21Shares, a Zurich-based leader in cryptocurrency ETPs, launches the world‘s first ETP on Solana (SOL) on the Swiss exchange’s regulated market, SIX Exchange, strengthening its position as the leading issuer of cryptocurrency ETPs. The new ETP, indicated by the acronym ASOL, will be able to generate extra income thanks to the remuneration on staking; in fact, it will be used to approve transactions on the Solana blockchain.
Solana is a multifunctional and open source project, which exploits the conformation of blockchains as structures that do not require authorization mechanisms, to provide decentralized finance (DeFi) services. Although the idea and implementation began in 2017, it was launched in March 2020 by the Solana Foundation – a company based in Geneva, Switzerland – administered by developer Anatoly Yakovenko. One of Solana’s main innovations is the consensus mechanism called Proof-of-History (PoH). This asset is known in the world of cryptocurrencies due to the extremely short time with which its blockchain processes transactions; something that has attracted the attention of many institutional investors. The Solana protocol was designed to be accessible to both small and large investors and one of the ways in which it guarantees this feature is the freezing of fees and commissions, which will not grow over time. In this way, on the protocol there will be low transaction costs, scalability and process speed, all aspects that convinced the 21Shares commission for the listing to launch an ETP with Solana as the underlying asset.
More information on this cryptoasset can be found on two studies that the 21Shares research team has just published. Despite recent volatility, 21Shares posted net revenue of over $ 55 million in June, spread across all of its ETPs.