The Solana-based Backpack crypto exchange has made a splash in its pre-season beta launch, racking up $1 billion in trading volume on February 18, according to the exchange’s official X post. The exchange launched its pre-season beta on February 13, and users’ trading volume will be used to determine their “rank” on the platform.
Launched by the creators of the popular Mad Lads NFTs, Backpack leverages the hype surrounding both its origin story and the underlying Solana blockchain technology. The exchange boasts impressive trading metrics, including ultra-fast order placement and cancellation times.
Backpack’s main SOL/USDC trading pair alone generated over $800 million in 24-hour volume on February 18, flipping the SOL/USDC pairs on leading centralized exchanges. This early dominance signals potential, though long-term sustainability remains to be seen.
Adding to its credibility, Backpack secured a virtual asset service provider (VASP) license from the Dubai Virtual Assets Regulatory Authority (VARA) in October 2023. This, coupled with other operational licenses obtained throughout the latter half of 2023, demonstrates the exchange’s commitment to compliance and regulatory clarity.
