In July, Solana futures on CME reached a new record, driven by a growth in open interest and increased trading volumes.
Growth of Interest in SOL Futures on CME
In July, interest in trading SOL futures on CME continued to grow as the product completed its first three months on the market. Open interest and trading volumes reached unprecedented levels. Open interest for SOL futures grew by 370% over the past month, reaching as high as $800 million.
Peaks in Open Interest and Liquidations
SOL open interest peaked at over $5 billion on July 14, driven by a general market exuberance. Since then, SOL has faced multiple liquidations as the price corrected lower. In the past 24 hours, $92 million were liquidated on centralized markets and DEX, with $77.45 million on-chain.
Increase in Transactions with Solana Altcoin
The Solana ecosystem received a boost from new stablecoin minting in July. Circle injected 11% of the Solana USDC supply in the past month, with the total rebounding to $12.2 billion. Stablecoin transfer volume also grew by 53% in July, with DEX swap volumes exceeding $900 million daily, and at one point reaching $1.92 billion in daily volumes.
The record values for futures and growing trading volumes indicate a rising interest in Solana and its ecosystem, underscoring the platform's significance amidst expectations of opportunities presented by upcoming ETFs.
