摩根士丹利-索拉纳基础解析：扩容能力、运行速率与智能合约深度解读 Solana Fundamentals Scale,Speed and Smart Contracts Insight 2026

SolanaFundamentals:

Scale,SpeedandSmartContracts

Understandingahigh‑throughputsmartcontractblockchain

WhatIsSolana?

Solana(SOL)isasmartcontractblockchaindesignedtosupportdecentralizedapplicationsandonchainassetsatscale.Unlikeblockchainsthatfocusprimarilyonvaluetransfer,smartcontractplatformsprovideprogrammableinfrastructurethatallowsdeveloperstobuildfinancialapplications,digitalmarketplaces,paymentssystemsandotherblockchainenabledservices.¹

Solanaoperatesasapublic,decentralizednetworkthatrecordsandvalidatestransactionsonasharedledger.Itsdesignemphasizeshightransactionthroughputandlowcosts,oftendiscussedasinfrastructureforapplicationsthatrequirespeedandefficiency.¹

HowtheSolanaNetworkWorks

Solanaisablockchainthatusesanetworkofvalidatorstoverifyandrecordtransactions.Itusesproof-of-stake(amethodwhereparticipantsholdcryptocurrencyastheir“stake”toqualifytoverifyblockchaintransactions)alongwithatimingmechanismcalledproof-of-history(usedtohelpcoordinatetheorderoftransactions).Thissetup

helpsvalidatorshandlemoreworkatthesametime,whichcanreducedelaysandcongestion.

Validatorsprocesstransactions,createnewblocksandhelpmaintainnetworksecurity.Inreturn,theycanearnSOLnetworkrewardsintheformofadditionalSOL,withrewardratesvaryingbasedonoverallnetworkparticipation.

Together,thesedesignchoicesallowSolanatosupportthousandsoftransactionspersecond,withfeesthatareoftenverylowcomparedwithsomeothersmartcontractplatforms.

SPEED

Transactionsareconfirmedquickly,

enablingnearrealtimesettlementformanyapplications.

KeyFeaturesoftheSolanaNetwork

SCALE

Designedtosupporthigh

transactionvolumeswithoutrelyingonsecondarylayers.

LOWCOSTS

Transactionfeesaretypicallyminimal,supportingmicro

transactionsandhighvolumeusecases.

PROGRAMMABILITY

Smartcontractsenabledeveloperstocreatedecentralizedfinance(DeFi)tools,digitalmarketplaces,gamingecosystemsandtokenizedassets.

SolanaasaDigitalAssetEcosystem

Solanasupportsabroadrangeofonchainactivity,includingdecentralizedexchanges,stablecointransfers,nonfungibletokens(NFTs),gamingapplicationsandtokenizedassets.Inrecentyears,thenetworkhasrankedamongleadingsmartcontractplatformsbyuseractivityandtransactionvolume.³

Thenativetoken,SOL,isusedtopaytransactionfees,securethenetworkthroughstakingandsupportonchainactivity.

HowDoInvestorsAccessSolana?

InvestorsseekingexposuretoSolanatypicallydosothroughtwoprimaryapproaches:

nDirectownershipofSOL,whichrequiresmanagingprivatekeys,walletsandcustodyarrangements

nExchangetradedproducts,whichmayoffermoreconvenientaccessbutlimitdirectinteractionwiththenetworkEachapproachinvolvesdistinctoperational,regulatoryandriskconsiderations.⁴

PortfolioApplications

SomeinvestorsevaluateSolanaas:

nExposuretothegrowthandadoptionofblockchain-basedtechnologyinfrastructuresupportingWeb3andfinancialapplications

nAcomponentofanalternativesoropportunisticallocation

nAcomplementtootherdigitalassetswithdifferentdesignobjectives

Aswithalldigitalassets,Solana’sroleinaportfoliodependsonaninvestor’sobjectives,timehorizon,liquidityneedsandrisktolerance.2

KeyTakeaway

Solanarepresentsahighthroughputapproachtosmartcontractblockchains,prioritizingspeed,scalabilityandlowtransactioncosts.Itsarchitectureandecosystemdistinguishitfrombothvaluetransferfocusedblockchains,likeBitcoin,andtraditionalfinancial

infrastructure.UnderstandingthesefundamentalscanhelpinvestorsmoreclearlyassessSolana’spotentialrolewithinthebroaderdigitalassetlandscape.

