I just rediscovered something quite interesting in the Solana ecosystem — Backpack. If you don’t know what Backpack is, it’s not just a cryptocurrency wallet; it’s much more than that.

Backpack functions like an operating system for decentralized applications. Instead of jumping between different platforms, you can manage tokens, NFTs, and interact with dApps all on a single platform. The cool part is that it supports both Solana and Ethereum, making it quite flexible.

The most unique feature of Backpack is xNFT — executable NFTs. Instead of static images, xNFTs can interact directly like an app. For example, you can stake your DeGods NFT directly within the wallet without needing a third party.

Besides the wallet, Backpack is also launching an exchange in early 2024 after receiving a license from VARA Dubai. The trading volume in the first month exceeded $6.5 billion — a pretty impressive figure. The exchange supports spot trading with a 0.1% fee, and all trading pairs are priced in USDC.

In terms of features, Backpack offers quite a comprehensive set: storing and sending tokens/NFTs, cross-chain swaps, minting NFTs directly in the wallet, messaging friends, and accessing the xNFT Library with low transaction fees. What is Backpack if not a fairly comprehensive effort to create a hub for all your crypto activities?

The team behind Backpack is Coral — a crypto infrastructure company, along with founders Armani Ferrante and Tristan Yver. They have raised $37 million from major funds like Jump Crypto, Multicoin Capital, Placeholder, Amber Group, and Wintermute.

Overall, Backpack is essentially a pretty interesting solution for those who want to centralize all their crypto activities. It combines a wallet, an exchange, and an xNFT application ecosystem, creating a very different experience compared to traditional wallets. If you haven’t tried it yet, check it out to understand how it works better.