Phoenix, the perpetual futures exchange developed by Ellipsis Labs on Solana, now accepts SOL alongside USDC as collateral across more than 80 crypto, equity and commodity markets. Enabled on September 16, 2026, the feature lets SOL holders retain their tokens while using them as margin instead of converting them first. SOL is valued at 80% for collateral purposes, so $100 of SOL provides $80 of usable margin, while USDC counts at full value. Available margin changes in real time with SOL's market price, and profits and losses continue to settle in USDC. If an account falls below its maintenance threshold, Phoenix's on-chain risk engine reduces positions first and liquidates only enough SOL to cover a USDC shortfall. SOL is the first asset in Phoenix's planned multicollateral system. Ellipsis Labs says the architecture is designed to support other liquid Solana spot assets through real-time pricing and atomic liquidations across connected spot markets. Phoenix had surpassed $1 billion in perpetuals volume before launching its Flight Club rewards program in July 2026, which distributed $420,000 USDC over 28 days.