Grayscale launches 16th product: Solana Trust
Grayscale, one of the biggest investment giants in the world, primarily known for its Bitcoin trust, is adding another cryptocurrency to its list. The firm has announced the Solana Trust, which will allow investors exposure to the native token of the smart contracts platform.
Grayscale ready to take on rivals
The Grayscale Solana Trust came after the recent release of a Solana trust product by the rival of the investment firm, Osprey Funds. This year, Solana has been on a roll, rising from $1.09 to an all-time high of $260.06 in the past 52 weeks."Our family of Grayscale products will continue to expand alongside this exciting asset class, as we remain committed to offering investors opportunities to access the digital economy," said Grayscale CEO Michael Sonnenshein.The Grayscale Solana Trust is similar to other single-asset products from the firm and will be available for daily subscription for investors.
Solana to replace Ethereum?
The popularity of the smart contracts platform knew no bounds this year, breaking all previous records. The smart contracts platform is popular for its Proof-of-History mechanism followed by speedy transactions and low fees. Grayscale aims to capitalize on the popularity of the platform.Solana is often rivaled to Ethereum because of its low fees. SOL is currently the 5th biggest cryptocurrency in the world, with a 2.7 billion USD trading volume and $65.1 billion market cap.
In a recent statement, the CEO of a major cryptocurrency exchange, FTX, Sam Bankman-Fried, said that Solana and Avalanche are the next Bitcoin (BTC). Solana can process around 50,000 transactions in a second, and Bankman-Fried sees huge potential in the platform. Investors will have the opportunity to take part in SOL's growth via the Grayscale trust.
Solana is one of the most eco-friendly blockchain-based platforms in the crypto space. Recently, Solana revealed in the energy report that it utilizes energy levels lower than two Google searches.
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