Liquidity

Fake Volume on Solana: Real Liquidity and What Actually Matters

We recently received an offer to scan Solana tokens for fake volume, concentrated holders, liquidity-pool risks, developer selling and automated risk signals. The logic was straightforward: TerraMatris runs systematic strategies involving SOL, so perhaps a Solana-token scanner could help us manage that exposure.

There is logic in that idea. There is also an important category mistake.

Trading SOL derivatives is not the same as buying a small Solana token through a thin decentralized-exchange pool. Both sit somewhere in the Solana ecosystem, but the market structure, risks and…

Why Rolling SOL Options Can Be More Difficult Than BTC or ETH

TerraMatris research note, September 2026. This article describes our own positions and execution experience. It is not investment advice and does not treat option premium as a substitute for risk management.

On September 4, 2025, TerraMatris launched its dedicated Solana strategy: long SOL exposure with selective covered calls and cash-secured puts. A year is long enough to move past the first impression of a new market. We can now ask a more useful question than whether SOL options exist: after one year of using them, has the market matured enough to support systematic covered-call…

Discovering Derive: Our First Steps into True DEX Options Trading

At Terramatris, we’ve always been fascinated by the evolution of crypto markets and the growing range of opportunities they create for traders and investors. For years, our main focus has been on more traditional centralized exchanges (CEX) such as Bybit and Deribit. These platforms have provided liquidity, stability, and advanced trading features—making them indispensable for our operations.

But one thing has always been missing: a true decentralized exchange (DEX) for options trading.

Recently, while researching potential institutional partners for our US operations (Kraken…

Ep 8 / Portfolio Passes $90 With Another Options Week

On October 12, 2023, the portfolio moved from $80.43 to $92.86. The reported change was 15.45%, with $12.43 in options income.

Another positive week does not make the risk disappear. Premium can look easy right before conditions change, so I am keeping the same attention on the next decision.

Market context

From October 5 to October 12, Bitcoin eased from around $27,400 to $26,760, while Ethereum declined from roughly $1,611 to $1,540. The market softened during the week, but the ETH move remained just below the threshold for a major weekly market move.

I am happy with…

Ep 7 / Options Income and Underlying Gains Lift Portfolio to $80.43

On October 5, 2023, the portfolio reached $80.43, a reported gain of 25.26%. Options income came to $16.22.

The result reflects both continued options income and better movement in the underlying positions. That is encouraging, but it is not a reason to forget how thin the market still feels. When liquidity is light, a position can become harder to adjust exactly when a trade stops behaving.

Market context

From September 28 to October 5, Bitcoin moved from roughly $27,020 to $27,400, while Ethereum eased from around $1,653 to $1,611. The market was mixed rather than…

Ep 4 / Ethereum Options Premium Builds the Portfolio to $40.37

On September 14, 2023, the portfolio reached $40.37, up $4.48 from $35.89. That works out to 12.48%. The account is still tiny, so I am keeping the percentage in perspective. A few dollars move the number a lot at this stage.

The early work is still centered on Ethereum options premium. I am not trying to predict every move in ETH. I am looking for premium that makes sense against the risk, then keeping the proceeds in the portfolio instead of treating a good week as money already won.

Market context

From September 7 to September 14, Bitcoin rose modestly from around $26,240…

Ep 1 / Starting the Crypto Options Journal With $5.38

I started the crypto options journal on August 23, 2023. The first week was small, which was exactly the point: start with real capital, make the decisions visible, and see whether an options approach can build a base over time.

By August 24, 2023, the portfolio showed $5.38 in income. It is not a number to celebrate too hard, but it is a real first entry. I was more interested in keeping the first step controlled than in forcing a larger result.

Market context

At launch, Bitcoin traded around $26,200 and Ethereum around $1,660. The market was relatively subdued over the…