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Solana-Based Exchange Surpasses £300 Million Milestone in 24 Hours on Solana Blockchain

The Backpack cryptocurrency exchange, built on Solana, swiftly attained the £300 million milestone within a mere 24 hours of commencing its pre-season beta launch, as stated in a Feb. 15 post by Backpack.

The exchange was initiated by the minds behind Solana’s Mad Lads executable nonfungible token (NFT) collection.

The exchange’s surge in popularity is attributed in part to the outstanding success of the Mad Lads xNFT collection within the Backpack ecosystem and the promising potential of the underlying Solana blockchain, as highlighted by Anndy Lian, an intergovernmental blockchain expert and the author of the book NFT: From Zero to Hero. Lian conveyed to Cointelegraph:

“Backpack Exchange leverages the Solana blockchain, one of the fastest and most scalable platforms for decentralized applications […] Solana is also seen as a potential contender for the future of decentralized finance, or DeFi, which is a fast-growing sector of the crypto industry.”

Within 24 hours of its pre-season launch, Backpack recorded 6,000 unique deposit transactions, as per a Feb. 13 post by Armani Ferrante, the founder and CEO of Backpack.

The recently unveiled exchange showcases impressive trading statistics, including one-millisecond order placement and sub-one millisecond order cancellation, as confirmed by Ferrante.

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Backpack’s SOL/USDC spot trading pair amassed over £643 million in 24-hour trading volume, surpassing the trading pair of the world’s largest exchange, Binance, which accrued £2.4 million in 24-hour trading volume.

In October 2023, Backpack Exchange acquired a virtual asset service provider (VASP) license from the Dubai Virtual Assets Regulatory Authority (VARA).

Moreover, the exchange secured various other operational licenses across numerous jurisdictions worldwide in the latter half of 2023.

Following Backpack’s triumph, the 24-hour trading volume of Mad Lads NFTs escalated by 77.93% to surpass £1 million, positioning it as the third-largest collection by daily trading volume across all blockchain networks.

Solana witnessed a 20.19% surge in sales volume to £7.35 million, ranking as the second-largest blockchain by daily NFT sales volume after Ethereum, which amassed £18.28 million in 24-hour NFT sales volume, according to NFT data aggregator CryptoSlam.

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Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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