The whispers are getting louder. Solana ETF. Approved? Maybe. Soon? Possibly. Before we uncork the champagne and declare victory for the little guy, especially the artists and creators in Southeast Asia who I deeply care about, let's ask a crucial question: Who really benefits?
Wall Street Wins, Artists Lose?
The story they’re trying to spin is a story of democratization. "Solana ETF: Access for everyone!" Let's be real. Let’s be clear—an ETF, at its core, is a Wall Street product. This unique system is aimed directly at financial institutions and hedge funds. It serves those organizations that have long-since enriched themselves on the backs of artists, but not on behalf of the artists.
Think about it. Meanwhile, the SEC is hard at work litigating against the very companies mentioned above—Grayscale, VanEck, and Fidelity—demanding amendments to their S-1 offers. They're focused on redemption mechanisms and staking. This second piece of information is fundamental. Who’s thinking about how it impacts a batik artist in Malaysia who’s just trying to tokenize their art? Or a Vietnamese composer just trying to earn their due for their work being streamed?
The irony is almost painful. Solana’s real advantage comes from its promise to provide fast, cheap transactions to give creators the tools to access avoid the traditional gatekeepers. An ETF? That’s a huge leap backward toward those same gatekeepers. It’s the equivalent of creating a highly efficient toll highway, then giving the keys to the toll booths to the same tired Fortune 500 companies.
Forgotten Voices, Amplified Anxiety
I’ve had the privilege of working for years with artists from every corner and culture within Southeast Asia. I've seen their struggles firsthand. The inability to access funding, the overuse and/or poaching by intermediaries, the never-ending struggle for attention. Web3, with its promise of decentralization, looked like it might hold the answer. An opportunity to lay the groundwork for a more equitable, safe, and convenient system.
Unless carefully managed, I worry that it will do the opposite and deepen inequalities. No one wants to imagine a future where most of the SOL supply is in the hands of just a few institutions. What agency does a local, small, yet talented artist have at that point? What occurs when these profit-maximizing universities virtualize their conviction and begin to set the tone for where the Solana ecosystem goes?
This is not only about losing dollars, this is about losing control. It's about ensuring that the voices of Southeast Asian artists, the very voices that bring so much richness and diversity to the world, aren't drowned out by the roar of Wall Street.
I get the excitement. Recently, Bloomberg analysts raised the chances of approval to 90%. SOL is surging. Everyone wants to ride the wave. We shouldn’t allow ourselves to be carried off by the circus atmosphere.
Beyond ETFs: Community-Led Solutions
What about:
- DAOs (Decentralized Autonomous Organizations): Funding mechanisms controlled by the community, not by Wall Street.
- Grant Programs: Direct financial support for artists and developers in Southeast Asia.
- Community-Led Initiatives: Educational programs, mentorship opportunities, and platforms that amplify local voices.
| Initiative | Benefit | Challenge |
|---|---|---|
| DAOs | Community control, transparent funding | Governance complexities, scalability |
| Grant Programs | Direct support, targeted impact | Dependence on donors, potential bias |
| Community Hubs | Networking, skill-sharing, visibility | Resource intensive, requires local buy-in |
We cannot keep creating systems that cater to institutions’ profit margins over the needs of our creators. If we want to get and keep the best educators, we need an education culture of collaboration and appreciation, rather than competition and commodification. Think of it like this: an ETF is like a giant shopping mall, filled with the same generic brands. We want dynamic homegrown markets! Maintaining these spaces keeps artists focused on the thing they do best — putting on captivating performances while connecting with their audiences.
The SEC might be looking at S-1 filings, it’s high time we start looking at our priorities. Are we on a path to a future where technology unlocks the greatest potential for artists to thrive? Or are we simply replicating these same inequities and power structures online? The answer, my friends, is blowing in the wind because it’s in our hands. The future is coming, let’s make the smart decisions! If we don’t, the Solana ETF will merely be another brick in the wall, muting the most important voices.
