Deribit, a Panama-based cryptocurrency derivatives platform, announced in a recent tweet that the popular altcoin Solana (SOL) will be added to the platform. Thus, the first SOL-based variants in Europe will be available to users on May 9. Here are the details…
Deribit adds the popular altcoin Solana
The first European options with SOL will be published on Deribit, a platform for trading cryptocurrency derivatives, on May 9. The platform will offer daily, weekly and monthly options. On the other hand, according to the announcement, Solana futures will start this Friday. For many, the launch of SOL options highlights corporate interest. At the time of writing, SOL is changing hands at a price of $99.97, which is 0.1 percent lower.
Institutional traders make up about 80 percent of Deribit’s client base. Prior to that, the platform offered options only on Bitcoin and Ethereum, the two largest cryptocurrencies by market capitalization with the highest liquidity. Deribit remains the dominant exchange in terms of trading cryptocurrency options.
Deribit, the leader in options trading
According to data provided by CoinGlass, 91 percent of the open interest in bitcoin options are investors in Deribit. The option service of the well-known Chicago CME Group is second only to Deribit with about 4 percent. Deribit was originally founded in the Netherlands in 2016, but is now headquartered in Panama. It was one of the first bitcoin options trading platforms, which has since evolved into the largest bitcoin options exchange in terms of volume and open interest.
Despite the creation of a special platform for trading derivatives on bitcoin, Deribit also added support for Ethereum in 2019 so that users could trade all the exchange’s derivatives contracts on both BTC and ETH. The cryptocurrency-only trading platform offers ultra-low latency pricing and trading, allowing users to execute complex derivatives trading strategies. Users can trade futures contracts, perpetual swaps and options on BTC and ETH and benefit from the highest liquidity of cryptocurrency derivatives on the market.