Deribit to Stop Offering Solana Inverse Products in 2023

Deribit has issued a public statement on Twitter indicating it will stop offering Solana Inverse products from early 2023. The announcement states that after December 30, the wallet service provider will no longer list options and futures as collateral digital assets with SOL.

These products include Solanas Ulta. Continuously and futures contracts. Accordingly, Deribit will automatically close all positions designated in Solana’s native cryptocurrency SOL as security at the closing price taken on a snapshot between 7:30 and 8:00 UTC.

As part of customer convenience, Deribit will not charge any settlement fee for all terminal permanent settlements. Expiry trading will not affect SOL/USDC linear perpetual contracts as the pair uses the stablecoin USDC as collateral.

Deribit offers zero fees or trading fees to its customers trading in Perpetual, Options and Futures contracts. The exchange transfers all funds directly to the participants involved in the transaction. In other words, traders who go long receive all the money they made short on a crypto pair.

Deribit introduced Solana inverse futures at the end of April

Deribit introduced on 29 April sol inverse futures and options Products to enhance customer satisfaction through diversification of crypto derivatives. After introduction, users can deposit SOL directly on the platform for trading. Before funding your wallet with cryptocurrency, Deribit needed to create a deposit wallet citing SOL as a digital asset to deposit.

The announcement came just after the deal was inked with the exchange. In early November, hackers made off with $28 million via a hot wallet hack. The exchange promised to refund its customers and said that 99% of customer funds were stored in cold wallets to prevent large-scale malicious damage from cybercriminals. Furthermore, Deribit also distanced itself from troubled crypto institutions such as Producewhich have been badly hit by the bear market reinforced by the collapse of the FTX exchange.

Deribit is also advocating for transparency, recently releasing its Proof of Reserves report.


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