Markets News Report
February 12, 2024

Backpack Launches Trading Points System on Solana to Enhance User Engagement

Backpack Launches Trading Volume Points System on Solana to Enhance User Engagement

Backpack – a prominent exchange within the Solana blockchain ecosystem – today disclosed its plans on platform X to introduce an account trading volume points system, effective as of 07:00 on February 14th. According to the announcement made, this newly proposed system is anticipated to revolutionize the platform’s operational dynamics, serving as a benchmark for forthcoming marketing initiatives.

It said, “Backpack Exchange trading volume will be a key factor in determining your Backpack Rank starting Feb 13 2300 UTC. That’s the tweet.”

Those who are willing to register can sign up here.

By incorporating the ranking derived from this points system, Backpack aims to enhance its strategic decision-making processes, particularly in areas such as determining air investment prices and evaluating potential coin listing projects within its Launchpool.

Moreover, it is important to understand that such a move reflects Backpack’s aim to foster a transparent and efficient trading environment while strengthening its competitive edge within the rapidly evolving digital asset landscape.

Backpack Enters Crypto Exchange with Dubai License

Recently, the MPost team reported that Backpack Exchange – the trading arm of the renowned Backpack platform – secured the Virtual Asset Service Provider (VASP) license for Exchange Services from the Dubai Virtual Assets Regulatory Authority (VARA), a leading regulatory body in the virtual assets sphere.

This marked a milestone for Backpack in Dubai’s digital currency landscape, solidifying its position as a trusted player in the industry. The VASP license empowers Backpack Exchange to conduct its operations with transparency and adherence to regulatory standards.

It’s important to clarify that this licensing pertains solely to Backpack Exchange and does not extend to other virtual offerings provided by the Backpack platform.

Additionally, the company had also launched an advanced exchange platform, incorporating features like zero-knowledge proof of reserves, state-of-the-art Multi-Party Computation (MPC) to safeguard assets and efficient order execution capabilities.

With the integration of the Backpack Wallet, users can look forward to a better experience that bridges traditional currency with the blockchain world. This includes access to various decentralized applications (dApps) and exclusive executable Non-Fungible Tokens (NFTs).

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Kumar is an experienced Tech Journalist with a specialization in the dynamic intersections of AI/ML, marketing technology, and emerging fields such as crypto, blockchain, and NFTs. With over 3 years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and delivering comprehensive insights. Kumar's expertise lies in producing high-impact content, including articles, reports, and research publications for prominent industry platforms. With a unique skill set that combines technical knowledge and storytelling, Kumar excels at communicating complex technological concepts to diverse audiences in a clear and engaging manner.

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Kumar Gandharv
Kumar Gandharv

Kumar is an experienced Tech Journalist with a specialization in the dynamic intersections of AI/ML, marketing technology, and emerging fields such as crypto, blockchain, and NFTs. With over 3 years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and delivering comprehensive insights. Kumar's expertise lies in producing high-impact content, including articles, reports, and research publications for prominent industry platforms. With a unique skill set that combines technical knowledge and storytelling, Kumar excels at communicating complex technological concepts to diverse audiences in a clear and engaging manner.

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