Deribit adds support for Solana as SOL price approaches $100
Deribit has decided to respond to the growing institutional demand for Solana with the launch of options and futures
Panama-based cryptocurrency derivatives trading platform Deribit announced in a recent tweet that it will soon add support for Solana (SOL) trading.
The first European options with SOL will go live on the stock exchange on 9 May. The platform offers daily, weekly and monthly options.
Solana futures are set to launch as early as this Friday, according to the announcement.
The addition of SOL options is important as it highlights the growing institutional interest in the cryptocurrency. It’s worth noting that institutional traders make up the bulk of the company’s client base (around 80%).
Before that, it only offered options in Bitcoin and Ethereum, the two largest cryptocurrencies by market capitalization with the highest level of liquidity.
Deribit remains the dominant exchange for cryptocurrency options trading. According to data from CoinGlass, it accounts for 91% of the outstanding interest in Bitcoin options. Chicago-based CME Group comes in second at about 4%.
Last year, SOL emerged as Wall Street’s favorite Ethereum alternative. As reported by U.Today, Bank of America predicted that Solana could become the leading payment protocol due to its high transaction throughput, competing with legacy companies like Visa.
Solana is also gaining ground in the non-fungible token (NFT) sector. Earlier this month, the leading NFT marketplace OpenSea added support for the network.
After seeing huge price increases in 2021, this year has been disappointing for the SOL token, which is also the case for the broader cryptocurrency market. The token is currently trading for $99 on major spot exchanges. It is down 61% from its record high.