A U.S. asset management company has applied to launch a Solana Spot ETF, emphasizing the commodity attributes of SOL.

Recently, an American asset management company submitted an application document to the SEC, intending to launch a trust product based on Solana. This trust product is essentially an exchange-traded fund (ETF) that plans to issue tradable common stock and is expected to be listed on a certain exchange. It is worth noting that this product currently only supports cash-based subscriptions and redemptions, which differs from similar products available in the market. This move indicates 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 and shared their view that Solana is a commodity.

Solana, as a potential competitor to Ethereum, is an open-source blockchain platform designed to handle a variety of applications including payments, trading, gaming, and social interactions. The Solana blockchain operates as a single global state machine, eliminating the need for sharding or layer 2 networks. Its unique scalability, high speed, and low cost features provide a superior user experience for a variety of use cases.

Solana can achieve thousands of transactions per second at extremely low fees, utilizing an advanced security mechanism that combines historical proof and proof of stake. These features make Solana a powerful and user-friendly blockchain software. The combination of high throughput, low fees, strong security, and an active community atmosphere makes Solana a highly attractive choice for ETFs, providing investors with a versatile and innovative open-source ecosystem.

The company believes that Solana's native token SOL is functionally similar to other digital commodities such as Bitcoin and Ether. It is primarily used to pay transaction fees and computational services on the blockchain. Similar to Ether on the Ethereum network, SOL can be traded on various 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 (NFTs), highlighting the utility and value of SOL as a digital commodity. The operation of the Solana network is not controlled by any single intermediary or entity, embodying the principles of decentralization. The infrastructure for transaction validation and record keeping is maintained by a diverse group of independent validators distributed globally. These validators are responsible for processing transactions and securing the network, ensuring that the system is not monopolized by any single entity.

The decentralized characteristics, high practicality, and economic feasibility of SOL are consistent with the traits of other mature digital commodities. This further confirms that SOL could be a valuable commodity for investors, developers, and entrepreneurs looking for alternatives to the dual oligopoly of application stores.