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, according to a post by Backpack on Feb. 15. The exchange was created by the team behind Solana’s popular Mad Lads nonfungible token (NFT) collection.
The success of the exchange can be attributed in part to the record-breaking Mad Lads xNFT collection and the potential of the underlying Solana blockchain, as explained by Anndy Lian, an intergovernmental blockchain expert and author of the book “NFT: From Zero to Hero,” in an interview with Cointelegraph.
According to Armani Ferrante, the founder and CEO of Backpack, the exchange received 6,000 unique deposit transactions within 24 hours of its pre-season launch, as mentioned in a post on Feb. 13. The exchange boasts impressive trading metrics, including one-millisecond order placement and sub-one millisecond order cancellation.
The SOL/USDC spot trading pair on Backpack reached a trading volume of over $643 million in 24 hours, surpassing the trading pair of Binance, the world’s largest exchange, which generated a trading volume of $2.4 million.
Backpack Exchange obtained a virtual asset service provider (VASP) license from the Dubai Virtual Assets Regulatory Authority (VARA) in October 2023. The exchange also obtained operational licenses in various jurisdictions worldwide in the second half of 2023.
As a result of Backpack’s success, the 24-hour trading volume of the Mad Lads NFTs increased by 77.93% to over $1 million, making it the third-largest collection by daily trading volume across all blockchain networks. Solana’s sales volume also rose by 20.19% to $7.35 million, making it the second-largest blockchain by daily NFT sales volume, behind Ethereum, which generated $18.28 million in 24-hour NFT sales volume, according to NFT data aggregator CryptoSlam.
In related news, Solana’s market cap has surpassed that of Binance’s BNB token, securing the fourth position.