OVERVIEW

Solana ETF Filed By VanEck 😱 

VanEck might as well get the reward for saving the whole crypto market from another dreary day of losses. The SOL ETF filing, while not a surprise, was certainly unexpected - especially when you consider the ETH ETFs have not yet traded. 🟢 

In today’s Litepaper, we’ll examine the SOL filing. Additionally, LINK’s data is now available on another big-name network.

Also on deck: a good chunk of GameFi news and updates. 📰

Before we dive in, here’s today’s crypto market heatmap:

And here’s a look at crypto’s total and altcoin market cap YTD:

NEWS
VanEck Files for Solana ETF in the U.S. 🧨 

Well, that happened faster than anyone thought: VanEck filed for a Solana ETF with the SEC. filing for a Solana ETF in the U.S. 🤯 

The Solana Trust

Per the ETF filing, the VanEck Solana Trust’s objective is to reflect the with the price of Solana, minus operational expenses. The trust will hold SOL and value its shares daily based on the MarketVector Solana Benchmark Rate. This filing comes after the recent approval of the first spot $ETH ETFs in the U.S., which reclassified ETH as a commodity.

Matthew Sigel, head of digital assets research at VanEck, emphasized Solana’s role in the digital commodities landscape. “We believe the native token, $SOL, functions similarly to other digital commodities such as Bitcoin and Ether,” Sigel noted, highlighting the token’s utility on the blockchain. ⛓️ 

Crypto’s Next Big Step

VanEck’s filing is the first of its kind in the U.S. and follows a similar initiative in Canada. The announcement has already boosted SOL’s value by 8%. With the VanEck Solana Trust, there’s a new, exciting opportunity for investors and recognition for Solana as a crucial digital asset. 🥾 

Solana’s responded very well to the news today, up nearly +9% at the time of writing. The boost has also helped the total altcoin market cap by regaining and holding onto the critical $1 trillion level. 🚀