Artículos Relacionados con Backpack

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Running for Three Years Only to Get a 'Witch Verdict'! Big Players Unite to Defend Rights, Backpack Rushes to 'Put Out the Fire'

After three years of anticipation, Backpack Exchange finally conducted its TGE on March 23, but instead of rewards, many users—including long-term supporters and high-volume traders—were labeled as "sybils" and saw their points drastically reduced or zeroed out. The airdrop, which allocated 25% of the total token supply to the community, sparked widespread anger, especially among Chinese users, who reported heavy losses in time, fees, and trading volume. The lack of transparent sybil-detection criteria and retroactive enforcement led to a severe trust crisis. Even key community contributors and influencers were affected, with some losing referral networks due to collective penalties. In response, Backpack opened a manual appeal channel, promising to reinstate 50% of points for users with three or fewer accounts per device and to initiate a token buyback for compensation. Amid the controversy, Backpack is pursuing an IPO narrative, with plans to lock team tokens until after a potential public listing and to allow long-term stakers to convert tokens to equity. However, unclear details and the recent airdrop fallout have left community trust deeply damaged.

marsbit03/24 09:48

Running for Three Years Only to Get a 'Witch Verdict'! Big Players Unite to Defend Rights, Backpack Rushes to 'Put Out the Fire'

marsbit03/24 09:48

The Last Time I'll Talk About Backpack, and Also Discussing My Airdrop Farming Principles

The author outlines two primary approaches to airdrop farming (referred to as "撸毛"): a labor-intensive" method of mass participation in many projects, and their own "sniper" method. The sniper approach relies on a rigorous four-point checklist to filter projects and avoid "industrial garbage." The checklist evaluates: 1. **Team (People):** Founders must be intelligent, have strong execution skills, and be genuinely well-intentioned. This is assessed through their social media content and, if possible, personal interactions. 2. **Product (Product-Market Fit):** The product must have a clear market fit, be delivered competently, and the team must show a responsible attitude towards its quality, avoiding releases full of basic errors. 3. **Narrative (Story):** The project should operate in a promising, unproven narrative within Web3 that also aligns with major investment trends in Web2 (e.g., AI). 4. **Timing & Cost (Market Conditions):** Avoid participating when market sentiment is overly FOMO-driven and participation costs are high. If an opportunity causes hesitation, it's best to skip it, as overcrowded airdrops yield minimal or negative returns. Applying this framework, the author explains why they avoided heavily farming the Backpack exchange airdrop: * **Narrative:** They are skeptical of the "compliant CEX" narrative, questioning its unique selling point against giants like Binance and OKX. * **Product:** They criticize Backpack's frequent technical failures, rollbacks, and what they perceive as a lack of product development rigor, comparing it unfavorably to competitors like Hyperliquid. * **Timing & Cost:** The participation cost was high compared to zero-fee alternatives available at the time. The author concludes that Backpack lacks the technical and operational prowess of a serious exchange and views its token more as a "VC-backed meme coin" for secondary market speculation rather than a worthwhile airdrop target.

比推03/23 20:38

The Last Time I'll Talk About Backpack, and Also Discussing My Airdrop Farming Principles

比推03/23 20:38

TGE in a Bear Market: Is Backpack the Starting Point or the End?

Backpack, a prominent Solana ecosystem wallet and centralized exchange, conducted its TGE (Token Generation Event) for the BP token on March 23. The total supply is set at 1 billion tokens, with 25% (250 million) unlocked at TGE—24% for points holders and 1% for Mad Lads NFT holders. No team or investor tokens are in the initial circulation. The tokenomics are designed to prevent insider dumping: founders, employees, and investors receive no direct token allocation. Instead, the team’s share is held in a company treasury, locked until at least one year after a future IPO. Tokens are released based on key milestones like regulatory progress and product expansion. Users could claim tokens by completing TGE verification on Backpack platform. The project implemented strict anti-Sybil measures, including KYC and manual confirmation requirements, reclaiming over 50 million "fake points." Backpack introduced a staking-to-equity mechanism: users staking BP for at least one year can convert tokens into company shares, with 20% of equity allocated to stakers. Market predictions from Polymarket suggest an FDV between $100-200 million at launch, aligning with Backpack’s previous $120 million valuation. The project has raised $17 million in Series A funding and is reportedly negotiating a new round at a $1 billion pre-money valuation. Amid a bear market, Backpack’s TGE is a significant test of market confidence and project sustainability.

比推03/23 08:33

TGE in a Bear Market: Is Backpack the Starting Point or the End?