Educationalmaterialonly.Notarecommendationorsolicitation.

1SolanaFoundation,SolanaDocumentation—

2SolanaFoundation,ProofofHistoryExplained—

/docs/architecture/proof-of-history

3GrayscaleResearch,Solana:Crypto’sFinancialBazaar—

/reports/solana-cryptos-financial-bazaar

4I

,CryptoAssets—

/additional-resources/spotlight/crypto-assets

2MORGANSTANLEYINVESTMENTMANAGEMENT|JUNE2026

3MORGANSTANLEYINVESTMENTMANAGEMENT|JUNE2026

IMPORTANTINFORMATION:

RiskConsiderations

SpotCryptoETPsareexchange-basedproductsthattrackthepriceofanasset)i.e.)bitcoin)byholdingtheactualassetastheunderlyingasset.

Blockchainisashared)immutableledgerthatfacilitatestheprocessofrecordingtransactionsandtrackingassetsinabusinessnetwork.Cryptocurrency(notably)Bitcoin)operatesasadecentralized)peer-to-peerfinancialexchangeandvaluestoragethatisusedlike

money.ltisnotbackedbyanygovernment.Federal)stateorforeigngovernmentsmayrestricttheuseandexchangeofcryptocurrency.Cryptocurrencymayexperienceveryhighvolatility.

IMPORTANTDISCLOSURES:

Theviewsandopinionsand/oranalysisexpressedarethoseoftheauthor

ortheinvestmentteamasofthedateofpreparationofthismaterialand

aresubjecttochangeatanytimewithoutnoticeduetomarketoreconomicconditionsandmaynotnecessarilycometopass.Furthermore)theviewswillnotbeupdatedorotherwiserevisedtoreflectinformationthatsubsequentlybecomesavailableorcircumstancesexisting)orchangesoccurring)afterthedateofpublication.Theviewsexpresseddonotreflecttheopinionsofall

investmentpersonnelatMorganStanleylnvestmentManagement(MSlM)anditssubsidiariesandaffiliates(collectivelytheFirm”)ortheviewsofthefirmasawhole)andmaynotbereflectedinallthestrategiesandproductsthattheFirmoffers.

Forecastsand/orestimatesprovidedhereinaresubjecttochangeandmay

notactuallycometopass.lnformationregardingexpectedmarketreturns

andmarketoutlooksisbasedontheresearch)analysisandopinionsofthe

authorsorinvestmentteam.Theseconclusionsarespeculativeinnature)maynotcometopassandarenotintendedtopredictthefutureperformanceofanyspecificstrategyorproducttheFirmoffers.Futureresultsmaydiffer

significantlydependingonfactorssuchaschangesinsecuritiesorfinancialmarketsorgeneraleconomicconditions.

Thismaterialhasbeenpreparedonthebasisofpubliclyavailableinformation)internallydevelopeddataandotherthird-partysourcesbelievedtobe

reliable.However)noassurancesareprovidedregardingthereliabilityofsuchinformationandtheFirmhasnotsoughttoindependentlyverifyinformationtakenfrompublicandthird-partysources.

Thismaterialisageneralcommunication)whichisnotimpartialandall

informationprovidedhasbeenpreparedsolelyforinformationaland

educationalpurposesanddoesnotconstituteanofferorarecommendationtobuyorsellanyparticularsecurityortoadoptanyspecificinvestment

strategy.Theinformationhereinhasnotbeenbasedonaconsiderationofanyindividualinvestorcircumstancesandisnotinvestmentadvice)norshoulditbeconstruedinanywayastax)accounting)legalorregulatoryadvice.Tothatend)investorsshouldseekindependentlegalandfinancialadvice)including

adviceastotaxconsequences)beforemakinganyinvestmentdecision.

TheFirmdoesnotprovidetaxadvice.Thetaxinformationcontainedhereinisgeneralandisnotexhaustivebynature.ltwasnotintendedorwrittentobeused)anditcannotbeusedbyanytaxpayer)forthepurposeofavoiding

penaltiesthatmaybeimposedonthetaxpayer.EachJurisdictiontaxlawsarecomplexandconstantlychanging.Youshouldalwaysconsultyourownlegalortaxprofessionalforinformationconcerningyourindividualsituation.

