In a staggering display of market acceptance, the Solana-based cryptocurrency exchange Backpack achieved a remarkable $300 million in trading volume within the first 24 hours of its beta launch. This feat was propelled by the exchange’s association with the renowned NFT collection Mad Lads, crafted by the same team behind the platform. The quick ascent of Backpack underscores the exchange’s strong market entrance and the growing interest in the Solana blockchain’s capabilities.
Backpack’s Market Impact
Blockchain expert and author Anndy Lian attributes the success of the Backpack Exchange to its integration with the Mad Lads xNFT collection and the robust environment of the Solana blockchain. Lian highlights Solana’s potential to become a significant contender in the expanding DeFi sector, thanks to its fast and scalable infrastructure suitable for decentralized applications.
Impressive Technical Achievements
Armani Ferrante, CEO of Backpack, unveiled figures demonstrating the exchange’s technical prowess, including rapid order execution and swift order cancellation capabilities. Ferrante reported that the platform processed 6,000 unique deposit transactions shortly after the preseason commencement. Additionally, the exchange’s SOL/USDC trading pair experienced a 24-hour trading volume exceeding $643 million, dwarfing the volume of leading exchanges such as Binance in the same timeframe.
The exchange’s ascent is further bolstered by its receipt of a crypto asset service provider license from Dubai’s Virtual Asset Regulatory Authority in late 2023. Backpack has also secured multiple licenses in other global jurisdictions, ensuring broad operational compliance.
In tandem with Backpack’s success, the Mad Lads NFT collection witnessed a 77.93% surge in its 24-hour trading volume, reaching over $1 million and ranking as the third-largest in daily transaction volume. Solana’s overall NFT sales volume rose by 20.19%, positioning it just behind Ethereum in the NFT marketplace.