Backpack: A new move in the world of cryptocurrency wallets and exchanges

As blockchain applications become increasingly complex, the demand for a unified platform to manage digital assets is becoming urgent. Backpack was created not just as a regular wallet, but as a comprehensive ecosystem combining wallet, exchange, and decentralized application center.

Backpack is not an ordinary wallet

Instead of merely storing tokens and NFTs, Backpack positions itself as a “web3 operating system.” Users can access a dedicated “App Store,” download decentralized apps (dApp), and use them directly without redirecting through multiple platforms. This reduces exposure to malicious websites and optimizes user experience.

The platform supports both Solana and Ethereum, with plans to expand to other blockchains in the future. Key features include asset storage, sending and receiving, token swapping, minting NFTs directly within the wallet, and community messaging via Backpack Messages.

xNFT: Executable NFT technology

One of Backpack’s highlights is support for xNFT (Executable NFT) – a new token standard on Solana. Unlike regular NFTs that only represent an asset, xNFTs can execute commands and interact directly like a true application.

For example, users can stake their DeGods NFTs directly within the Backpack wallet without intermediaries, reducing complexity and risk. This is a significant step toward making NFTs more useful beyond collecting or trading.

Backpack Exchange: A spectacular launch

In February 2024, Backpack officially launched Backpack Exchange – its own centralized (CEX). The exchange quickly made an impression with $1 billion USD in trading volume within the first 5 days, and continued to grow strongly.

Features of the exchange:

• Spot trading with Limit and Market orders
• Competitive trading fee: 0.1%
• Trading pairs priced in USDC
• Operating in the Middle East, Asia, and 11 US states
• Total trading volume in February 2024 exceeded $6.5 billion USD

Backpack Exchange received a license from Dubai’s Virtual Asset Regulatory Authority (VARA), demonstrating a commitment to compliance.

The development team behind the success

Backpack was developed by Coral, a reputable crypto infrastructure company. The founding team includes Armani Ferrante and Tristan Yver – known for their successful Mad Lads NFT collection.

The project has raised $37 million USD through funding rounds with leading funds such as Jump Crypto, Multicoin Capital, Placeholder, Amber Group, and Wintermute. This reflects investor confidence in Backpack’s potential.

Practical features

Backpack offers a full suite of tools for users:

Asset management: Store and send/receive NFTs/tokens on Solana and Ethereum within a unified interface.

Flexible trading: Swap tokens quickly between two blockchains, mint NFTs without going through marketplaces or launchpads.

Application connectivity: Through the xNFT Library, users can access and use a variety of dApps with low fees.

Community: Backpack Messages allows users to create groups, communicate directly, and build communities.

Why is Backpack important?

In the rapidly growing Solana ecosystem, Backpack acts as a bridge between users and decentralized applications. It solves the problem of users jumping across multiple platforms, increasing safety and convenience.

The combination of wallet, exchange, and app store creates an almost complete web3 experience, making onboarding new users easier. The impressive trading volume within just a few weeks demonstrates real market demand.

Looking ahead

Although there is no official announcement about the Backpack token yet, future airdrops are something users can anticipate. Active use of the wallet and exchange could present opportunities to benefit from these actions.

Backpack represents the evolutionary trend of crypto platforms – from standalone tools to integrated ecosystems. With Solana continuing to grow and the demand for digital asset management increasing, Backpack is positioned to become a key element in the future of web3.