Chartsandgraphsprovidedhereinareforillustrativepurposesonly.Pastperformanceisnoguaranteeoffutureresults.

ThismaterialisnotaproductofMorganStanley)sResearchDepartmentandshouldnotberegardedasaresearchmaterialorarecommendation.

TheFirmdoesnotprovidetaxadvice.Thetaxinformationcontainedhereinisgeneralandisnotexhaustivebynature.ltwasnotintendedorwrittentobeused)anditcannotbeusedbyanytaxpayer)forthepurposeofavoidingpenaltiesthatmaybeimposedonthetaxpayerunderU.S.federaltaxlaws.Federalandstatetaxlawsarecomplexandconstantlychanging.Youshouldalwaysconsultyourownlegalortaxprofessionalforinformationconcerningyourindividualsituation.

Thewholeoranypartofthismaterialmaynotbedirectlyorindirectly

reproduced)copied)modified)usedtocreateaderivativework)performed)displayed)published)posted)licensed)framed)distributedortransmittedoranyofitscontentsdisclosedtothirdpartieswithoutMSlM)sexpress

writtenconsent.Thismaterialmaynotbelinkedtounlesssuchhyperlinkisforpersonalandnon-commercialuse.Allinformationcontainedhereinisproprietaryandisprotectedundercopyrightandotherapplicablelaw.

Investingindigitalassetsinvolvesrisk,includingpossiblelossofprincipal.AninvestmentinMorganStanleySolanaTrust(“MSOL”orthe“Trust”)

issubjecttoahighdegreeofriskandheightenedvolatility.MSOLisnotsuitableforanyinvestorthatcannotaffordlossoftheentireinvestment.

Morgan

StanleylnvestmentManagementlnc.is

theDelegatedSponsorandForesideFundServices)LLCistheMarketingAgentforMSOL.

Thisinformationmustbeprecededoraccompaniedbyaprospectus,click

here

toviewordownloadtheprospectusYoushouldconsidertheTrust’sobjectives,risks,chargesandexpensescarefullybeforeinvesting.The

prospectuscontainsthisandotherimportantinformationabouttheTrust.Pleasereadtheprospectuscarefullybeforeyouinvest.

TheTrustisnotregisteredunderthelnvestmentCompanyActof1940)asamended(the“40Act”)andisnotsubjecttoregulationunderthe

40Act)unlikemostmutualfundsorETFs.TheTrustmaytradeata

premiumordiscounttoitsnetassetvalue.TheTrustisnewandhasa

limitedoperatinghistoryuponwhichinvestorsmaybaseanevaluationofitslikelyperformance.

ThevalueoftheTrustrelatesdirectlytothevalueoftheunderlyingdigitalassetitholds)thevalueofwhichishighlyvolatileandsubjecttofluctuationsduetoanumberoffactors.

TheTrustreliesonthirdpartyserviceproviderstoperformcertainfunctionsessentialtotheaffairsoftheTrust.Someoftheseserviceprovidersmaynotbesubjecttofederalregulationandoversightandthereplacementofsuch

serviceproviderscouldposeachallengetothesafekeepingofthedigitalassetandtotheoperationsoftheTrust.

NoguaranteeorrepresentationismadethattheTrust)sinvestmentstrategy)including)withoutlimitation)itsinvestmentobjectivesorstrategies)willbesuccessful)andinvestmentresultsmayvarysubstantiallyovertime.NothinghereinisintendedtoimplythattheTrust)sinvestmentmethodologyorthatinvestingmaybeconsidered“conservative)”“safe)”“riskfree)”or“riskaverse.”Thismaterialisnotanofferorsolicitationofanykindtobuyorsellany

securitiesoutsideoftheUnitedStatesofAmerica.Nothinginthiscontentshouldbeconsideredasolicitationtobuyoranoffertosellsharesofanyinvestmentinanyjurisdictionwheretheofferorsolicitationwouldbe

unlawfulunderthesecuritieslawsofsuchjurisdiction)norisitintendedasinvestment)tax)financial)orlegaladvice.lnvestorsshouldseeksuchprofessionaladvicefortheirparticularsituationandjurisdiction.

