Canada Launches First Staking-Enabled SOL ETFs, Here’s Why Solaxy Is Key to SOL’s Future

Canada has become the first country to approve a Solana spot ETF with staking capabilities, offered by four asset managers. This ETF will invest in and stake SOL tokens, potentially yielding higher returns than Ethereum staking. The approval contrasts with the US SEC's slower progress on similar ETFs, including Grayscale's pending application. Canada's proactive approach to crypto ETFs follows its earlier launch of a Bitcoin ETF in 2021. Analysts predict the US may approve similar ETFs by the end of 2025, possibly influenced by the pro-crypto stance of the current administration. Solana's price has recently shown strength, gaining over 30% last week, boosting investor confidence. Comparisons to Ethereum's past price performance suggest potential further growth for Solana. However, Solana's scalability issues remain a challenge, hindering its full potential. A new cryptocurrency, Solaxy ($SOLX), aims to address this by providing a Layer 2 scaling solution for the Solana network. Solaxy's successful presale, exceeding $30 million, indicates significant market interest in its solution to Solana's scalability problems.