Solana should not be offered as an ETF due to its strong resemblance to a security and its centralized origins. Solana was pre-mined (unlike Bitcoin) via an "initial coin offering" and distributed to insiders, venture capitalists, and its foundation, creating a concentrated ownership structure. Additionally, its frequent network outages and reliance on a small set of validators raise concerns about its decentralization and resilience. Given these factors, and taking into consideration that the SEC has already considered Solana a security in previous lawsuits, makes it a risky candidate for an ETF approval.