3iQ, a Canadian digital asset manager, has filed for a preliminary prospectus for the first Solana (SOL) exchange-traded product (ETP) on the Toronto Stock Exchange (TSE). If approved, the fund, called QSOL, would become the first SOL ETP to be listed in North America. The Solana ETP aims to provide exposure to the altcoin and track the daily price movements of SOL/USD. It also offers opportunities for long-term capital appreciation and network-generated staking yield. Solana is known for its impressive transaction speeds and scalability, positioning it as a strong contender after Ethereum. It has been attracting developers and users with its proof-of-stake consensus mechanism and is the second-largest smart contract platform by trading volume and market cap. Solana is currently the fifth-largest cryptocurrency with a market cap of over $60 billion. Last month, Standard Chartered Bank predicted that Solana could soon have its own ETFs, following the approval of Ethereum ETFs.
