Solana

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FIRST

<ul>
 <li><strong>VanEck files for the first-ever Solana ETF in the US, emphasizing its scalability, speed, and low-cost transactions.</strong></li>
 <li><strong>Solana is compared to digital commodities like Bitcoin and Ethereum, showcasing its high utility and decentralized nature.</strong></li>
</ul>
<p>In a groundbreaking <a href="https://x.com/CollinBrownXRP/status/1806322702275231822" rel="noopener noreferrer nofollow">announcement</a>, VanEck has filed for the first Solana exchange-traded fund (ETF) in the United States. This move positions Solana alongside major digital commodities such as Bitcoin and Ethereum, reflecting its robust blockchain capabilities and unique market potential.</p>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <p lang="en" dir="ltr">I am excited to announce that VanEck just filed for the FIRST Solana exchange-traded fund (ETF) in the US.</p>
 <p>Some thoughts on why we believe SOL is a commodity are below.</p>
 <p>Why did we file for it?<br>A competitor to Ethereum, Solana is open-source blockchain software designed to… <a href="https://t.co/XwwPy8BXV2" rel="noopener noreferrer nofollow">pic.twitter.com/XwwPy8BXV2</a></p>
 <p>— matthew sigel, recovering CFA (@matthew_sigel) <a href="https://twitter.com/matthew_sigel/status/1806313241431138434?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">June 27, 2024</a></p>
</blockquote>
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<h2 id="why-solana">Why Solana?</h2>
<p><a href="https://www.crypto-news-flash.com/solana-welcomes-wbtc-via-wormhole-bridge-for-defi-application/" rel="noopener noreferrer nofollow">Solana</a>, often seen as a formidable competitor to Ethereum, is an open-source blockchain designed to support a wide range of applications. These include payments, trading, gaming, and social interactions, all operating seamlessly within a single global state machine. Unlike many other blockchains, Solana does not rely on sharding or layer 2 solutions to achieve scalability. Instead, it boasts a combination of scalability, speed, and low transaction costs, which may offer a superior user experience for various use cases.</p>
<p>VanEck’s head of research, Matthew Sigel, highlighted these strengths in a recent tweet:</p>
<blockquote>
 <p>By enabling thousands of transactions per second with minimal fees and employing an advanced security mechanism that combines proof-of-history and proof-of-stake, we believe Solana stands out as a powerful and accessible blockchain software.</p>
</blockquote>
<h2 id="solana-as-a-digital-commodity">Solana as a Digital Commodity</h2>
<p>VanEck’s decision to file for a Solana ETF is grounded in the belief that SOL, Solana’s native token, functions similarly to other digital commodities like <a href="https://www.crypto-news-flash.com/breaking-coinbase-fighting-for-all-bitcoin-and-xrp-investors-by-suing-sec-for-exceeding-their-authority/" rel="noopener noreferrer nofollow">Bitcoin</a> and <a href="https://www.crypto-news-flash.com/spot-ethereum-etfs-to-trigger-market-rally-why-solana-and-this-viral-ico-will-benefit-the-most/" rel="noopener noreferrer nofollow">Ethereum</a>. SOL is used to pay for transaction fees and computational services on the Solana blockchain, paralleling the role of ether on the Ethereum network. Moreover, SOL can be traded on various digital asset platforms or used in peer-to-peer transactions, enhancing its liquidity and utility.</p>
<p>The Solana ecosystem supports a diverse range of applications and services, from decentralized finance (DeFi) to non-fungible tokens (NFTs), further underscoring SOL’s value as a digital commodity. Its decentralized nature is a key feature, with no single entity controlling the network. Instead, transaction validation and recordkeeping are maintained by a global network of independent validators, ensuring a secure and resilient infrastructure.</p>
<p>Sigel emphasized, “The broad range of applications and services supported by the Solana ecosystem, from decentralized finance (DeFi) to non-fungible tokens (NFTs), underscores SOL’s utility and value as a digital commodity.”</p>
<p>VanEck believes that Solana’s decentralized nature, combined with its high utility and economic feasibility, aligns with the characteristics of other established digital commodities. This belief reinforces the rationale behind launching an ETF that offers investors exposure to Solana’s versatile and innovative open-source ecosystem.</p>
<p>The <a href="https://www.crypto-news-flash.com/solana-price-chart/" rel="noopener noreferrer nofollow">Solana price (SOL)</a> has risen sharply by over 7% in the last 15 minutes, from $140 to $148, following this announcement. Whether more upside movement will follow will be revealed in the next few hours.</p>
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BREAKING: VanEck Files for First Solana ETF in the US – Will SOL Price Skyrocket?

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