The pre-season beta launch of the Backpack crypto exchange, built on Solana, has achieved a remarkable milestone by reaching $300 million in less than 24 hours, according to a post by Backpack on Feb. 15. The exchange was created by the team behind Solana’s successful Mad Lads nonfungible token (NFT) collection.
The popularity of the Backpack exchange can be attributed to the record-breaking success of the Mad Lads xNFT collection and the potential of the underlying Solana blockchain, as highlighted by Anndy Lian, an intergovernmental blockchain expert and author of the book “NFT: From Zero to Hero.” Lian stated in an interview with Cointelegraph that the ecosystem’s achievements have contributed to the exchange’s rapid growth.
In the first 24 hours of its pre-season launch, Backpack recorded an impressive 6,000 unique deposit transactions, as mentioned in a post by Armani Ferrante, the founder and CEO of Backpack, on Feb. 13. Ferrante also highlighted the exchange’s outstanding trading metrics, such as one-millisecond order placement and sub-one millisecond order cancellation.
The SOL/USDC spot trading pair on Backpack has seen a trading volume of over $643 million in 24 hours, surpassing Binance’s trading pair, which generated $2.4 million in trading volume. This indicates the strong demand and adoption of the Backpack exchange.
Backpack Exchange obtained a virtual asset service provider (VASP) license from the Dubai Virtual Assets Regulatory Authority (VARA) in October 2023. Additionally, the exchange has obtained several operational licenses in various jurisdictions worldwide in the latter half of 2023, demonstrating its commitment to compliance and regulatory standards.
Following the success of Backpack, the trading volume of the Mad Lads NFTs increased by 77.93% to over $1 million in a 24-hour period, making it the third-largest NFT collection in terms of daily trading volume across all blockchain networks. Solana’s sales volume also rose by 20.19% to $7.35 million, positioning it as the second-largest blockchain in terms of daily NFT sales volume, after Ethereum, which generated $18.28 million in 24-hour NFT sales volume, according to NFT data aggregator CryptoSlam.
In related news, Solana’s market capitalization has surpassed that of Binance’s BNB, securing the fourth position in the market rankings.