VanEck has filed for the first Solana ETF in the US, despite past SEC claims that Solana is a security.

VanEck has filed for the first Solana Exchange-traded Fund (ETF) in the US. This new ETF aims to track the price of Solana (SOL), a cryptocurrency the U.S. Securities and Exchange Commission (SEC) previously labelled as a security.

Matthew Sigel, head of digital assets research at VanEck, announced this development on X, highlighting the firm's confidence in Solana's potential despite the regulatory challenges. This filing comes on the heels of the SEC approving spot ETFs for Bitcoin and Ethereum, hinting at a growing acceptance of digital assets in traditional finance.

The proposed VanEck Solana Trust plans to list on the Cboe BZX Exchange and will value its shares based on the MarketVector Solana Benchmark Rate. Sigel argues that Solana, like Bitcoin and Ethereum, should be considered a commodity due to its decentralized nature and practical applications. However, the SEC's past stance on SOL as a security during its enforcement actions against Binance adds a layer of complexity.

Blast Launches Highly Anticipated Token💥

Blast distributed 17 billion BLAST tokens to early adopters in a highly anticipated airdrop, with over a third claimed within hours.

Blast, an Ethereum Layer 2 scaling network, made waves this week with the launch of its highly anticipated BLAST token. At 10 a.m. EDT on Wednesday, 17 billion BLAST tokens were distributed to early adopters, marking a major milestone for the network.

Within hours, over a third of these tokens were claimed, highlighting the strong demand and enthusiasm among the community. Despite this rapid uptake, Blast has yet to confirm the total number of tokens claimed, leaving some room for speculation.

The 17 billion BLAST tokens distributed represent 7% of the total 100 billion supply, according to CoinGecko. At a trading price of $0.028 on Whales Pro, the total value of the airdropped tokens is approximately $476 million. This initial distribution is just a part of Blast's broader tokenomics strategy, which allocates significant portions to core contributors, investors, and community initiatives.

Dexscreener’s Moonshot Competes With Pump.fun 🌙

Dexscreener launched Moonshot, a new token creation platform on Solana, directly competing with Pump.fun and quickly filling with memecoins.

Crypto data platform, Dexscreener has launched Moonshot, a new token creation platform aimed at competing with Pump.fun. Since its debut on June 24, Moonshot has seen a flood of new tokens, particularly memecoins, ranging from political themes to viral video references.

The platform allows users to mint their own tokens on Solana for a small fee and provides tools to add names, symbols, images, and social media links.

Moonshot claims to offer a secure and unruggable environment, although it lacks detailed audit information. The platform's unique selling point is its ability to migrate successful tokens to the decentralized exchange Raydium once they reach a certain market cap, burning a portion of the supply in the process.

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zkSink Valuation Faces 40% Drop🔻

zkSync’s new ZK token saw a 40% drop in market capitalization shortly after launch, despite initial high transaction activity and unique address spikes.

zkSync Era's highly anticipated ZK token launch has experienced a rocky start, with its market capitalization dropping by 40% from its initial valuation. Launched on June 17 with a market cap exceeding $1 billion, the ZK token saw a surge in activity, including over 1.8 million transactions on the first day. However, this excitement was short-lived as sell pressure and broader market conditions drove the market cap down to around $600 million.

The launch brought a significant spike in new unique addresses on zkSync Era, peaking at 35,800 on June 19. Despite this initial boost, transaction counts and active addresses on the network quickly plummeted, indicating that much of the activity was driven by airdrop recipients cashing in their tokens. 

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