Solana-based Backpack Crypto Exchange Attains $1B Daily Trading Volume Just 5 Days After Pre-season Beta Launch

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. 

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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. 

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

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