The 24-hour trading volume of Backpack exchange exceeded US$600 million! Registration and Airdrop PYTH Tutorial

This site (120BTc.coM): Cryptocurrency wallet and exchange Backpack posted on the X platform later on the 15th that after the Backpack Pre Season started, its beta version trading The 24-hour trading volume of the platform has exceeded US$300 million; according to its latest tweet, as of 11:30 am on the 16th, the 24-hour trading volume of Backpack Exchange has exceeded US$600 million. So, what is the origin of Backpack? Why has it grown so quickly?

What is Backpack?

It is understood that as early as 2022, the cryptocurrency wallet Backpack was officially founded by Coral, the framework development company of the public chain Solana.

Last November, the Backpack team announced that they would launch a cryptocurrency exchange called Backpack Exchange. The exchange has received a regulatory license from the Dubai Virtual Asset Regulatory Authority (VARA), allowing it to provide virtual asset trading services to qualified investors and institutions in Dubai.

Backpack Exchange was founded by Can Sun, the former general counsel of the bankrupt exchange FTX. It aims to learn from past lessons, emphasize the concept of "self-custody", and use multi-party computing technology to improve the security of user wallets. Key members include CEO Armani Ferrante, Claire Zhang and Sun's former legal deputy. These initiatives demonstrate their emphasis on security and their efforts to ensure the safety of user assets.

Backpack Exchange Airdrop Tutorial

In order to expand the user base, Backpack Exchange cooperated with the Solana ecological project Pyth Network to launch the first airdrop event. Users only need to register an account with Backpack and complete KYC verification, and then deposit SOL tokens for staking and trading within the specified time to receive PYTH token rewards.

Although the airdrop activity of Pyth Network has ended, Backpack Exchange has started a trading wash plan. The official stated that the ranking will be determined by transaction volume, which may indicate that the next wave of airdrops is coming. Therefore, trading wash schemes are still worthy of attention.

• Register Backpack exchange account

• Complete KYC verification

• Transfer to SOL or USDC

• Use SOL/USDC buying and selling to increase transaction volume

• It is best to keep a certain amount of funds after completing the transaction and interact regularly

Backpack Exchange Registration Tutorial

Currently, Backpack Exchange has officially opened the beta platform. The specific registration process is as follows:

1. Register an account on Backpack Exchange and complete Email verification:

• Prepare an Email

• Set password (must contain mixed uppercase and lowercase letters, numbers and special characters, and cannot contain spaces )

#2. Complete KYC real-name authentication to comply with anti-money laundering, sanctions and other regulations:

• Accounttype: Select Individual personal account.

• Personal Information: Enter your personal information, it will take about 5 minutes.

• Identity authentication: upload ID information and face verification.

It is worth noting that due to the team background of its former FTX executive, its close relationship with the public chain Solana, and the potential airdrop expectations, Backpack Exchange has indeed attracted the attention of the crypto community. However, whether Backpack can really provide investors with safer trading services after learning from the lessons of FTX, as it claims, deserves our continued attention.

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