DigitalAssetRiskDisclosures

Manydigitalassets)includingSOL)haveexperiencedsignificantvolatilityin

tradingpricesinrecentperiodsandmaycontinuetoexperiencesuchvolatilityinthefuture.Suchvolatilityindigitalassetpricescouldhaveamaterial

adverseeffectonthevalueoftheTrustandthesharescouldloseallorsubstantiallyalloftheirvalue.

Digitalassetsrepresentanewandrapidlyevolvingindustry.ThevalueoftheTrustdepends)amongotherthings)ontheacceptanceofthedigitalassetsingeneralandSOLinparticular)thecapabilitiesanddevelopmentofblockchaintechnologiesandthefundamentalinvestmentcharacteristicsofSOL.

Digitalassetnetworksaredevelopedandmaintainedbyadiversesetofcontributorsandtheperceptionthatcertaincontributorswillnolongercontributetothenetworkormaydecreasetheircontributionsto)or

involvementwiththenetworkcouldhaveanadverseeffectonthemarketpriceoftherelateddigitalasset.

Digitalassetsmayhaveconcentratedownershipandlargesalesor

distributionsbyholdersofsuchdigitalassetscouldhaveanadverseeffectonthemarketpriceofsuchdigitalassets.

Asdiscussedintheprospectus)MSOLexpectstostakecertainofitsassetsinaccordancewithitsstakingandliquiditypolicyand)therefore)may

receivestakingrewards.Stakingrewardscanvarysignificantlyovertimeandstakingactivitymay)dependingonfuturegovernanceproposalsontheSolananetwork)poseariskofautomatic“slashingpenalties”intheeventofvalidatormisbehaviororpoorperformance.lntheeventautomaticstaking

4MORGANSTANLEYINVESTMENTMANAGEMENT|JUNE2026

isimplementedontheSolananetwork,therewillbenoguaranteethattheTrust’sstakedassetswillavoidexperiencingslashingorthattheTrustwill

recoveranyofitsstakedassets,orthevaluethereof.Inaddition,bondingandunbondingperiodsmaylimitwhenassetsbecomeeligibletoaccruestakingrewardsandwhentheymaybeunstaked,withdrawnandultimatelysoldbytheTrustinconnectionwithredemptionandcreationordersandtopayforexpenses.ThelengthoftheseperiodsaremonitoredandconsideredaspartoftheTrust’sstakingandliquiditypolicy,pursuanttowhichMSOLexpectstostakelessthanallofitsdigitalassetswhichwillreducethepotential

amountofstakingrewardsreceivablebytheTrustandbyextensionthevalueofShares.

StakingmayintroduceariskoflossofSOL,whichcouldadverselyaffectthevalueoftheTrust’ssharesifanysuchlossesoccur.Stakingoftenincludes

activationandunbonding/withdrawalperiods,duringwhichSOLcannotbesoldortransferredandarethereforeilliquid.SOLisgenerallynoteligible

toaccruestakingrewardsduringstakingbondingandunbondingperiods.

Ateachstepinthestakingprocess,SOLmaybeexposedtoriskssuchas

securitybreaches,smartcontractvulnerabilities,andvalidatororcustodianfailureorcompromise,anyofwhichcouldresultinacompletelossofSOLorassociatedstakingrewards.ThereisnoguaranteethattheTrustwillreceiveanystakingrewards.

MSOLdoesnotprovideinvestorswithdirectexposuretospotSOLandaninvestmentintheTrustisnotadirectinvestmentinSOL.Asanon-diversifiedandsingleindustryfund,thevalueoftheTrust’ssharesmayfluctuatemorethansharesinvestedinabroaderrangeofindustries.Becausethevalueof

theTrustiscorrelatedwiththevalueofSOL,itisimportanttounderstandtheinvestmentattributesof,andthemarketfor,theunderlyingdigitalasset.Pleaseconsultwithyourfinancialprofessional.

