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Solana Spot ETFs, Solana Network Fees Skyrocket, On-Chain Emails & More

Also: Implications of the EU's new Anti Money Laundering Regulation (AMLR).

Welcome back!

This is J264G and this week I’ve got these titbits for you:

  • Solana Spot ETF: Grayscale wants to launch a Solana Spot ETF. 

  • Network Fees: Solana captures ~16% of all daily network fees.

  • Blockchain Emails: Send emails on Solana with SolMail. 

Only got 1 minute for your weekly Solana update? No worries, here’s all you need to know ⬇️

Now, let's go further down the Solana rabbit hole!

Click on any underlined heading/hyperlink to learn more.


Self Sovereignty Remains King

Last week, EU lawmakers adopted three key texts in a broad anti-money laundering legislative package — ultimately activating the EU's new Anti Money Laundering Regulation (AMLR).

Many were quick to argue that this step essentially bans anonymous crypto transactions and non-custodial wallets in Europe.

That’s fake news.

Here’s the long and short of it: financial institutions such as centralised exchanges will now have to comply with a more robust regulatory framework, rules, and regulations — all of which don’t apply to anonymous crypto transactions and non-custodial wallets. 

What does this tell us? 

Self sovereignty remains king.

Non-custodial wallets remain king.

The on-chain economy remains king.

But let's get real for a minute: the conventional economic model and traditional financial system have not been working for younger generations. Consequently, younger generations face more significant financial challenges than their parents did.

This trend is underpinned by a desire for greater autonomy, security, and efficiency in managing personal wealth — the very promise of crypto. 

In this context, non-custodial wallets not only enhance the security of assets, reducing the risk of institutional failure or fraud, but also empower individuals to be the sole decision-makers regarding their financial assets. 

Moreover, non-custodial wallets allow for the participation in DeFi, memecoins, and NFTs: 

  • DeFi: Censorship resistant and permissionless access to low-cost capital markets — 24/7.

  • Memecoins: Memecoins play a pivotal role in democratising access to economic wealth for younger generations, offering entry points into investment and crypto markets through familiar and engaging internet culture.

  • NFTs: NFTs empower younger generations by offering novel avenues for digital ownership and creativity, paving the way for new forms of economic wealth generation through art, collectibles, and virtual assets. 

The generations before us have secured their bag and pulled the ladder up behind them — leaving us behind.

Non-custodial wallets incl. the access to DeFi, memecoins, and NFTs allow us to chart a new economy, levelling the playing field.

So, although the EU’s new Anti Money Laundering Regulation (AMLR) doesn’t restrict anonymous crypto transactions or non-custodial wallets just yet, I bet European regulators are hell-bent to try to regulate or ban these in the upcoming years. 

Having said that, the US is not immune to EU regulation. Remember GDPR? The associated compliance necessitated significant adjustments in data handling practices, which led to operational changes and increased data security measures for U.S. companies as well.

We need to prevent any ponderings, discussions, and actions that aim at regulating or banning anonymous crypto transactions and non-custodial wallets — at all costs.

Because if we're unsuccessful, we can pack up, get that cubicle job, rejoice over perks like fruit baskets and corporate stationary merch — all while looking forward to our 20 days of annual leave.

Thus, I reckon we need to start spending more time lobbying for crypto in general, and self custody in particular, in the European Parliament in both Strasbourg and Brussels.

Die noten woll smaken, die moet ze kraken!

Chart Of The Week

News Bites

Solana Spot ETF: Grayscale wants to convert its $GSOL Trust to a Solana Spot ETF. According to an SEC filing, the asset manager wants investors to gradually turn their attention toward other cryptocurrencies, such as Ethereum and Solana.

Network Fees: Currently, Solana captures ~16% of daily fees collected across all major protocols — median fee: $0.004. Just a while back, Solana accounted for less than 1% of daily aggregate fees. 

LST APYs: Due to high network traffic, validator operations on Solana have been highly profitable over the last couple of weeks. Some validators are sharing their profits with stakers — here's a LST APY overview.

Blockchain Emails: Ever wondered how it feels like to send emails on a blockchain? Well, you're in luck — SolMail just demoed sending emails on Solana!

OKX 💜 Solana: OKX continues to ship Solana campaigns. The exchange's newest Solana campaign is all about token extensions. Learn more about token extensions and how you can trade them here.

Solana Trading: You'd like to start trading on Solana, but don't know where to start? Mango's token explore page got you covered! Browse through the overview and click on individual coins for a more detailed profile.

Caught In 4K

Weekly Takes

Keks & Giggles

And that's a wrap!

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Talk soon!

None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research. Lastly, please be advised that we discuss products and services from our partners from which our team members may hold tokens/equity.