The Solana-based Backpack crypto exchange has made a splash in its pre-season beta launch, racking up $1 billion in daily trading volume on February 18, according to the exchange’s official X post. 

>$1 Billion 24H Volume on @Backpack Exchange pic.twitter.com/qGWh4f4tuS

— Backpack 🎒 (@Backpack) February 18, 2024

The exchange launched its pre-season beta on February 13, and users’ trading volume will be used to determine their “rank” on the platform.

|NEW BEGINNINGS|

Your Backpack Exchange trading volume will be a key factor in determining your Backpack Rank starting Feb 13 2300 UTC.

That’s the tweet. pic.twitter.com/rbiKcrfeMK

— Backpack 🎒 (@Backpack) February 12, 2024

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. 

See Also: Coinbase Under Fire For Its Lack Of Insight Into Its ETF Business

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. 

🚨 BREAKING:@Backpack exchange is currently flipping @binance daily in terms of CMC for SOL/USDC.

24 hour vol = $800M, with ~2.5B total volume so far 🚀 🎒 pic.twitter.com/fHzicZzthU

— FOMO (@magFOMO) February 18, 2024

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. 

See Also: Circle Executive Wants The US Treasury Department To Probe Rival Company Tether, Is This Stablecoin Wars?

This, coupled with other operational licenses obtained throughout the latter half of 2023, demonstrates the exchange’s commitment to compliance and regulatory clarity.

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

#Binance #WRITE2EARN