Written by: Ma He, Foresight News
Original Title: Backpack's TGE Today: What Script Will It Follow in the Bear Market Opening?
On March 23, Backpack, a well-known Solana ecosystem wallet and centralized exchange, will launch the BP token TGE. According to information previously released by Backpack, the total supply is set at 1 billion tokens, with the contract address: BPxxfRCXkUVhig4HS1Lh7kZqV6SPJhzfEk4x6fVBjPCy. Currently, Backpack has launched a staking page where users can unstake at any time within the first 7 days, but after 7 days, unstaking will require a 7-day waiting period. Users can check their BP token allocation after agreeing to the terms.
25% of the tokens will be unlocked at TGE (24% for points holders; 1% for Mad Lads holders). 37.5% of the tokens will be unlocked pre-IPO, based on key milestones. The tokens will be allocated to users as each supply increment milestone is reached, with these milestones based on measurable regulatory progress, product expansion, and broader market access.
37.5% will be unlocked post-listing. As corporate treasury funds, these are fully locked until one year after the IPO. The tokens are held as strategic digital assets for long-term value creation. All team members and investors gain token exposure through the corporate treasury.
In the TGE phase, 25% (250 million tokens) are immediately unlocked and entirely allocated to community users, with no initial circulation from team or investor shares.
Backpack founder Armani Ferrante outlined the guiding principles behind the project's tokenomics design. The core goal is to prevent insiders from dumping on retail investors. Before the project lists in the U.S., founders, executives, employees, or venture investors cannot profit from the tokens. Additionally, circulating tokens will be specifically allocated to users for business growth incentives at key milestones such as entering new regions (e.g., EU, Japan, U.S.) or launching new products (e.g., predictions, stocks, bank cards).
Armani Ferrante emphasized that no founders, executives, team members, or venture investors received direct token allocations. The entire team allocation is held in the company treasury and locked until at least one year after the IPO. Team members hold company equity, while the company holds the majority of the token supply. Team members can only benefit after the company goes public or an equity exit event occurs.
To claim, users need to log into the Backpack official website or mobile app to complete the TGE verification process. The system will automatically calculate and distribute shares based on the relative proportion of points at the snapshot. Mad Lads NFT holders only need to connect their corresponding wallet to automatically receive their allocation without additional steps. After completion, users can see the "TGE Verified" badge in the Points—Achievements section.
Backpack's points accumulation mechanism includes multi-dimensional indicators such as trading volume, asset holding duration, referrals, and product usage depth. Additionally, Backpack introduced a staking-to-equity conversion mechanism. Users who stake BP for at least one year can convert it into company equity at a fixed ratio. A total of 20% of Backpack's company shares will be allocated to eligible stakers, with staking duration, amount, and platform product usage as weighted factors to determine IPO priority allocation rights.
What Is Its Value?
Prior to this airdrop, Backpack continuously upgraded its anti-sybil measures, requiring all accounts participating in points activities to pass KYC (identity verification). In the "Epilogue" phase in early 2026, Backpack officials conducted an audit, identifying and reclaiming over 50 million so-called "fake points" through data analysis.
Backpack required all eligible airdrop recipients to manually confirm a second time by the March 15, 2026 deadline. Many bot accounts that had been running points for a long time might have been "offline" or in a "management vacuum." Requiring manual clicks and even re-verification within a specific window was a final measure to filter out those automated accounts that "brushed and ran." An X user, Metabape, self-deprecatingly said, "Opened an account with 270,000 points, looked: 1000 tokens."
Backpack's "milestone unlock + equity conversion" model is an industry first. Additionally, Backpack has obtained licenses in the UAE, UK, and multiple European countries, with a clear IPO path. Once the company achieves business milestones, Pre-IPO unlocks will form a positive cycle. Of course, risks also exist: failure to meet milestones may lead to阶段性 liquidity restrictions, but this is precisely the design intent—ensuring token release is tied to actual value creation.
According to the latest data from Polymarket, the current market bets indicate a 98% probability that its FDV the day after listing will exceed $100 million, corresponding to a token price of $0.1, an 87% probability of exceeding $200 million (token price $0.2), while the probability of FDV exceeding $300 million drops significantly to 44%, and exceeding $500 million is 11%.
This means that market players on Polymarket currently predict its price range to be around $0.1-$0.2.
It is worth mentioning that an FDV of $100 million to $200 million is also the public valuation range of Backpack's last funding round.
In February 2024, Backpack completed a $17 million strategic Series A funding round at a valuation of $120 million. This round was led by Placeholder, with participation from Hashed, Robot Ventures, Amber Group, Wintermute, Jump Crypto, Delphi Digital, and others. In September 2022, Backpack raised $20 million in funding led by FTX Ventures and Jump Crypto.
In February 2026, according to an Axios report, citing informed sources, Backpack Exchange was in talks for a new funding round, negotiating to raise $50 million in a new round at a pre-money valuation of $1 billion. There is no final result yet.
According to official website data, Backpack currently has open interest of $137 million, nominal total asset custody value of approximately $350 million, total nominal lending value of $330 million, and its total trading volume, driven by airdrop expectations, reached $4.33 trillion.
Currently, the crypto market is in a deep bear phase, with Bitcoin oscillating around $70,000. Some crypto projects have chosen to shut down and leave due to immense pressure. Backpack was repeatedly urged by the community to issue tokens. However, due to reasons such as hacker theft and compensation for system failures, the team finally chose to conduct the TGE at the worst possible market moment.
So, after Backpack's TGE, will the market's buying power choose to support it or completely abandon it? The answer will be revealed today.
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