The launch of the world's first spot Solana ETF in Canada has a significant impact on the cryptocurrency market in three main areas:

1. Increased Institutional Participation: This ETF allows investors to directly hold SOL tokens and earn an annualized return of 6%-8% through staking, reducing the barriers for traditional investors to participate in the crypto market and attracting more institutional capital. For example, U.S.-listed company Janover has increased its holdings of SOL worth $10.5 million and initiated staking, indicating increased institutional confidence.

2. Regulatory Demonstration Effect: The ETF with staking functionality opened in Canada contrasts with the conservative stance of the U.S. SEC, potentially prompting the U.S. to reassess the approval process for similar products. Currently, there are multiple Solana ETF applications pending approval in the U.S., and Canada's lead may accelerate global regulatory competition.

3. Market Volatility and Ecological Impact: Although the short-term price of SOL has fluctuated due to factors such as tariff policies (such as briefly dropping to $112 in early April), it rebounded nearly 20% within a week after the ETF launch, becoming the best-performing asset among the top ten tokens. At the same time, the TVL (Total Value Locked) of the Solana ecosystem, measured in SOL, reached an all-time high, with DEX trading volume accounting for 24%, reinforcing its competitiveness as a public chain.

In the long run, this move may drive more applications for altcoin ETFs and strengthen the legitimacy of crypto assets within the traditional financial system, but it is also essential to be cautious of the continued impact of policy uncertainties on the market.