Backpack Crypto Exchange Hits $300 Million Trading Volume in First 24 Hours of Launch
Summary:
Backpack, a Solana-based cryptocurrency exchange, hit a trading volume of $300 million within its first 24 hours of the pre-beta season launch. The buzz is largely due to the successful Mad Lads xNFT collection from the same creators and the high potential of the Solana blockchain. The exchange recorded 6,000 unique deposit transactions during launch day and surpassed industry giant Binance in 24-hour trading volume with its SOL/USDC spot trading pair. Backpack earned a license from the Dubai Virtual Assets Regulatory Authority in October 2023 and increased operational licenses worldwide. The success also boosted Mad Lads NFTs trading volume and Solana's sales volume.
Backpack, a cryptocurrency exchange based on the Solana platform, experienced a trading volume surge of $300 million within the first day of its pre-beta season launch, as reported by a Feb. 15 X post. This new exchange is the brainchild of the developers behind Solana's Mad Lads nonfungible token (NFT) collection.
The buzz around the exchange largely stems from the phenomenal performance of the Backpack ecosystem's Mad Lads xNFT collection, coupled with the promising potential of its core Solana blockchain, according to Anndy Lian, a respected blockchain expert and author of the book 'NFT: From Zero to Hero'. He shared with Cointelegraph that, “The Backpack Exchange utilizes the Solana blockchain, reputed as one of the quickest and highly scalable solutions for decentralized applications, marking it as a possible future player in the decentralized finance, or DeFi, sector, a rapidly expanding area of the crypto market."
Within the first day of the initial launch, Backpack reported 6,000 individual deposit transactions, as revealed in a Feb. 13 X post by its founder and CEO, Armani Ferrante. The nascent exchange flaunts impressive trading statistics, featuring one-millisecond order placement and less than one-millisecond order cancellation, according to Ferrante.
Notably, the SOL/USDC spot trading pair on Backpack surpassed a 24-hour trading volume of $643 million, outdoing Binance's trading pair, which garnered a 24-hour volume of $2.4 million. In October 2023, Backpack procured a Virtual Asset Service Provider (VASP) license from the Dubai Virtual Assets Regulatory Authority (VARA), along with numerous other permits across various global jurisdictions in the latter half of 2023.
The 24-hour trading volume of Mad Lads NFTs subsequently experienced a 77.93% boost, resulting in over £1 million and ranking them as the third-largest collection by daily trading volume across all blockchain networks. Responding to this success, Solana's sales volume grew by 20.19% to reach $7.35 million, making it the second-largest blockchain by daily NFT sales volume following Ethereum, which produced $18.28 million in 24-hour NFT sales volume, per NFT data compiler CryptoSlam.
Published At
2/16/2024 1:05:47 PM
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