This week, VanEck came to the limelight after it submitted the first Solana ETF in the United States.
Recently, the head of the United States-based digital assets research company, VanEck, Matthew Sigel, stated in a post on X that VanEck has applied for the first Solana ETF in the United States.
Sigel also went on to list the rationale for deciding to file for a Solana ETF and also outlined the benefits of Solana, which he said is a rival to Ethereum.
Source: X
In the Post, Sigel also explains why they believe SOL is a commodity like Bitcoin and Ether. He added:
"We believe the native token, SOL, functions similarly to other digital commodities such as #bitcoin 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."
SOL is believed by VanEck to be a digital asset because it is functionally similar to conventional cryptocurrencies such as Bitcoin and Ether.
SOL is the native token of the Solana ecosystem as it is used to pay for transaction fees and computational power on the Solana blockchain. It is transferable on digital asset trading platforms and useful in direct exchange between individuals.
Solana is compatible with various sectors, including decentralized finance, gaming, stablecoins, NFTs, and more. Such diversity proves that SOL is a valuable asset in its intrinsic sense and is an object of digital trade.
The Solana network does not allow any third party to monopolize the network since a global group of validators is in charge of the architecture.
The timing of VanEck's filing is particularly noteworthy, coming on the heels of Canada's 3iQ's Solana ETF filing.
Despite the fact that some critics doubt the correspondence of spot Solana ETFs to the criteria of the futures market for Bitcoin and Ether, the peculiarities of the situation indicate a more positive scenario.
The crypto community is already wondering whether other large players will follow the example of VanEck in this regard. If giants like BlackRock decide to enter the fray, the expectation among Solana fans would indeed go through the roof.
VanEck’s decision to apply for the first Solana ETF in the U. S. is not just an introduction of a new financial instrument, but an indication of faith in the blockchain and its uses. In categorizing SOL as a digital asset, VanEck is not only acknowledging the current use and worth of the token but also staking on the token’s capacity to redefine the future economy.
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