Mad Lads’ Backpack Exchange Breaks $300M Trading Volume in 24 Hours

Backpack, a crypto exchange built on the Solana blockchain, has achieved a milestone of $300 million in less than 24 hours after its pre-season beta launch. The exchange was created by the team behind the popular Mad Lads NFT collection on Solana. The success of the exchange can be attributed to the popularity of the Mad Lads xNFT collection and the potential of the Solana blockchain itself, which is known for its speed and scalability. Solana is also considered a strong contender for the future of decentralized finance (DeFi), a rapidly growing sector in the crypto industry.

Within the first day of the pre-season launch, Backpack recorded 6,000 unique deposit transactions, demonstrating high user interest. The exchange offers impressive trading metrics, with order placement and cancellation taking just milliseconds. Its SOL/USDC spot trading pair saw a trading volume of over $643 million in 24 hours, surpassing Binance’s trading pair, which generated $2.4 million in the same time frame.

Backpack Exchange received a Virtual Asset Service Provider (VASP) license from the Dubai Virtual Assets Regulatory Authority (VARA) in October 2023. The exchange has also obtained operational licenses in various jurisdictions worldwide, establishing itself as a reputable and compliant platform.

The success of the Backpack Exchange has had a positive impact on the Mad Lads NFT collection. The trading volume of Mad Lads NFTs increased by 77.93%, reaching over £1 million in daily trading volume. This makes it the third-largest collection by daily trading volume across all blockchain networks. Solana’s overall NFT sales volume rose by 20.19% to $7.35 million, securing its position as the second-largest blockchain for NFT sales after Ethereum.

This impressive performance has also propelled Solana’s market capitalization, surpassing Binance Coin (BNB) and securing the fourth position among all cryptocurrencies. As the Solana ecosystem continues to attract users and developers, it is expected to further solidify its position in the crypto industry and contribute to the advancement of DeFi and NFTs.