𝗕𝗥𝗘𝗔𝗞𝗜̇𝗡𝗚 𝗡𝗘𝗪𝗦: Investment manager Vaneck has filed an application with the SEC to launch a #Solana ETF
Head of digital assets reaserch Matthew Sigel announced details:
" Why did we file for it?
A competitor to Eth, Sol is open-source blockchain software designed to handle various applications,including payments,trading, gaming, and social interactions. Operating as a single global state machine without sharding or L2s, the Solana blockchain’s unique combination of scalability, speed, and low costs may offer a better user experience for many use cases.
By enabling thousands of transactions per second with minimal fees and employing an advanced security mechanism that combines POH and POS, we believe Solana stands out as a powerful and accessible blockchain software. We think this combination of high throughput, low fees, robust security, and a strong community vibe makes Solana an attractive option for an exchange-traded fund, offering investors exposure to a versatile and innovative open-source ecosystem.
Why do we believe SOL is a commodity like BTC, ETH, etc.?
We believe the native token,SOL, functions similarly to other digital commodities such as BTC and #ETH It is utilized to pay for transaction fees and computational services on the blockchain Like ether on the Ethereum network, SOL can be traded on digital asset platforms or used in peer-to-peer transactions.
The broad range of applications and services supported by the Solana ecosystem,from DeFi to NFTs, underscores SOL's utility and value as a digital commodity.No single intermediary or entity operates or controls the Solana Network,a principle referred to as decentralization.The transaction validation and recordkeeping infrastructure are collectively maintained by a diverse user base comprising numerous independent validators distributed globally. These validators are responsible for processing transactions and securing the network, ensuring no single entity can monopolize the system.
SOL’s decentralized nature,high utility and economic feasibility align with the characteristics of other established digital commodities, reinforcing our belief that SOL may be a valuable commodity with use cases for investors,builders, and entrepreneurs looking for alternatives to the duopoly app stores."
