Source: Cointelegraph
Original: “US SEC Delays Decision on Solana ETF Application”
Gate Research Daily: On May 20, BTC and ETH remain in a volatile range, likely to continue with a fluctuating market in the short term; altcoin trends further diverge, with mixed market performance; Sahara AI launches the SIWA developer testnet; SOON supports Camp Network in launching CAMP SVM, focusing on on-chain autonomous IP.
Cryptocurrency Market Overview
Mining Popular Tokens
JUP Jupiter (+2.50%, Market Cap $1.438 Billion)
According to Gate's market data, the current price of JUP token is $0.504, with a 24-hour increase of 2.5%.
Jupiter (JUP) is a decentralized finance (DeFi) aggregation platform built on artificial intelligence (AI) and blockchain technology, aimed at addressing the pain points of liquidity fragmentation and low trading efficiency in decentralized exchanges (DEX). Its core vision is to become the leading DEX aggregator in the Solana ecosystem by integrating multiple DEX protocols, on-chain data, and AI optimization algorithms to provide users with the best trading paths, lowest slippage, and efficient asset exchange experiences. Jupiter addresses industry challenges such as high trading costs, complex user experiences, and market fragmentation through its core products (such as Jupiter Aggregator, Limit Order, and DCA tools).
In terms of news, Jupiter tweeted that it has integrated the aggregation time tokenization platform time.fun for trading. time.fun supports the buying and selling of time from creators, influencers, and experts, with all tokens available for instant trading on Jupiter.
ADA Cardano (+1.63%, Market Cap $27.146 Billion)
According to Gate's market data, the current price of ADA token is $0.751, with a 24-hour increase of 1.63%.
Cardano (ADA) is dedicated to building a secure and scalable third-generation blockchain platform that provides efficient and sustainable infrastructure for decentralized applications (DApps), smart contracts, and digital assets through a layered architecture and academically driven R&D approach. Its core vision is to promote inclusivity and transparency in global financial and social systems, addressing the pain points of traditional blockchains in scalability, interoperability, and governance, such as high energy consumption, low transaction throughput, and community fragmentation.
In terms of news, Cardano developer EMURGO published an article explaining the redemption process for unclaimed ADA vouchers. It stated that while the vast majority of pre-sale ADA vouchers have been successfully redeemed, a small portion remains unclaimed by the original holders. To assist these participants in redeeming their vouchers, IOG has conducted a detailed seven-year process, including multiple redemption events, to locate all participants and submit their registration information and relevant KYC documents. Given that most initial voucher holders are in Japan, EMURGO supports IOG in contacting these holders to facilitate redemption. Although some holders have been successfully located, there are still some who remain untraceable. The Shelley hard fork has rendered the ongoing voucher redemption ADA unusable, necessitating a transfer to continue the redemption process. The identification process is conducted by a local third party using various investigative methods, including home visits. EMURGO acknowledges the community's expectations for transparency and supports IOG in conducting independent audits.
Alpha Interpretation
SOON Supports Camp Network in Launching CAMP SVM, Focusing on On-Chain Autonomous IP
The Solana Virtual Machine (SVM) Rollup project SOON announced via social media its collaboration with Camp Network to support the launch of CAMP SVM, the first SVM chain based on the SOON Stack, focusing on on-chain autonomous intellectual property (IP). This collaboration marks an important step for the Solana ecosystem in promoting the integration of blockchain technology and intellectual property. CAMP SVM, as a Layer 1 blockchain, aims to provide creators with instant IP registration, AI-driven collaboration tools, and transparent user ownership mechanisms through Solana's high performance and low-cost features.
This collaboration has profound implications for the Web3 ecosystem and the creator economy. CAMP SVM offers new possibilities for the creation, management, and monetization of autonomous IP by combining AI and blockchain technology, attracting widespread attention from the community and developers. Discussions on the X platform indicate that the industry is optimistic about the potential of this innovation, believing it could lead to breakthroughs in AI-driven decentralized applications and the creator economy. However, as an emerging project, the actual effects and market acceptance of CAMP SVM will require time to validate, especially as it may face challenges in the legal and practical application of on-chain IP management.
Sahara AI Launches SIWA Developer Testnet
Sahara AI announced the official launch of its SIWA testnet, a blockchain platform focused on the on-chain confirmation and traceability of AI assets, marking significant progress in the decentralized AI ecosystem. The first phase of the SIWA testnet allows developers to register datasets through ERC-721 NFTs, creating verifiable and transparent ownership records. This mechanism provides an innovative solution for the intellectual property protection of AI data and models, addressing issues of data source opacity and unfair compensation for contributors in traditional AI development. Through the immutable nature of blockchain, Sahara AI ensures that the sources of datasets are traceable, enhancing trust among developers and users.
This development is significant for the decentralized AI economy, as the SIWA testnet lays the foundation for the on-chain management and trading of AI assets, potentially reshaping AI development models and promoting fair distribution of data and models. However, challenges remain, including data privacy, legal compliance, and the cost of large-scale on-chain computation. Discussions on the X platform reflect the community's optimistic sentiment towards Sahara AI, believing that its leading position in the integration of AI and blockchain could bring long-term value, but the actual performance of the mainnet and ecological expansion still need further observation.
US SEC Delays Decision on Solana ETF Application
The U.S. Securities and Exchange Commission (SEC) announced it is delaying its decision on the Solana spot ETF proposals submitted by 21Shares, Bitwise, VanEck, and Canary Capital, citing the need for more time to assess relevant legal and policy issues. This decision aligns with the SEC's consistent cautious approach, especially regarding the approval of financial products involving crypto assets. According to the SEC's statement, this delay does not indicate the likelihood of final approval or rejection but reflects the regulatory body's in-depth consideration of complex issues such as the classification of Solana (SOL) as a potential security and the compliance of ETF products.
The four asset management companies involved in this delay had previously submitted a 19b-4 application through the Cboe BZX exchange, attempting to launch a Solana spot ETF in the U.S. Earlier, these applications were withdrawn in 2024 due to SEC regulatory concerns, but in early 2025, Cboe resubmitted updated applications, demonstrating the issuers' continued optimism regarding the Solana ETF. Market expectations for the Solana ETF are partly driven by the high performance and rapid growth of the Solana blockchain, which has seen its price increase by over 2,500% in the past year, with a market cap surpassing traditional companies like Starbucks and Nike.
Related: U.S. Senate Advances GENIUS Stablecoin Bill
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