The first Solana Spot ETF application in the United States has been submitted, and SOL is regarded as a digital commodity.

Recently, an American asset management company submitted an application for a Solana trust to the Securities and Exchange Commission (SEC). This trust is essentially an exchange-traded fund (ETF) that plans to issue common stock with equity. These shares may potentially be listed and traded on an exchange, with specific details to be announced in the issuance notice. Currently, the trust only accepts subscriptions and redemptions in cash form. It is noteworthy that this application signifies that the company has officially submitted a request to the SEC for a Solana Spot ETF.

The company's head of digital asset research announced the news on social media, stating that they have just applied for the first Solana ETF in the United States. He also shared some views from the company regarding SOL being considered a commodity.

Why apply for this 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, and its unique combination of scalability, speed, and low cost can provide a better user experience for many use cases.

Solana can achieve thousands of transactions per second at minimal cost and employs advanced security mechanisms that combine historical proof and proof of stake. The combination of high throughput, low fees, strong security, and an active community atmosphere makes Solana an attractive choice for ETFs, 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 the functionality of SOL is similar to that of other digital commodities. It is used to pay for transaction fees and computational 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 (NFTs), highlighting the utility and value of SOL as a digital commodity. The Solana network operates and is controlled without 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 no single entity can monopolize the system.

The decentralized nature, high practicality, and economic feasibility of SOL align with the characteristics of other mature digital commodities. This further confirms the company's view that SOL could be a valuable commodity for investors, builders, and entrepreneurs looking for alternatives to a dual oligopoly app store.