Backpack, a Solana-based crypto exchange, managed to reach the $300 million threshold in less than 24 hours after the start of its preseason beta launch, according to a post published by Backpack on February 15th. The exchange had gained attention by being initiated by the creators of Solana’s popular NFT collection, Mad Lads. Following this development, significant events occurred on the side of the NFT collection Mad Lads.
Significant Steps from the Backpack Team
According to blockchain expert and NFT book author Anndy Lian, the exchange’s popularity stems in part from the record-breaking Mad Lads xNFT collection within the Backpack ecosystem and the potential of the underlying Solana blockchain ecosystem. The celebrity expert commented on the matter:
“Backpack Exchange benefits from the Solana blockchain ecosystem, which is one of the fast and scalable platforms for decentralized applications. Solana is also seen as a potential competitor for the future of decentralized finance or DeFi, which is a rapidly growing sector in the crypto industry.”
Backpack’s founder and CEO Armani Ferrante shared data in a February 13th post that Backpack recorded 6,000 unique deposit transactions within 24 hours following the preseason launch. According to Ferrante, the newly opened exchange boasts impressive data such as millisecond order placement and sub-millisecond order cancellation.
Backpack’s SOL/USDC spot trading pair exceeded $643 million in 24-hour trading volume, surpassing the trading volume of the world’s largest exchange, Binance, which generated $2.4 million in 24-hour trading volume. Backpack Exchange received a crypto asset service provider (VASP) license from the Dubai Virtual Asset Regulatory Authority (VARA) in October 2023. The exchange has obtained several other operational licenses in various jurisdictions worldwide in the second half of 2023.
Noteworthy Data in the NFT Space
Following the success of the Backpack team, the 24-hour trading volume of the Mad Lads NFT collection increased by 77.93%, exceeding $1 million and becoming the third-largest collection in daily transaction volume across all blockchain networks.
According to NFT data analytics platform CryptoSlam, Solana’s sales volume increased by 20.19% to $7.35 million, making it the second-largest blockchain ecosystem in terms of daily NFT sales volume after Ethereum, which generated $18.28 million in 24-hour NFT sales.
