Coinbase Announces Solana (SOL) and Avalanche Perpetual Listings
Top crypto exchange Coinbase has exciting news for its users. In a recent tweet, Coinbase revealed the addition of new perpetual listings for Solana and Avalanche, namely SOL-PERP and AVAX-PERP.
Coinbase is set to provide support for both Solana and Avalanche perpetual futures contracts on the Coinbase International Exchange and Coinbase Advanced platforms.
As per the official announcement, the SOL-PERP and AVAX-PERP markets are scheduled to launch on or around Nov. 14 at 4:00 p.m. UTC, pending favorable liquidity conditions.
Coinbase Expands Perpetual Futures Offerings
Last month, Coinbase introduced perpetual futures trading for advanced users in eligible non-U.S. jurisdictions. This move marked the initiation of perpetual futures trading on Coinbase Advanced, catering to the needs of sophisticated retail traders.
The initial offering included perpetual contracts for XRP, BTC, ETH, and LTC. With the latest announcement, Coinbase is expanding its perpetual futures listings to include SOL and AVAX.
Solana (SOL) Price Action
The native token of Solana, SOL, witnessed a significant surge, surpassing the $54 mark for the first time since May 2022. Notably, this surge coincided with FTX’s ongoing sale of SOL tokens from its bankrupt estate.
In September 2023, the Delaware Bankruptcy Court approved the sale of FTX’s assets, including 55.75 million SOL. According to Lookonchain, a blockchain analytics firm, SOL has experienced a 50% increase in the last week.
During this period, FTX unstaked 3.96 million SOL valued at $230 million and transferred a total of 3.7 million SOL worth $215 million out. This left FTX with 253,407 SOL, equivalent to $14.75 million.
Investors perceived the minimal impact of the sales due to a portion of the tokens from the bankruptcy proceedings being either vested or locked, resulting in a rally of SOL. Additionally, a weekly sale restriction of $100 million has been enforced as part of FTX’s liquidation strategy.
At the time of writing, SOL was down 0.70% in the last 24 hours, trading at $58.67.