VanEck's announcement of the Solana spot ETF application

According to Matthew Sigel, head of digital asset research at VanEck, announced on X that they submitted an application for a Solana spot ETF to the U.S. Securities and Exchange Commission (SEC) on June 27.

Sigel discussed why VanEck considers Solana (SOL) a commodity. He explained that SOL operates similarly to other digital currencies like BTC and ETH. SOL is used to pay transaction fees and for services on the blockchain.

Like ETH on the Ethereum network, SOL can be traded on digital currency platforms or used in peer-to-peer transactions.

Michael further stated that aboutthe unique combination of scalability, speed, and low cost of the Solana blockchain can offer a better user experience for many use cases."

VanEck sees great potential in Solana’s ability to handle thousands of transactions per second at low fees.

SOL has increased by ~8% in the past 24 hours, following VanEck’s announcement of the Solana spot ETF application. – Crypto forum discussions about all aspects of cryptocurrency bitforum socialfi #InnovationSocialNetwork

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Could $SOL be the new $ETH :money_mouth_face: :money_with_wings: