FalconX makes first block trade with CME Solana contracts

FalconX has completed its first block trade using CME Group’s Solana (SOL) contracts, conducted privately to minimize price exposure, according to Decrypt. StoneX acted as the counterparty in the transaction, which took place ahead of the March 17 launch of the new SOL contracts. CME introduced these contracts in February to meet growing demand and pave the way for a Solana-based ETF. Companies such as Franklin Templeton, Grayscale, and VanEck have already filed applications for such funds.

According to Decrypt, Solana contracts follow the precedent set by Bitcoin and Ethereum, where contracts trading preceded ETF approval. FalconX, one of the leading liquidity providers for cryptocurrency derivatives on the CME, reported a 73% increase in trading volume compared to last year. Its trading volume surpassed $1.5 trillion across 400 tokens, with 600 organizations participating.