Backpack Exchange has now opened Futures and Lending markets.
With the Spot market already much stabilized, Backpack Exchange aims to expand its coverage more to Futures and Lending markets as most major CEXs serve.
This expansion marks a significant milestone for Backpack Exchange, positioning it as a more comprehensive trading platform in the competitive crypto exchange landscape
Backpack Exchange
Backpack Exchange also has its own wallet and one of the most iconic and reliable NFT collections, Mad Lads, as well. Backpack wallet supports Solana, Ethereum, Optimism, Base, Arbitrum, Polygon, and SVM chains like Eclipse and Sonic.
Backpack Exchange may compete with other advanced Perps DEXs like Raydium Perpetuals, Jupiter Perps, Drift, and Zeta Market that are very fast and reliable Solana-based perps exchanges.
Raydium recently surpassed Uniswap in terms of total volume and revenue generation as well.
And Jupiter dominates recent all aggregator markets and Drift and Zeta keep their reliable exchange actions.
Backpack may have an advantage as a CEX that supports a variety of chains like Solana, BTC and Ethereum, and it works like a sort of DEX as Backpack wallet is closely connected to the exchange.
But regarding the recent trend that is positive for DEX and stable and fast Solana chain, DEX perps will have their own edge to compete with Backpack and other CEX Perps markets.
The growing preference for DEXs is not just about avoiding centralized control; it's also driven by technological advancements that have made decentralized platforms more user-friendly and efficient.
With the recent market crash, many users start to complain about the one-way control or manipulation by CEXs and Market Makers like Wintermute.
I think we are already in the time of severe competition between DEX and CEX. And yes, there will be many uncertainties to influence the competition. Regulatory issues and Institutional interests and entry to the crypto market, etc.
DEX may be in the leading position for the upcoming exchange war.
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