Phoenix Enables SOL as Collateral on Its Perpetual Futures Exchange

Phoenix, a non-custodial perpetual futures exchange developed on Solana by Ellipsis Labs, has enabled SOL as collateral for trading on its platform. This move allows traders to post SOL as margin, alongside USDC, for positions in any of the 80+ markets available on Phoenix.

This change is significant because it eliminates the need for SOL holders to sell their tokens for stablecoins before trading perpetuals. 'Traders on Solana today should not have to make the tradeoff between holding spot and trading perpetuals,' said Eugene Chen, CEO of Ellipsis Labs. 'SOL collateral solves this tradeoff.'

The addition of SOL as a collateral asset is part of Phoenix's multicollateral system, which will support additional collateral types over time. Each collateral asset carries its own oracle, weight, and liquidation parameters.