BIT Exchange, a digital asset exchange founded by Jihan Wu, a Chinese cryptocurrency entrepreneur, recently issued a statement stating that the company is ready to launch Solana (SOL) options trading following the colossal surge in lawsuits. institutional.
The aforementioned decision was highly anticipated by crypto market enthusiasts within the crypto space as SOL has recently emerged as one of the top-tier blockchain protocols bolstering decentralized financial markets.
Furthermore, with the partnership of Orbit Markets, an institutional liquidity provider of options and structured derivatives on digital assets, the BIT exchange intends to expand its options trading services to various altcoins, including XRP and ADA, among many others.
SOL Options Trading Launched – Why?
SOL, a cryptocurrency backed by Solana, a blockchain platform, has recently gained significant traction in the cryptocurrency world by emerging as one of the main competitors to Ethereum, ranking as one of the top 7 cryptocurrencies by market capitalization.
Furthermore, during the 2021 bull market, SOL attracted substantial attention in the broader crypto markets as one of the key projects leading the chronicle of the “Defi Summer”, following its simultaneous vision with Ethereum but with faster and more profitable transactions.
The Tier 1 token has also seen a significant rise so far this year, surpassing the 400% mark. This increase appears to be in line with increased user activity, along with its high institutional demand.
In addition, SOL is also emerging as one of the 10 fastest growing networks in terms of TVL (Total Value Locked), with a 100% increase in the last 30 days.
The aforementioned data shows that institutional demand for Solana is constantly growing, and the token is emerging as a viable alternative to Ethereum. The BIT exchange appears to be responding to the increase in demand by introducing options trading on the platform.
XRP and ADA Price Report
Ahead of the introduction of SOL options trading on BIT, the company revealed plans to launch XRP options trading amid increased market interest earlier this year. At the time of writing, the price of XRP has seen a marginal drop of 3.32%, reaching $0.5909 today.
However, the token rose by 66.03% over the past year, demonstrating positive market sentiments, resulting in an increase in market interest around the token.
At the same time, Cardano price at the time of writing witnessed a 4.60% drop today, reaching $0.3704. However, the token saw a slight increase of 2.72% last week with a marginal increase of 7.06% in twenty-four-hour trading volume.