Asubstantialdirectinvestmentinadigitalassetmayrequireexpensiveand

sometimescomplicatedarrangementsinconnectionwiththeacquisition,

securityandsafekeepingofthedigitalassetandmayinvolvethepaymentofsubstantialfeestothirdpartyserviceprovidersthroughcashpaymentsofU.S.dollars.Regulationofdigitalassets,includingSOL,continuestoevolveacrossdifferentjurisdictionsworldwide,whichmaycauseuncertaintyandinsecurityastothelegalandtaxstatusofagivendigitalasset.AsSOLandotherdigitalassetshavegrowninbothpopularityandmarketsize,theU.S.CongressandanumberofU.S.federalandstateagencieshavebeenexaminingtheoperationsofdigitalassetnetworks,digitalassetusersandthedigitalassetspotmarket.Manyofthesestateandfederalagencieshavebroughtenforcementactionsandissuedadvisoriesandrulesrelatingtodigitalassetmarkets.Ongoingandfutureregulatoryactionswithrespecttodigitalassetsgenerallyoranysingledigitalassetinparticularmayalter,perhapstoamateriallyadverseextent,thenatureofaninvestmentintheTrust.

TheDelegatedSponsordoesnotstore,hold,ormaintaincustodyorcontroloftheTrust’sdigitalassets,butinsteadhasenteredintoCustodialServices

AgreementswiththirdpartiestofacilitatethesecurityofitsSOL.The

custodianscontrolandsecuretheTrust’sSOLinsegregatedcustodyaccountstostoreprivatekeys,whichallowsforthetransferofownershiporcontrol

oftheTrust’sSOLontheTrust’sbehalf.IfacustodianresignsorisremovedbytheDelegatedSponsororotherwise,withoutreplacement,itcouldtriggerearlyterminationoftheTrust.

COINDESK®andthename(s)oftheCoinDeskindexorindicesreferenced

herein,includingtheCoinDesk20Index(“CDIIndices”)aretradeorservicemarksofCoinDeskIndices,Inc.(withCCDataLimited,itsaffiliatewhich

performscertainoutsourcedadministrationservicesonitsbehalf,“CDI”),

and/oritslicensors.CDIorCDI’slicensorsownallproprietaryrightsinCDIIndices.CDIisnottheissuer,sponsororproducerofanyfinancialproduct,

derivative,portfolio,bundle,basket,separatelymanagedaccount,orany

otherinvestmentexposurethattracks,seekstotrack,references,orsettlesagainstCDIIndices(collectively,“Products”)andCDIhasnoresponsibilities,obligations,ordutiestoinvestorsinorholdersofProducts.CDIIndicesarelicensedforusebythefinancialservicesprovidernamedherein(“Provider”).CDIdoesnotapprove,endorse,review,orrecommendanyProduct.CDI

doesnotguaranteethetimeliness,accurateness,orcompletenessofany

dataorinformationrelatingtoCDIIndicesandshallnotbeliableinanywaytoinvestorsinorholdersofanyProductorotherthirdpartiesinrespectoftheuseoraccuracy,completeness,ortimelinessofanyCDIIndicesorany

dataincludedtherein.CoinDeskIndices2026.BeforemakinganinvestmentdecisionintheTrust,youshouldcarefullyconsidertheriskfactorsand

otherinformationincludedintheTrust’sprospectus.

InvestorsshouldbeawarethatinvestinginMSOLisnotequivalenttoinvestingdirectlyinSOL.

Forward-LookingStatements

Certainstatementscontainedhereinandinanyrelatedmaterialsmayconstituteforward-lookingstatementswithinthemeaningofSection27AoftheSecuritiesActof1933,asamended,andSection21Eofthe

SecuritiesExchangeActof1934,asamended.Forward-lookingstatementscangenerallybeidentifiedbytheuseofwordssuchas“anticipate,”

“believe,”“continue,”“could,”“estimate,”“expect,”“intend,”“may,”“might,”

“plan,”“potential,”“predict,”“project,”“seek,”“should,”“target,”“will,”

“would,”orsimilarexpressions,orthenegativeofsuchterms.These

statementsarebasedoncurrentexpectations,estimates,assumptions,

andprojectionsandaresubjecttosignificantrisks,uncertainties,andotherfactorsthatmaycauseactualresults,performance,ordevelopmentsto

differmateriallyfromthoseexpressedorimpliedbysuchstatements.

Forward-lookingstatementsspeakonlyasofthedateonwhichtheyaremade.TheTrustundertakesnoobligationtoupdateorreviseanyforward-lookingstatement,whetherasaresultofnewinformation,futureevents,orotherwise,excepttotheextentrequiredbyapplicablelaw.

DISTRIBUTION

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