比推03/23 08:33

Must-Follow Next Week｜Polymarket to Announce Major News Next Monday; Backpack TGE on March 23 (3.23-3.29)

The following is a summary of key events scheduled for the week of March 23-29, 2026. **March 23:** * **Polymarket** is set to announce major news, speculated to be related to a token launch or funding round. * **Backpack** will conduct its Token Generation Event (TGE). * The U.S. SEC may begin processing **Morgan Stanley's Bitcoin ETF** application. * Cboe plans to launch the **BITVX** volatility index, based on iShares Bitcoin Trust (IBIT) options. * **NilChain** will cease operations; NIL token holders must migrate to Ethereum. * **Binance** will list the PAYPUSDT stock perpetual contract. **March 25:** * The U.S. House Financial Services Committee will hold a hearing on **tokenization**. * **Metaplanet** will hold its annual shareholders meeting. **March 26:** * A proposal to distribute ~70 million **USDS** to Sky Agents may be executed. * U.S. weekly initial jobless claims data will be released. **March 27:** * Federal Reserve Vice Chair **Jefferson** is scheduled to speak. * **Bithumb** will delist Neiro (NEIRO). **March 28:** * **Linea** will update its Terms of Service to prepare for the launch of its Yield Boost feature. **Other Events (Date TBD):** * Elon Musk announced that **X Platform** will release a major open-source update to its AI algorithm next week. * **Starknet** will launch the **STRK20** testnet next week, with a mainnet release planned for late April. STRK20 aims to provide token-level privacy for assets on the network.

marsbit03/22 02:45

Must-Follow Next Week｜Polymarket to Announce Major News Next Monday; Backpack TGE on March 23 (3.23-3.29)

marsbit03/22 02:45

The Earliest Regulator to Study Bitcoin: How Did He Step into the Crypto World?

An article titled "How Did the Earliest Regulator Studying Bitcoin Step into the Crypto World?" profiles Mark Wetjen, a former U.S. financial regulator who transitioned into the crypto industry. Wetjen served as a policy advisor in the U.S. Senate, was appointed by President Obama as a commissioner of the CFTC, and even acted as its acting chairman in 2014. During his tenure, he led the first formal U.S. regulatory hearing on digital assets and approved the first Bitcoin derivatives product on a regulated platform. After nearly two decades in traditional finance and regulation, including roles at DTCC and MIAX Futures, Wetjen moved into crypto, joining FTX US before becoming President of Backpack US. He now oversees U.S. operations, regulatory engagement, and business development for the Backpack exchange. Wetjen believes that long-term success in crypto depends on trust and compliance, not just technical features or liquidity. He views Backpack as a platform built with compliance at its core, noting its regulatory approvals in Dubai (VASP license) and Europe (MiFID II authorization), with the U.S. as a key next market. The article frames Wetjen’s career as a bridge between crypto innovation and regulatory frameworks, highlighting a shift from early regulatory skepticism to constructive engagement within the industry.

marsbit03/16 06:10

The Earliest Regulator to Study Bitcoin: How Did He Step into the Crypto World?

marsbit03/16 06:10

The Earliest Regulator to Study Bitcoin: How Did He Step into the Crypto World?

This article explores the journey of Mark Wetjen, a former U.S. regulator who transitioned into the cryptocurrency industry. As a policy advisor in the U.S. Senate and later a commissioner and acting chairman of the CFTC, Wetjen was an early advocate for Bitcoin regulation, leading the first U.S. regulatory hearing on digital assets and approving the first regulated Bitcoin derivatives product. After his tenure in government, he worked in traditional finance infrastructure and later joined FTX US to handle policy and regulatory affairs. He is now President of Backpack US, where he is leading the platform’s expansion into the U.S. market. Wetjen believes that long-term success in crypto depends on trust and compliance, not just technical innovation. He sees Backpack as a company that embeds regulatory compliance into its core design rather than treating it as an afterthought. Under his leadership, Backpack is pursuing a deliberate global compliance strategy, with licenses already secured in Dubai and Europe. Wetjen argues that in the future, the most important competitive advantage for crypto exchanges will be trust—built through consistent compliance, user safety, and the ability to bridge traditional finance with the crypto ecosystem.

Odaily星球日报03/16 06:05

The Earliest Regulator to Study Bitcoin: How Did He Step into the Crypto World?

Odaily星球日报03/16 06:05

Staking Tokens for Equity: How Does Backpack's 'Users Become Shareholders' Work?

