Van Eck files for SOL ETF

Big news esp considering SOL is quite small in market cap terms.

Their reasoning? VanEck has filed for the FIRST Solana exchange-traded fund (ETF) in the US.

Reasons for Filing:

Solana is an open-source blockchain designed for various applications, including payments, trading, gaming, and social interactions.

It operates as a single global state machine without sharding or layer 2s, offering scalability, speed, and low costs.

Solana enables thousands of transactions per second with minimal fees and combines proof-of-history and proof-of-stake for security.

High throughput, low fees, robust security, and a strong community make Solana an attractive option for an ETF.

Why SOL is a Commodity:

SOL is used to pay for transaction fees and computational services on the blockchain.

Similar to bitcoin and ether, SOL can be traded or used in peer-to-peer transactions.

The Solana ecosystem supports a broad range of applications, including DeFi and NFTs.

Solana's decentralized network is maintained by numerous independent validators globally.

SOL’s decentralized nature, high utility, and economic feasibility align with other digital commodities, making it valuable for investors and entrepreneurs.