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<a href="https://bitcoinworld.co.in/solana-based-backpack-crypto-exchange-attains-1b-daily-trading-volume-just-5-days-after-pre-season-beta-launch/" title="Solana-based Backpack Crypto Exchange Attains $1B Daily Trading Volume Just 5 Days After Pre-season Beta Launch" rel="noopener noreferrer nofollow"></a>
The Solana-based Backpack crypto exchange has <a href="https://twitter.com/Backpack/status/1756898782300799180" rel="noopener noreferrer nofollow">made</a> 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 <a href="https://twitter.com/Backpack/status/1759210506865238190" rel="noopener noreferrer nofollow">X</a> post.&nbsp;
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 &gt;$1 Billion 24H Volume on <a href="https://twitter.com/Backpack?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@Backpack</a> Exchange <a href="https://t.co/qGWh4f4tuS" rel="noopener noreferrer nofollow">pic.twitter.com/qGWh4f4tuS</a>
 — Backpack <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f392.png" alt="🎒" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@Backpack) <a href="https://twitter.com/Backpack/status/1759210506865238190?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">February 18, 2024</a>
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The exchange launched its pre-season beta on February 13, and users’ trading volume will be used to determine their “rank” on the platform.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 |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. <a href="https://t.co/rbiKcrfeMK" rel="noopener noreferrer nofollow">pic.twitter.com/rbiKcrfeMK</a>
 — Backpack <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f392.png" alt="🎒" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@Backpack) <a href="https://twitter.com/Backpack/status/1756898782300799180?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">February 12, 2024</a>
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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.&nbsp;
See Also: <a class="row-title" href="https://bitcoinworld.co.in/coinbase-under-fire-for-its-lack-of-insight-into-its-etf-business/" aria-label="“Coinbase Under Fire For Its Lack Of Insight Into Its ETF Business” (Edit)" rel="noopener noreferrer nofollow">Coinbase Under Fire For Its Lack Of Insight Into Its ETF Business</a>
The exchange boasts impressive trading metrics, including ultra-fast order placement and cancellation times.
Backpack’s main SOL/USDC trading pair alone <a href="https://twitter.com/MagFomo/status/1759170042770723020" rel="noopener noreferrer nofollow">generated</a> over $800 million in 24-hour volume on February 18, flipping the SOL/USDC pairs on leading centralized exchanges.&nbsp;
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> BREAKING:<a href="https://twitter.com/Backpack?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@Backpack</a> exchange is currently flipping <a href="https://twitter.com/binance?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@binance</a> daily in terms of CMC for SOL/USDC.
 24 hour vol = $800M, with ~2.5B total volume so far <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f680.png" alt="🚀" class="wp-smiley" style="height: 1em; max-height: 1em;"> <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f392.png" alt="🎒" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/fHzicZzthU" rel="noopener noreferrer nofollow">pic.twitter.com/fHzicZzthU</a>
 — FOMO (@magFOMO) <a href="https://twitter.com/magFOMO/status/1759170042770723020?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">February 18, 2024</a>
</blockquote>
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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.&nbsp;
See Also: <a class="row-title" href="https://bitcoinworld.co.in/circle-executive-wants-the-us-treasury-department-to-probe-rival-company-tether-is-this-stablecoin-wars/" aria-label="“Circle Executive Wants The US Treasury Department To Probe Rival Company Tether, Is This Stablecoin Wars?” (Edit)" rel="noopener noreferrer nofollow">Circle Executive Wants The US Treasury Department To Probe Rival Company Tether, Is This Stablecoin Wars?</a>
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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The post <a href="https://bitcoinworld.co.in/solana-based-backpack-crypto-exchange-attains-1b-daily-trading-volume-just-5-days-after-pre-season-beta-launch/" rel="noopener noreferrer nofollow">Solana-based Backpack Crypto Exchange Attains $1B Daily Trading Volume Just 5 Days After Pre-season Beta Launch</a> appeared first on <a href="https://bitcoinworld.co.in" rel="noopener noreferrer nofollow">BitcoinWorld</a>.

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

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