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Solana-based Backpack Exchange Exceeds £300M Landmark in 24 Hours

On the 15th of February, Backpack shared a post in which it noted that the company effectively touched the respective landmark only twenty-four after the pre-season beta release.

ShahZaib Ahmed

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Solana-based Backpack Exchange Exceeds £300M Landmark in 24 Hours

A Solana-based crypto exchange Backpack rapidly reached the milestone of £300M within just 24 hours. On the 15th of February, Backpack shared a post in which it noted that the company effectively touched the respective landmark only twenty-four after the pre-season beta release. The think tanks at the back of the Mad Lads executable NFT collection of Solana reportedly commenced the exchange.

Backpack Exchange of Solana Surpasses the Milestone of £300M in Twenty-Four Hours

The spike that the exchange saw in its popularity partially deals with the victory of the Mad Lads xNFT series.  The underlying blockchain of Solana additionally has the credit for the respective development. Anndy Lian, a prominent blockchain analyst who reportedly authored “NFT: From Zero to Hero,” also highlighted this. Backpack Exchange benefits from the Solana blockchain which has a place among the most scalable and fastest dApp forums.

As per reports, Solana has considerable potential as a contender concerning the future of decentralized finance. The DeFi sector is emerging as the fastest-growing section of the cryptocurrency world. Within the twenty-four hours of Backpack’s pre-season launch, the exchange recorded up to 6,000 exclusive deposit transfers. The recently emerging exchange displays striking trading statistics.

Also Read: ADGM Partners With Solana Foundation to Boost Blockchain Innovation in Abu Dhabi

They take into account order placement within one milliseconds and order cancellation within sub-one milliseconds. The exchange’s spot trading asset pair SOL/USDC made more than £643M as its twenty-four trading volume. This outcompeted the world’s biggest crypto exchange Binance. Binance accrued £2.4M in the same category.

VARA of Dubai Offers VASP License to Backpack

Back in October last year, the Dubai Virtual Assets Regulatory Authority provided a virtual asset service provider license to Backpack. Furthermore, the exchange got several other functional licenses throughout many jurisdictions around the world during 2023. After the victory of Backpack concerning Mad Lads NFTs, the NFT collection secured the top 3rd spot in terms of daily volume.

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