The first Solana ETF application in the United States has been submitted, and SOL may be classified as a digital commodity.

Recently, an American asset management company submitted an application document for a Solana trust to the SEC. This trust is essentially an exchange-traded fund (ETF) that plans to issue common stock with equity, expected to be listed for trading on a certain exchange, with the specific listing date to be determined in the issuance notice. It is worth noting that this trust currently only supports subscription and redemption in cash, which is different from other Solana trust products launched previously. The details of this application document indicate that the company has officially submitted an application for a Solana Spot ETF to the SEC.

The head of digital asset research at the company announced the news on social media, stating that they have just applied for the first Solana exchange-traded fund in the United States. He also shared some views that the company holds regarding SOL being a commodity.

Why apply for a Solana ETF? Solana, as a competitor to Ethereum, is an open-source blockchain software designed to handle various applications, including payments, trading, gaming, and social interactions. The Solana blockchain operates as a single global state machine, without the need for sharding or layer two networks. Its unique combination of scalability, speed, and low cost can provide a better user experience for many use cases.

By enabling thousands of transactions per second at the lowest cost and employing advanced security mechanisms that combine proof of history and proof of stake, Solana is considered a powerful and accessible blockchain software. The combination of high throughput, low fees, robust security, and an active community atmosphere makes Solana an attractive choice for exchange-traded funds, providing investors with a versatile and innovative open-source ecosystem.

So, why is SOL considered a commodity similar to Bitcoin and Ethereum? The company believes that SOL, as the native token of Solana, has functions similar to other digital commodities. It is used to pay for transaction fees and computation services on the blockchain. Like Ether on the Ethereum network, SOL can be traded on digital asset platforms or used for peer-to-peer transactions.

The Solana ecosystem supports a wide range of applications and services, from decentralized finance (DeFi) to non-fungible tokens (NFT), highlighting the utility and value of SOL as a digital commodity. The operation and control of the Solana network are not governed by any single intermediary or entity, embodying the principles of decentralization. The transaction validation and record-keeping infrastructure is maintained by a diverse group of globally distributed independent validators. These validators are responsible for processing transactions and securing the network, ensuring that no single entity can monopolize the system.

The decentralized characteristics, high practicality, and economic feasibility of SOL align with the features of other mature digital commodities. This further confirms a viewpoint: for investors, developers, and entrepreneurs looking for alternatives to mainstream app stores, SOL may be a valuable commodity.