Crypto exchange Backpack Exchange has introduced upgraded lending services for both Solana (SOL) and US dollars (USD), offering users potential APY of up to 12.24%. This launch signifies the platform’s commitment to integrating lending, staking, and returns, and positions it among industry leaders in crypto lending. Key investors, including Placeholder and Hashed, have provided financial backing for this development. The new service is backed by institutional confidence, with regulatory recognition achieved in Dubai and ongoing approvals in Japan. The program leverages a real return structure, eliminating subsidies to promote sustainability. 12.24% APY on SOL lending highlights the platform’s strategy of maximizing returns for users through a transparent and secure system. Backpack Exchange has a valuation exceeding $120 million post-Series A funding, further solidifying its position in the market. This move could attract more users by offering competitive yields based on actual staking returns. Backpack Exchange is also seeking regulatory approval in Japan with plans to expand internationally. The platform’s focus on transparency and compliance could pave the way for other platforms to follow suit, potentially reshaping the lending landscape on similar blockchain ecosystems.