The details of wealth are always hidden in the fine print. Morgan Stanley's preliminary prospectus for the Solana Trust filed with the SEC marks an official recognition of this blockchain by Wall Street.

The most eye-catching part of this document is that the product will directly participate in on-chain staking. This is not just simple asset custody, but also aims to incorporate the native yields within the ecosystem. The annualized returns generated from staking will flow in two directions: deducting management fees or distributing quarterly to holders.

From another perspective, Wall Street's logic is quite clear. Instead of retail investors risking their own staking on-chain, institutions act as intermediaries, providing standardized yield schemes. What does this mean for the market?

First, large capital inflows will be directly locked in staking contracts, leading to structural changes in on-chain liquidity, and the price discovery mechanism will be adjusted accordingly. Second, Solana has upgraded from a simple trading asset to a yield-bearing digital asset, highlighting its financial attributes even more.

Interestingly, while the market is still debating the future of Ethereum L2 scaling solutions, institutional votes have already shifted towards Solana. This signal may be worth paying attention to.