Solana Surges on Canadian ETF and Coinbase Infrastructure Upgrade

Solana (SOL) surged to the top of the market in mid-April, outperforming major cryptocurrencies like Bitcoin, Ethereum, and XRP in terms of price gains. The altcoin hit a new monthly high after a slew of Solana ETFs were listed in Canada and Coinbase completed a major upgrade to its platform.

SOL is currently trading around $136, its highest level since March 28, according to data from CoinGecko. The coin is up more than 6% on the day and nearly 23% on the week, making Solana one of the best-performing assets in the top 100 in recent times.

Canada Leads Solana ETF Race

The main driver of the rally was the launch of the world’s first Solana spot ETFs in Canada, backed by major asset managers such as 3iQ, Evolve, CI Financial, and Purpose Investments. Notably, these funds support staking, allowing investors to earn dividends from issuers staking SOL to support the operation of the Solana network.

This information was confirmed by Eric Balchunas, an ETF analyst at Bloomberg, who shared that the Ontario Securities Commission (OSC) has approved these products and the funds will start trading this week.

Currently, Solana spot ETFs have not been approved by the US Securities and Exchange Commission (SEC), although companies such as VanEck, 21Shares, and Bitwise have filed with the regulator.

Coinbase Upgrades Solana Trading Infrastructure

At the same time, cryptocurrency exchange Coinbase has announced a significant upgrade to its system, aiming to improve trading performance for assets on the Solana platform.

According to the announcement on social network X, Coinbase said it has:

- Increased block processing throughput by 5x through asynchronous transaction processing
- Increased RPC performance by 4x using bare metal servers
- Enhanced stability and failover capabilities, optimized liquidity and system control

The move comes after many complaints from users about order congestion and transaction errors when using Solana on Coinbase, especially during the launch of the meme coin based on the image of President Donald Trump in January.

Brian Armstrong, CEO of Coinbase, admitted: "It is clear that we need to step up our support for Solana" and committed to investing in infrastructure to serve the growing demand.

Conclusion: With the launch of a staking ETF in Canada and infrastructure upgrades from a major exchange like Coinbase, Solana is cementing its position as a leading blockchain in terms of performance and scalability. Investors are waiting to see if this uptrend can be maintained and if the US approves a SOL ETF in the near future.