On March 17, an international derivatives marketplace is set to introduce futures for Solana (SOL), pending regulatory approval. The offerings will include two contract sizes: a micro-sized contract for 25 SOL and a larger contract for 500 SOL.
The move is in response to growing demand from clients seeking a regulated avenue to manage cryptocurrency price risks. With Solana’s increasing popularity among developers and investors, the new futures contracts aim to offer an efficient way to support investment and hedging strategies.
These futures will be cash-settled and will utilize the CME CF Solana-Dollar Reference Rate. This rate is calculated daily at 4:00 p.m. London time and reflects the U.S. dollar price of SOL.
The upcoming SOL futures will add to the existing portfolio of cryptocurrency products, which already includes Bitcoin and Ether futures and options. Trading metrics for the year indicate significant growth, with an average daily volume of 202,000 contracts, marking a 73% increase year-over-year. Additionally, the average open interest stands at 243,600 contracts, representing a 55% rise compared to the previous year. Over 11,300 unique trading accounts have been recorded within this timeframe.
This expansion into Solana futures reflects an ongoing trend towards diversifying offerings in the cryptocurrency market, aiming to cater to the specific needs of traders and investors seeking structured financial instruments to navigate the volatility of digital assets. With the launch drawing closer, market participants are keenly awaiting further developments and insights into how these products will perform in the evolving cryptocurrency landscape.