## Solana Contracts on CME: A Lukewarm Greet? Perhaps Not
Alright, so the introduction of Solana (SOL) contracts on the Chicago Mercantile Exchange (CME) this Monday wasn’t precisely a smash hit. Initial trading quantity came in at a humble $12.3 million.
Compared to the excitement Bitcoin (BTC) and Ethereum (ETH) contracts created upon their release – $102.7 million and $31 million, correspondingly – it appears somewhat disappointing.
Solana’s initial open interest (OI) of $7.8 million also seemed insignificant in contrast to Bitcoin and Ethereum, which both obtained over $20 million in OI right off the bat.
However, Vetle Lunde from K33 Research proposes a contrasting viewpoint. He contends that when you consider Solana’s market capitalization relative to BTC and ETH at their separate release periods, Solana’s introduction truly corresponds reasonably well with CME’s prior crypto products.
He essentially stated that while the initial figures were smaller, proportionally, Solana stood its ground.
CoinGlass information reveals that Solana contracts presently possess an open interest of $3.84 billion, having increased by nearly 2% in the past day.
Binance possesses the biggest portion of that OI (27%), accompanied by Bitget (23%) and Gate.io (around 17%).
It’s valuable to remember that CME’s entrance into the Bitcoin derivatives marketplace was additionally comparatively calm. Currently, they’re a leading power, possessing a quarter of all Bitcoin contracts open interest – surpassing even Binance and other crypto-native titans. CME is additionally a major participant in Ethereum contracts.
So, while the Solana contracts release on CME might appear somewhat weak, it’s still a noteworthy achievement for the sixth-biggest cryptocurrency and a prospective stepping stone toward a Solana ETF later on. Nasdaq Pursues Listing of 21Shares Polkadot ETF
