Mad Lads’ Backpack Exchange Exceeds $300 Million in Transaction Volume in 24 Hours
The Solana-based Backpack crypto exchange reached the $300 million mark less than 24 hours after starting its pre-season beta, according to X posted on Backpack on February 15. The exchange was launched by the creators of Solana's Mad Lads executable nonfungible token (NFT) suite.
24 hours after Backpack Pre Season starts.
Over $300 million in business.
It has started.
— Backpack (@Backpack) February 14, 2024
The exchange's popularity is due in part to the backpack ecosystem's record-breaking collection of Mad Lads xNFT and the potential of its underlying Solana blockchain, according to Andy Lean, a government blockchain expert and author of the book NFT: From Zero To Hero. He told Cointelegraph.
“Backpack Exchange uses the Solana blockchain, one of the fastest and most scalable platforms for decentralized applications. […] Solana is seen as a contender for the future of decentralized finance, or DeFi, the fast-growing sector of the crypto industry.
Armani Ferrante, the backpacker's founder and CEO, recorded 6,000 unique deposit transactions in the 24 hours he posted on February 13.
The newly launched exchange features impressive trading parameters, including one millisecond order placement and sub-one millisecond order cancellation, Ferrante said.
Backpack's SOL/USDC reached over $643 million in 24-hour trading volume, surpassing the world's largest exchange, Binance's trading pair, which generated $2.4 million in 24-hour trading volume.
Backpack Exchange received a Virtual Asset Service Provider (VASP) license from the Dubai Virtual Assets Regulatory Authority (VARA) in October 2023. The exchange secured several other operating licenses in various jurisdictions around the world in the latter half of 2023.
Mad Lads will be the third-largest NFTs by daily volume
Following Backpack's success, Mad Lads NFTs' 24-hour trading volume surged 77.93% to over $1 million, making it the third largest daily trading volume of all blockchain networks.
Solana's sales volume rose 20.19% to $7.35 million, making it the second-highest daily NFT sales volume behind Ethereum with $18.28 million in 24-hour NFT sales volume, according to NFT data aggregator CryptoSlam.
Related: Solana's market value surpasses BNB, secures 4th place
