In less than a day since its pre-season beta launch, the Backpack crypto exchange, built on the Solana blockchain, has reached a milestone of $300 million, as reported by Backpack on February 15th. This exchange was created by the team behind Solana’s successful Mad Lads nonfungible token (NFT) collection.
The popularity of Backpack can be attributed to the groundbreaking Mad Lads xNFT collection and the potential of the underlying Solana blockchain, according to 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 exchange had recorded 6,000 unique deposit transactions within the first 24 hours of its pre-season launch, as mentioned in a post by Armani Ferrante, the founder and CEO of Backpack, on February 13th.
The newly-launched exchange boasts impressive trading metrics, including order placement in just one millisecond and order cancelation in less than one millisecond, as highlighted by Ferrante. The image below shows the quick response times of the Backpack Exchange.
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The SOL/USDC spot trading pair on Backpack has generated over $643 million in 24-hour trading volume, surpassing the trading pair of Binance, the world’s largest exchange, which recorded $2.4 million in 24-hour trading volume.
Backpack Exchange obtained a virtual asset service provider (VASP) license from the Dubai Virtual Assets Regulatory Authority (VARA) in October 2023. The exchange has also acquired various operational licenses in different jurisdictions worldwide in the latter half of 2023.
Following the success of Backpack, the 24-hour trading volume of the Mad Lads NFTs has increased by 77.93% to over $1 million, making it the third-largest collection in terms of daily trading volume across all blockchain networks. Solana’s sales volume has also risen by 20.19% to $7.35 million, positioning it as the second-largest blockchain in terms of daily NFT sales volume, with Ethereum taking the lead at $18.28 million, according to NFT data aggregator CryptoSlam.
In related news, Solana’s market capitalization has surpassed Binance Coin (BNB), securing its position as the fourth-largest cryptocurrency.