Cryptocurrency exchange Backpack, based on the Solana blockchain, reached a trading volume of $300 million in less than 24 hours after its pre-season beta launch. The exchange, created by the developers of the NFT collection Solana’s Mad Lads, quickly gained popularity due to the record-breaking Mad Lads xNFT collection in the Backpack ecosystem and the potential of the Solana blockchain. Blockchain expert Andy Lian noted that Solana is considered a potential leader in the future of decentralized finance (DeFi).
Backpack registered 6000 unique transactions within the first 24 hours, demonstrating impressive trading metrics, including order placement and cancellation in less than one millisecond. The spot trading pair SOL/USDC on Backpack reached a volume of over $643 million, surpassing even the world's largest exchange, Binance. In October 2023, Backpack received a Virtual Asset Service Provider (VASP) license from the Dubai Virtual Asset Regulatory Authority (VARA) and numerous other operational licenses worldwide.
Following Backpack's success, the trading volume of NFT Mad Lads increased by 77.93%, exceeding $1 million and becoming the third-largest set by daily trading volume across all blockchain networks. The sales volume of Solana also increased by 20.19% to $7.35 million, becoming the second-largest blockchain by daily NFT sales volume after Ethereum.
