Solana spent years building a staking culture in which over two-thirds of the circulating supply is delegated to validators, earning roughly 6% annually from inflation and fees. Non-staking Solana ETFs might just change this dynamic.
Now that reflexive on-chain participation faces a new competitor: exchange-traded funds that either cannot or will not stake.
Hong Kong’s ChinaAMC Solana ETF began trading on October 27 with an explicit mandate not to stake any of its SOL holdings, while the US already runs three stake-enabled products: the REX-Osprey’s SSK, the Bitwise BSOL, and the Grayscale GSOL.
These funds direct their custodian to delegate and distribute rewards net of fees. The split creates a natural experiment: will large pools of non-staking ETF capital drain Solana’s validator economy, or will the yield feedback loop pull liquidity back on-chain?
The answer depends on which model scales. Non-staking ETFs impose a pure fee drag; for example, ChinaAMC’s ongoing charges amo
We współpracy z: https://cryptoslate.com/do-sol-etfs-risk-centralizing-solana-and-who-actually-gets-the-yield/
