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Franklin Templeton eyes Solana network: A prelude to a Solana ETF?

franklin-templeton-eyes-solana-network-a-prelude-to-a-solana-etf
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Franklin Templeton eyes Solana network: A prelude to a Solana ETF?

Franklin Templeton, a trillion-dollar asset management firm, has recently expressed its support for the Solana network, leading to speculation about the possibility of a future Solana exchange-traded fund (ETF).

Solana (SOL) is increasingly attracting attention from leading investment firms, with Franklin Templeton being the latest to express support. Founded in 1947, Franklin Templeton praised Solana’s protocol co-founder Anatoly Yakovenko’s vision on X on Jan. 17.

Franklin Templeton highlighted the potential of Yakovenko’s concept of a single atomic state machine in decentralized blockchains, which could reduce information asymmetry.

Franklin Templeton also pointed to several areas of growth within the Solana network, including decentralized finance (defi), infrastructure networks, and nonfungible token (NFT) innovations.

The recent rise of the Dogwifhat (WIF) memecoin on Solana was playfully acknowledged by the firm, suggesting a potential change in their profile picture on X to feature Benjamin Franklin wearing a knitted hat, referencing this new coin.

Apart from its known prowess in defi and NFT sectors, Solana has been instrumental in developments such as DePIN and Firedancer. DePIN aims to manage vital physical resources, finding applications in sectors like energy. Meanwhile, Firedancer, a third-party validator client, seeks to enhance transaction processing and overall efficiency on the Solana blockchain.

While Franklin Templeton acknowledged other platforms such as Ethereum, Bitcoin Ordinals, BTC-based layer 2s, and various other Layer 1 networks, its digital assets team seemed particularly inclined towards Solana.

The focus Franklin Templeton gave to Solana led numerous cryptocurrency enthusiasts on X to voice their anticipation that the asset management firm might consider releasing a Solana ETF in the future.

Meanwhile, a post from Bitcoin proponent “Lex” suggested the possibility of a Solana-based ETF being introduced shortly.

Following the launch of spot Bitcoin ETFs on Jan. 11, there’s an industry-wide expectation for other crypto assets, including Ether and XRP, to feature in United States spot crypto ETFs.

Analysts predict that the U.S. Securities and Exchange Commission will make a final decision on several pending spot Ether ETFs around May.

While Franklin Templeton has not filed for a spot Ether ETF, it has expressed enthusiasm for Ethereum and its ecosystem, acknowledging recent challenges but foreseeing a bright future.

The firm is particularly interested in developments like Protodank Sharding via EIP-4844 and restaking, which involve adding cheaper data to blocks and recycling staked Ether for fees and rewards, respectively.

The firm is also keeping an eye on other layer-1 blockchains, which they believe have significant potential, though specific networks were not mentioned.