Solana is a blockchain platform designed to be fast, scalable, and user-friendly. Solana is known for its high speed and low transaction fees when compared to other blockchains such as Ethereum. 

 

In this case, Solana is able to handle more transactions per second at a lower cost. This makes it attractive for a wide range of applications.

 

In addition, Solana uses a unique combination of consensus mechanism proof-of-stake (PoS) and proof-of-history (PoH) to achieve high speed and efficiency.

 

PoH helps verify the order of transactions without requiring as much computing power as traditional PoW methods.

 

Like Ethereum, Solana allows developers to create decentralized applications (dApps) using smart contracts. This creates a wide range of potential uses for the platform in finance, gaming, and supply chain management, among other industries.

 

Quotingberitasatu.com, VanEck recently submitted a proposal for a Solana spot ETF in the United States (US). However, its approval decision is still questionable given that there is no Solana futures ETF available in the US market at the moment.

 

Well, to understand more about what Solana ETF is, starting from its latest status, VanEck Solana ETF proposal, Solana ETF approval challenges and regulations, to the future of Solana ETF, see the following review.

 

 

What is Solana ETF?

Basically, Solana ETFs are Exchange–Traded Fund (ETF) designed to track the performance of Solana, a blockchain platform known for its high transaction speed, low fees, and ability to run smart contracts.

 

Current Status of Solana ETFs

A futures-based ETF for Solana is not currently available for trading on any U.S. market, but there are ETF-like products that investors can purchase, including Grayscale Solana Trust (GSOL), which is a closed-end fund, and VanEck Solana, which is an exchange-traded note.

 

Closed-end funds (CEFs) trade all day on exchanges like ETFs; however, they cannot create or redeem shares on a daily basis.

 

Instead, CEFs enter the market through an IPO with a fixed number of shares. This means CEFs can trade at a premium or discount to their net asset value (NAV).

 

Exchange-traded notes (ETNs) are debt securities that track an index or stock-like asset, but are traded on an exchange and do not represent ownership of the underlying asset.

 

Like bonds, ETNs can be purchased by investors and held to maturity, or they can also be sold on the secondary market to other investors at market prices.

 

Proposal VanEck Solana ETF

On June 27, 2024, VanEck, the ETF issuing company, submitted a proposal to the US Securities and Exchange Commission (SEC) to establish an Exchange-Traded Fund (ETF) that will track the performance of Solana directly.

 

Matthew Sigel, who serves as head of digital asset research at VanEck, stated that VanEck Solana Trust, the new fund, is designed to capitalize on the economic advantages, high utility rate, and decentralized nature of Solana.

 

Regulatory and Approval Challenges of Solana ETFs

Eric Balchunas, ETF analyst from Bloomberg, doubts that this ETF will be approved as there is no Solana futures ETF in the US.

 

Meanwhile, the SEC is concerned about potential fraud and market manipulation that could affect spot ETF products.

 

Therefore, both Bitcoin (BTC) and Ether (ETH) have futures products first before their spot ETFs are approved.

 

 

The Future of Solana ETFs

On the other hand, Eric Balchunas also stated in a post on June 27, 2024 that this situation, which is related to the future of Solana ETFs, might change with a new president and new leadership at the SEC in 2025.

 

Conclusion

 

To conclude, futures-based ETFs for Solana are not currently available in the US market, but there are ETF-like products, such as Grayscale Solana Trust (GSOL) and VanEck Solana that investors can access.

 

As for Solana, with its high speed and low cost, as well as the use of smart contracts, it has great potential for applications in various industries.

 

Despite doubts from analysts such as Eric Balchunas regarding the approval of the Solana spot ETF by the SEC, the future of investing in Solana remains promising.

 

A change in SEC leadership in 2025 might change this situation and open up new opportunities for investors to take advantage of Solana’s economic and decentralization advantages through products ETF kripto spot.

 

Let’s Invest in Solana on INDODAX

 

To invest in Solana on the INDODAX platform, the first step is to register a new account on the INDODAX website.

 

After filling in the required information and verifying the account via email and personal identification, you can proceed to the next stage, which is depositing funds.

 

This process is done by logging into your account, selecting the option to deposit, and transferring funds via the available payment methods. Once the funds have been successfully deposited into your account, you can purchase Solana by selecting Solana (SOL to IDR) from the list of crypto assets on the platform.

 

Then, determine the amount of Solana you want to buy and complete the transaction. The Solana you buy can be stored in the INDODAX wallet or transferred to a private wallet for added security. You also have the flexibility to sell Solana at any time if you want to make a profit.

 

It is important to note that investing in INDODAX offers various benefits and conveniences. INDODAX is one of the largest and most trusted crypto exchanges in Indonesia, with various security features that protect your investment.

 

The Solana registration, deposit, and purchase process is very easy and fast to do. In addition to Solana, INDODAX also provides access to various other crypto assets, allowing you to diversify your portfolio.

 

In addition, INDODAX provides customer service that is ready to help if you experience difficulties.

 

However, it is important to remember that investing in cryptocurrencies like Solana carries a high risk due to high market volatility. In addition, the value of crypto assets can rise and fall quickly due to their volatile nature.

 

Therefore, make sure to do thorough research and consider the risks before investing in cryptocurrencies.

 

FAQ

 

1. What is Solana and Solana ETF?

Solana is a blockchain platform designed to offer high speed and low transaction fees. Solana ETF is an investment product that allows investors to invest in Solana without having to own the coins directly.

2. When and if is the Solana ETF available?

Currently, Solana ETFs are not yet available on the US market. However, there are similar products such as Grayscale Solana Trust (GSOL) and VanEck Solana ETN that can be alternatives.

3. What is the VanEck Solana ETF proposal?

The VanEck Solana ETF proposal is VanEck’s attempt to introduce a Solana-focused ETF. The goal is to capitalize on the economic, high utility, and decentralization advantages of Solana.

4. What are the main obstacles to the approval of the Solana ETF?

The main obstacle is the SEC’s concern about potential fraud and market manipulation. Regulators are still cautious about approving crypto ETFs due to these risks.

5. How is the future of Solana ETFs affected by US politics?

The approval of the Solana ETF could be affected by leadership changes at the SEC and the US political attitude towards crypto. Speculation is that a new leader and more pro-crypto policies could increase the chances of Solana ETF approval in the future.