Solana is once again seeing a major spike in trading activity, and PumpSwap has become the go to hub for solanas memecoin trading frenzy. This boom has been nothing short of life-changing for Janover, whose U.S.-list company has seen its Solana token holdings balloon by a factor of hundreds. In neighboring Canada, the Ontario Securities Commission has approved multiple Solana staking ETFs. This initiative is part of a growing institutional interest in the Solana ecosystem.
PumpSwap's Role in Solana's Trading Surge
PumpSwap generated in just a few weeks of launching in late March, has quickly become the center of Solana’s trading mania. The memecoin-focused decentralized exchange (DEX) has served as a home for participants of the memecoin craze to trade. PumpSwap handled nearly $2.5 billion in weekly volume, making it one of the hottest platforms going on.
The platform’s design has created a “frictionless environment” for traders, which has attracted a ton of explosive, hyperactive activity. This recent spike in trading volume is a clear indication of the rising interest in Solana-based assets. The wider Solana blockchain ecosystem is riding a lightning-fast high right now, fueled by all the buzz around activity on projects like PumpSwap.
Janover's Growing Solana Holdings
In particular, Janover has smartly cranked its Solana token exposure higher, profiting from their surge thanks to the NFT-powered trading boom. Initially, Janover purchased 80,567 Solana tokens. Fast forward to now, Janover’s treasury has ballooned to 163,651 SOL, currently valued at around $21 million.
Janover marks the first U.S.-listed company to have a treasury focused on Solana. This latest move places Janover at the cutting edge of the companies adopting Solana. Janover’s investment is a big bet in a strategic position and aims to take advantage of the skyrocketing growth of the Solana ecosystem.
Solana ETFs Gain Approval in Canada
The Ontario Securities Commission has already approved Solana staking ETFs from four large asset managers. Purpose, Evolve, CI, and 3iQ are now able to provide these products. Each of the approved products offers investors the opportunity to earn staking rewards through ETF shares.
Yet another sign of increasing institutional adoption of Solana, Synthetify’s regulatory approval in Canada is a notable development. American asset managers, such as Grayscale, Bitwise and VanEck, have Solana ETF applications pending approval. The approval of Solana ETFs in Canada would have the chance to sway the ongoing regulatory tussle over cryptos in the U.S.
