BIT, a cryptocurrency exchange specializing in options trading, has announced the addition of Solana (SOL) to its options trading platform. This strategic move, in partnership with market maker Orbit Markets, marks a significant expansion for BIT, already offering options trading for BTC and various altcoins including ETH, XRP, TON, ADA, FIL, and BCH.
Solana, currently the sixth-largest cryptocurrency by market cap, has positioned itself as a formidable competitor to Ethereum. Its notable surge during the 2021 bull market labeled it as a key player in the ‘DeFi Summer,’ distinguishing itself with faster and more cost-effective transactions compared to Ethereum.
The year-to-date surge of over 400% for SOL is attributed to factors such as heightened institutional demand, increased developer activity, a growing user base, and a positive shift away from the shadow of FTX. SOL boasts the fastest growth in Total Value Locked (TVL) among the top 10 chains, with a remarkable 100% increase in the last 30 days, according to DeFiLlama.
BIT’s Solana (SOL) Leap
BIT’s Global Head of Institutional Sales, Justin Buitendam, highlights the rising institutional demand for Solana. He notes that the token is increasingly seen as a viable alternative to Ethereum, and BIT is addressing this demand by introducing options trading to cater to sophisticated trading needs.
Recent endorsements, including Cathie Wood’s positive remarks on CNBC, have further boosted SOL’s credibility. Wood emphasized Solana’s impressive adoption, low-cost platform, high transaction speeds, and continued utility for end-users. The network has overcome past downtime issues and is now poised for success.
Data reveals a surge in institutional investments, with the Grayscale Solana Trust (GSOL) shares hitting a premium of nearly 900% to spot SOL in mid-November. This premium, partially fueled by the market dismissing concerns related to FTX’s founder Sam Bankman-Fried, signifies significant demand from regulated funds.
BIT’s move to enable SOL options trading aligns with the growing institutional interest in Solana, demonstrated by partnerships like Visa’s support for Solana in stablecoin settlements. With Solana’s innovative proof-of-history (PoH) and proof-of-stake (PoS) consensus mechanisms, BIT aims to provide a reliable and transparent marketplace for altcoin options trading.
Related Reading | Binance Coin (BNB) Plummets 15% Amid Market Turbulence As CZ Takes A Bow