Solana ETF in Development: Application Submitted

Canadian asset manager 3iQ has submitted a legal document for the application of Solana (SOL) exchange-traded product (ETP). The Ontario Securities Commission (OSC) will review the matter. If approved, it would be the first of its kind in the United States.

Solana ETF or ETP?

An ETP is an umbrella term that encompasses various listed investment products, including exchange-traded funds (ETFs). An ETF is a specific type of ETP that is traded on an exchange like a share.

If approved, the new Solana fund will trade under the ticker QSOL. In addition to exposure to SOL’s price movements, the fund will also provide exposure to staking proceeds generated by the network.

Future vision 3iQ

3iQ, the applicant, has a history of offering crypto funds. For example, it was the first fund manager to publicly trade a fund bitcoin (BTC) fund and a ethereum (ETH) fund in Toronto.

3iQ has indicated that it wants to continue pioneering in digital asset management and offering new funds. The asset manager maintains high standards and only collaborates with first-class partners, catering to both private and institutional investors.

Solana users hit by “sandwich bot”

In the past two months, a so-called “sandwich bot” made significant profits by manipulating Solana users’ transactions. The bot, known as arsc, performs a MEV (Maximal Extractible Value) sandwich attack, embedding victims’ transactions between two of its own. This allows the bot to manipulate the price and profit from price differences.

According to Ben Coverston of MRGN Research, arsc has earned approximately $30 million from this. The winnings are split between three different wallets, one of which contains an estimated $20 million worth of SOL and other cryptocurrencies. Despite efforts to conceal their activities, the impact of these attacks remains significant.

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