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  • Writer's pictureBrandon Zemp

VanEck Files 1st Solana ETF in the United States

VanEck Files 1st Solana ETF in the United States

VanEck, an investment management firm, has revealed its submission for the inaugural Solana spot ETF in the U.S. VanEck asserts that Solana provides a superior user experience when compared to Ethereum. The VanEck Solana Trust is set to be listed on the CBOE BZX Exchange.

The main goal of the VanEck Solana Trust is to replicate the price movement of Solana (SOL) while considering the Trust's operating costs. In order to accomplish this, the Trust will possess SOL and calculate the value of its Shares daily using the MarketVectorTM Solana Benchmark Rate.

The Trust comprises various essential elements. VanEck Digital Assets, LLC serves as the Sponsor, Delaware Trust Company acts as the Trustee, and a designated SOL Custodian will be responsible for holding the Trust's SOL. It is crucial to note that the Trust will not participate in staking activities, thereby forgoing the opportunity to earn extra SOL or generate income from staking rewards.

Solana, with its impressive market capitalization, has emerged as a formidable contender in the blockchain space, particularly challenging the dominance of Ethereum. Known for its high-performance capabilities, Solana has garnered attention for its scalability and speed, offering a platform that can process thousands of transactions per second. This increased throughput has positioned Solana as a promising solution for decentralized applications and projects requiring fast and efficient transaction processing.

Moreover, Solana's innovative technology, such as its unique proof-of-history consensus mechanism, sets it apart from other blockchain networks. This mechanism enhances the overall efficiency and security of the blockchain, contributing to its growing popularity among developers and users alike. The ecosystem surrounding Solana has also been expanding rapidly, with a diverse range of decentralized applications and protocols being built on the platform.

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