The term contracts on Solana (soil) exchanged for the first time on the American derivatives of the Chicago Mercantile Exchange (CME) group on March 17 while the general adoption of cryptocurrency is growing.
In February, CME planned to list two types of soil term contracts: standard contracts representing 500 soil and friendly “micro” contracts representing 25 soil each.
They are the first regulated Solana’s regulated contracts to arrive on the American market after the launch of Coinbase in February. The contracts are set in cash, not in physical soil.
On March 17, the first day of contract negotiation, which represents a notional value of nearly 40,000 soil, or nearly $ 5 million at current prices, changed hands on the stock market, according to preliminary data from the CME website.
Early pricing data indicates a potentially lowered feeling on the ground among traders. The CME does not publish finalized data on daily negotiation volumes before the next working day.
The April’s term contracts of the CME exchanged at a price of $ 127 per soil – $ 2 per token lower than the contracts expired in March, according to CME data.
On March 16, the Falconx and Stonex commercial companies finished the very first business in CME, they said.
“Solana has traveled a long way in the past five years,” said Cointelegraph Chris Chung, founder of the Swap platform, based in Solana, Titan.
“Solana Futures goes online on the CME today, and soil [exchange-traded funds] Will surely follow a short time behind, ”said Chung.
CME listed Future Sol on March 17. Source: CME
In relation: Solana CME Futures Impinized Tip US ETF Approbe – Exec
ETF approval ratings
On March 13, Chung told Cintelegraph that he expects the American Securities and Exchange (SEC) commission to approve the asset managers Vaneck and the Solana ETF proposed by Canary Capital in May.
At least five ETF issuers have deposited with the Securities and Exchange Commission of the United States to list the ETF Solana. The regulator has until October 2025 to make a final decision on deposits.
Bloomberg Intelligence Gauges the probability that ETF Sol will finally be approved at around 70%.
Understanding contracts are standardized agreements to buy or sell an underlying asset on a future date.
They are commonly used for coverage and speculation by retail and institutional investors. Future also play a crucial support role for punctual cryptocurrency ETF because the regulated term markets provide a stable reference to measure the performance of a digital asset.
CME already lists the term contracts for Bitcoin BTC and Ether ETH. American regulators approved FNB for these two cryptocurrencies last year.
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