📊｜SOL rises strongly again, VanEck applies for Sol ETF

📌Asset management company VanEck applied to sell Solana ETF, the first such registration in the United States, and just six days after 3iQ applied for a similar product in Canada.

The S-1 registration form filed with the SEC helped boost the 24-hour gains of the SOL token to nearly 8%. The CoinDesk 20 Index (CD20), which measures the broader crypto market, rose 1.8%.

🔻Matthew Sigel, head of digital asset research at VanEck, expressed his views on Solana in an article, arguing that SOL has similar functions to other digital assets such as Bitcoin and Ethereum, treating it as a commodity rather than a security. Sigel mentioned that SOL is used to pay for transaction fees and computing services on the blockchain. Based on the competitive advantages of the Solana blockchain over Ethereum, such as scalability, speed and low cost, VanEck applied for the Solana ETF.

🔻The SEC approved the first spot Bitcoin ETF in January, and the launch of an Ethereum ETF also looks imminent. Analysts expect that an ETH ETF could attract up to $5 billion in five months.

🔻Experts predict that if the ETH ETF is approved, SOL could be the next token to be included in such a fund, as its similarity to Ethereum classifies it as a commodity. However, serious discussions on such products are not expected to begin until 2025. In addition, Standard Chartered analyst Geoffrey Kendric mentioned Ripple's XRP as a possible option.

♦️Solana currently has 2-3 times the number of daily active users compared to the same period last year, close to the peak of the 2021 frenzy. Solana's DEX trading volume has even surpassed Ethereum several times this cycle as it has become the home of memecoin trading. Solana's innovation engine is running hot, and technical advances such as zk compression and user-friendly features such as Blinks are laying the foundation for wider adoption, and we can see that Solana's network effect is taking root in real time.

Solana’s impressive progress cannot be ignored. The entire ecosystem is thriving in unique ways. This parallel adoption is a win for cryptocurrency users because it accelerates innovation and moves the entire industry forward

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