almost 128.5% during this time, outperforming both Bitcoin and Ethereum in the process. For years, Ethereum has occupied second place in the crypto charts, and all prospective alternatives have bitten the dust. Solana suffered a ton during the last bear market, losing 96% of its value from the peak levels of 2021.
However, the network has bounced back effectively, and the one aspect it is really benefitting from is that it is a blockchain that programmers and decentralized projects actually like. Solana is more scalable and, to some extent, faster than Ethereum. But Ethereum still reigns supreme due to its legacy value and extensive development efforts, so it will not be an easy target for Solana.
The latest Solana upgrade includes some crucial bug fixes and the community’s attempt at speeding up transactions. The main problem plaguing the network has been congestion issues, and now serious attempts are being made to close the lid on it. However, Solana isn’t the only programmable network that faces this problem. Ethereum is notorious for it, and so are its other well-known competitors.
Solana and XRP ETF Rumors
Solana and XRP are reportedly the next candidate for spot ETF approval in the United States. The ETF rumor has been around for the last few weeks since the US Securities and Exchange Commission (SEC) approved the first Ethereum ETFs.
While crypto-skeptic financial institutions like JPMorgan Chase have played down the prospects of Solana and XRP ETFs, others do not share the same opinion. BlackRock is reportedly the most prominent name eying a spot SOL ETF.
The largest asset manager in the world manages over $15 trillion worth of assets and operates the most successful Bitcoin ETF fund to date. It is also reportedly interested in these smaller coins and wants to offer ETFs for many of them.
However, BlackRock is only one part of the equation, as the SEC has to approve these spot ETFs. There is no indication yet regarding their intention, but if they allow applications, there is a strong chance of eventual acceptance.
