After applying for the first Solana ETF in the United States, Matthew Sigel, VanEck's head of digital assets, tweeted to explain VanEck's reasons. They believe that Solana's efficiency is more conducive to the development of a variety of applications, and the functions of SOL are the same as those of BTC and ETH, and should be equally used. Classified as a commodity category.
(VanEck applied for the first Solana ETF in the United States, Bloomberg analyst: It is not impossible to pass)
Matthew Sigel Full story
Why did we apply for the Solana ETF?
An Ethereum competitor, Solana is an open source blockchain software designed to handle a variety of applications, including payments, transactions, games and social interactions. The Solana blockchain operates as a single global state machine without the need for sharding or L2, and its unique combination of scalability, speed and low cost has the potential to provide a better user experience for a variety of applications.
Solana is capable of processing thousands of transactions per second, with extremely low fees, and uses advanced security mechanisms that combine historical proof and proof of stake. We think Solana stands out for its strong accessibility. We believe this combination of high throughput, low fees, strong security, and a strong community atmosphere makes Solana an attractive ETF choice, providing investors with the opportunity to gain access to a versatile and innovative open source ecosystem. system.
We believe that SOL, Bitcoin and Ethereum are all commodities
We believe Solana’s native token, SOL, functions similarly to other digital commodities such as Bitcoin and Ethereum. It is used to pay transaction fees and calculation services on the chain. Like Ethereum’s ETH, SOL can be traded on digital asset platforms or for peer-to-peer transactions.
The wide range of applications and services supported by the Solana ecosystem, from DeFi to NFT fields, emphasize the utility and value of SOL as a digital commodity, without any single intermediary, entity operating or controlling the Solana network. This principle is called decentralization. Transaction verification and record keeping are jointly maintained by many independent validators distributed around the world. These validators are responsible for processing transactions and ensuring network security. No single entity can monopolize the system.
SOL's decentralized nature, high practicality, and economic feasibility are all consistent with the characteristics of other existing digital commodities, reinforcing our belief that SOL may be a valuable commodity suitable for those seeking to replace the monopoly of technology giants on app stores. Investors, builders and entrepreneurs.
Matthew Sigel Full Story Without a Futures Market, Solana Jumps ETFs
VanEck's decisive application for the Solana ETF injected topic into the sluggish market, but Matthew Sigel was also busy on Twitter explaining the community's bearishness.
He thinks it is foolish to keep emphasizing that Solana is not listed on U.S. futures markets such as CME, and pointed out that the futures market is not important for price formation, and the monitoring and sharing agreement with the spot encryption exchange can meet the needs of futures.
(What is the difference between a Bitcoin spot ETF and a futures ETF? Does BlackRock’s shared oversight agreement have a chance to take the lead among spot ETFs?)
This article VanEck Head of Digital Assets: Why did we apply for the Solana ETF? First appeared in Chain News ABMedia.
