XRP surpassed by SOL in market cap: Both available in Delta’s options offering
The wider Solana ecosystem continues to flourish with the launch of Wormhole, a communication protocol between Solana and other top decentralized finance projects.
Delta Exchange has launched Call and Put options for Solana’s SOL and Cardano’s ADA, as part of its plan to expand the offering on its digital asset derivatives exchange.
The Call and Put options have daily maturities immediately available on SOL and ADA with weekly and monthly maturities to follow.
These new offerings add to the growing list of options already available on Delta Exchange including BTC, ETH, XRP, BCP and BNB.
Pankaj Balani, CEO of Delta Exchange, commented: “We have seen a steady increase in demand from investors to add call options for Solana over the past few months. This is unsurprising given the stellar month the price of SOL has had, achieving a new all-time High with more than $2 billion locked just last month. From all indications during the bull run, we also expect to see ADA posting an increase in value in the coming weeks.”
Options contracts give holders the right to buy or sell the underlying asset at a predetermined price on a predetermined date in the future.
The key advantage of options is that the buyer has the right but not the obligation to exercise the option. Thus the holders of options will only exercise if it is profitable to do so on the exercise date.
SOL has seen extreme growth in the past month alone, climbing from $33.3 on the month-ago date to an all-time high of $130.01 on August 31. Since the beginning of August 2021, the total value locked (TVL) on the Solana blockchain has surged by a staggering 350%.
The wider Solana ecosystem continues to flourish with the launch of Wormhole, a communication protocol between Solana and other top decentralized finance projects, and the Solana DEX Mango Markets completion of a $70 million dollar token launch.
Solana’s popularity in the cryptocurrency markets has made quite an impact in the top 10 cryptos by market capitalization, especially with SOL taking over the position of XRP as the number 6, with its market being now worth nearly $60 billion.
Ripple’s XRP, which used to be #3 in the past, now ranks #7 with a $52 billion market as investors across the United States remain unable to buy or sell the digital asset.
The lingering SEC v. Ripple lawsuit may be keeping XRP at a standstill from a market perspective as investors refrain from taking decisive positions before knowing the outcome of the case.
For now, the Judge is about to go forward with an in-camera review of the documents of which the SEC claims privilege.
Additionally, Ripple is demanding clear answers from the SEC regarding its questions on the Howie Test, the method used by the agency to ascertain whether an asset is a security or not. The outcome of the lawsuit may determine the survival of the Howie Test.
Interestingly, Judge Sarah Netburn is probably keeping up with the XRP Army’s investigative work that is being shared online and that may compromise the SEC’s position in the lawsuit.