According to Cointelegraph: Backpack, a crypto exchange based on the Solana blockchain, achieved a trading volume of $300 million within 24 hours of its pre-season beta launch. This significant milestone was declared in a Feb 15th post by the Backpack team following the successful launch of the exchange. Backpack was ushered in by the founders of Solana’s Mad Lads, a popular nonfungible token (NFT) collection.
The exchange’s popularity is attributed both to the success of the Mad Lads xNFT collection and to the potential of the Solana blockchain platform. Blockchain expert Anndy Lian credits the Solana blockchain for its remarkable speed and scalability, making it a potential future heavyweight in the world of decentralized finance (DeFi).
The founder and CEO of Backpack, Armani Ferrante, reported 6,000 unique deposit transactions within the first 24 hours of the exchange’s pre-season launch. Trading features include one-millisecond order placement and sub-one millisecond order cancellation. Backpack’s SOL/USDC spot trading pair achieved over $643 million in 24-hour trading volume, surpassing Binance’s trading pair, which stood at $2.4 million.
Backpack received a Virtual Asset Service Provider (VASP) license from the Dubai Virtual Assets Regulatory Authority (VARA) in October 2023. Additionally, the exchange secured numerous other operational licenses across multiple jurisdictions in the latter half of 2023.
Following the launch, the Mad Lads NFTs reported a rise in their 24-hour trading volume by 77.93% to over £1 million, making it the third-largest collection by daily volume across all blockchain networks.
Source: https://www.binance.com/hu/feed/post/4197002116281
Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.
Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.
An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.