Backpack, a Solana-based wallet and exchange platform founded by ex-FTX member Armani Ferrante, has announced a novel staking-to-equity conversion plan. Users who stake the platform’s native token for at least one year can exchange it for real company equity at a fixed ratio, with 20% of equity reserved for this purpose. The platform emerged after FTX’s collapse, having lost 80% of its initial funding from FTX Ventures. It gradually built a user base through its Mad Lads NFT collection and later expanded into exchange services, securing regulatory licenses in Dubai and Europe. Backpack tokenomics includes a total supply of 1 billion tokens, with 62.5% pre-IPO allocation. The TGE will release 250 million tokens, entirely distributed to users. The project is also negotiating a $50 million funding round at a $1 billion valuation. This dual-token-and-equity model presents regulatory challenges, particularly from the SEC, which may view tokens as securities. The structure risks conflicts between token holders and equity investors. While unprecedented in crypto, Backpack’s team includes former Coinbase advisors who had previously explored similar token-equity hybrid models. This approach aims to transform users into legal co-owners, offering an alternative to the typical “peak at launch” token model. It remains a high-stakes experiment in regulatory and economic design.

比推02/25 14:46

Staking Tokens for Equity: How Does Backpack's 'Users Become Shareholders' Work?

比推02/25 14:46

How Does Backpack's Staking Token for Equity Conversion Work?

Backpack, a Solana-based wallet and exchange platform founded by ex-FTX members, has announced a novel staking-to-equity conversion plan. Users who stake its native token for at least one year can convert those tokens into real company equity at a fixed ratio, with 20% of equity reserved for this program. This move aims to transition users from token holders to legal company owners. The platform emerged post-FTX collapse, initially focusing on wallet and NFT services (like the Mad Lads NFT collection) before launching its exchange. It has over $4000B in cumulative trading volume and $350M in user assets. Backpack’s tokenomics include a 1B total supply, with 62.5% pre-IPO allocation. The TGE releases 250M tokens (25% of total), entirely distributed to users. The model ties token release to milestones and future IPO, blending crypto incentives with traditional equity. However, the plan faces regulatory challenges, particularly from the SEC, which may classify the token as a security. Dual ownership via tokens and equity could complicate IPO efforts and investor relations. Despite risks, Backpack’s approach attempts to innovate beyond typical “token-as-reward” models by linking crypto community growth to real equity value and long-term ownership.

Odaily星球日报02/25 09:11

How Does Backpack's Staking Token for Equity Conversion Work?

Odaily星球日报02/25 09:11

How Does Backpack's Staking Token-to-Equity Conversion Work?

Backpack, a Solana-based wallet and exchange platform founded by ex-FTX members, has announced a novel staking-to-equity conversion plan. Users who stake its native token for at least one year can convert those tokens into real company equity at a fixed ratio, with 20% of equity reserved for this purpose. The platform emerged after FTX’s collapse, having lost 80% of its operational funds, and gradually built its user base through its Mad Lads NFT community and a compliant exchange. It recently acquired FTX Europe and secured regulatory licenses. Backpack’s tokenomics include a 1 billion total supply, with 62.5% pre-IPO allocation. The TGE will release 25% of tokens, entirely to users. The model ties token distribution to IPO milestones—a rare hybrid approach in crypto. This move aims to transform users from token holders into legal company owners. However, it faces significant regulatory challenges, particularly from the SEC, which may view the token as a security. The dual-structure of token and equity could also complicate IPO investor relations. While innovative, the plan operates in a regulatory grey area—attempting to bridge decentralized tokenomics with traditional equity financing.

marsbit02/25 09:10

How Does Backpack's Staking Token-to-Equity Conversion Work?

marsbit02/25 09:10

A New Paradigm in Tokenomics? When Backpack Makes VCs 'Delay Gratification'

The article discusses Backpack's innovative tokenomics model, which challenges conventional practices in the cryptocurrency industry. Unlike typical projects where teams and venture capitalists (VCs) receive immediate token allocations, Backpack allocates 100% of liquid tokens to users at TGE. The remaining 37.5% of tokens, traditionally reserved for teams and investors, are locked in a corporate vault and tied to the company’s eventual IPO. This structure ensures that internal stakeholders can only benefit after a successful IPO, with an additional one-year lock-up period post-IPO to prevent early sell-offs. Backpack’s approach emphasizes long-term alignment with user interests and project sustainability. The token distribution prioritizes community incentives, with 25% of tokens released at TGE to reward users and NFT holders. Future unlocks are tied to product milestones, ensuring that new token releases contribute more value to the ecosystem than they dilute the token’s price. Additionally, Backpack prioritizes regulatory compliance, currently serving only 48% of global regions to adhere to legal standards. Its goal is to build a hybrid platform integrating crypto and traditional financial services. Market reactions are mixed: Backpack is reportedly seeking funding at a $1 billion valuation, but predictions about its token FDV reflect uncertainty. Ultimately, Backpack’s model represents a shift toward transparency, long-term value, and user-centric growth in Web3.

marsbit02/10 14:42

A New Paradigm in Tokenomics? When Backpack Makes VCs 'Delay Gratification'

marsbit02/10 14:42

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