Tokenization Plan in the Spotlight

Just ahead of the funding discussions, Backpack publicly unveiled its comprehensive tokenization plan. Under the proposal, 37.5% of the total 1 billion token supply will be allocated to the company treasury for use after the IPO. This structure is designed primarily to prevent early dilution of retail investors.

Founder Armani Ferrante summarized the core objective of the plan as follows:

“The goal is to prevent retail investors from being harmed and to ensure long-term alignment. Until the company goes public, the team will not derive any personal financial gain from the project.”

Balanced Distribution Before and After the IPO

Another 37.5% of the token supply will be released gradually during the pre-IPO phase. The release of these tokens will be tied to measurable, concrete milestones such as expansion into new markets, product and infrastructure development, and growth of the user base. This approach aims to prevent uncontrolled supply inflation and to ensure that token value progresses in line with the company’s operational success.

Backpack has not yet announced a definitive date for its token generation event (TGE). However, the company stated that 250 million tokens will be airdropped to early supporters and participants in the Backpack Points program. In addition, 1 million tokens have been specifically allocated to Mad Lads NFT holders, recognizing their early role in the ecosystem and aiming to strengthen long-term community engagement.

From Wallet to Exchange: Backpack’s Rise

Originally launched as a Solana-based wallet project, Backpack was founded in late 2023 by the team behind the Mad Lads NFT collection. The founding team includes former Solana developer and early Alameda Research employee Armani Ferrante, as well as Can Sun, former legal counsel at FTX who testified during the FTX trial. This team composition reflects deep experience across both technical infrastructure and regulatory matters.

In 2024, Backpack raised $17 million in Series A funding led by Placeholder VC, with participation from Robot Ventures, Wintermute, and Selini. In the same year, the company acquired FTX EU, enabling it to operate under MiFID II regulations. Headquartered in Dubai, Backpack also holds a VASP license, further strengthening its regulation-first approach.

A Tokenization-Focused Future

Tokenization appears to have played a key role in Backpack’s ascent to unicorn status. The company’s approach—bringing real-world assets and financial products onto the blockchain—has attracted interest from both institutional investors and regulators. Beyond spot and derivatives trading, Backpack aims to expand into lending and prediction markets, broadening its product suite.

Backpack’s $1 billion valuation target demonstrates that, in the post-FTX era, industry talent is still capable of building strong, credible institutions. With its focus on tokenization, regulatory compliance, and a community-oriented distribution model, Backpack is positioning itself not just as a crypto exchange, but as a long-term financial infrastructure player. If the funding round is successfully completed, the project could further increase the number of unicorns in the crypto ecosystem.

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Backpack Wallet Expands DeFi Accessibility

According to Backpack’s statement, the integration is part of its mission to enhance the mobile and multi-chain DeFi experience. Users can now perform transactions across Ethereum, Solana, Aptos, and BNB Chain through a single, unified interface.

Before this integration, Backpack users had to rely on external platforms to operate on the BNB Chain. That process is now eliminated — users can manage, stake, and connect BNB-based tokens and DeFi protocols directly within the Backpack app.

BNB Chain: A Strong Force in DeFi

According to data analytics platform DefiLlama, BNB Chain ranks third in the DeFi ecosystem with a total value locked (TVL) of $8.25 billion. Following Ethereum and Solana, BNB Chain has recently attracted attention due to its growing liquidity and expanding user base. Backpack’s support for BNB Chain will enable users to access more yield opportunities and benefit from the network effects within the broader DeFi ecosystem.

What Changed for Users?

With the new integration, Backpack users can now:

• Directly connect to DApps on BNB Chain
• Perform token swaps and DeFi transactions within the app
• Transfer assets across multiple blockchains
• Access multi-chain liquidity through a single wallet

This feature eliminates the need to switch between multiple wallets, offering a much smoother Web3 experience.

Click here to register for BackPack Exchange with a discount.

Backpack’s Multi-Chain Vision

The BNB Chain integration marks the latest step in Backpack’s multi-chain ecosystem strategy. Earlier this month, the company announced Aptos integration, further simplifying cross-chain access between Layer-1 blockchains. With the addition of BNB Chain, Backpack has become one of the most comprehensive self-custodial wallets in Web3, offering broad multi-chain connectivity.

The integration not only makes DeFi access easier but also unifies the multi-chain finance experience within a single ecosystem. This innovation represents a major milestone, especially for mobile users, by providing a faster, safer, and more efficient Web3 experience.

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.

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What is BackPack?

The Backpack wallet is a self-custodial wallet that enables users to trade cryptocurrencies, manage non-fungible tokens (NFTs), and access decentralized finance (DeFi) applications all in one platform. Backpack is available as a desktop extension and as a mobile application for both iOS and Android devices.

As a multi-chain wallet, Backpack allows users to manage their digital assets across multiple blockchain networks such as Solana, Ethereum, Arbitrum, and Optimism. This includes connecting with protocols on various networks and performing on-chain transactions in real-time, such as sending and receiving crypto assets, swapping tokens, and connecting to developer testnets.

One of the key security features of Backpack is the integration of xNFTs. This allows developers to create decentralized applications (dApps) that users can launch and interact with directly from the wallet, reducing the need for third-party applications and minimizing additional security risks.

How to Take Advantage of Opportunities on Backpack?

To get started, you’ll need both a Backpack Wallet and a Backpack Exchange account to perform transactions. Backpack wallet is commonly used within the Solana ecosystem.

• If you already have a #Phantom wallet, you can easily transfer your 12 or 24-word seed phrase to the Backpack wallet, allowing you to continue trading with your existing balances.
• For those starting from scratch, you’ll need to download the Backpack wallet using the link provided below. After downloading, simply enter our referral code to set up your account. The setup process is quick and straightforward, and once completed, you’ll be able to take full advantage of the platform’s features and start trading.

Click here to download BackPack Wallet.

Invitation Code: COINMUHENDIS

Transition to Backpack Exchange and Its Benefits

Once you’ve successfully set up your wallet or transferred your existing balances to Backpack Wallet, the next crucial step is to use Backpack Exchange. This platform stands out by offering a wide range of services and benefits to its users. The key to benefiting from Backpack Exchange is leveraging all the features available and increasing your trading volume effectively.

Instead of relying on artificial trades such as wash trading, organic usage and volume growth will place you in a much stronger position.

Looking ahead, there are expectations for new features to be added to Backpack Exchange, further enhancing the platform’s capabilities. Recent developments hint at such innovations, including the possibility of a points system or an increased focus on volume-based rankings. These additions would help users make more efficient trades, ultimately making the platform even more attractive.

To avoid missing out on these opportunities, you can register using the referral code below. After completing the registration process, follow the identity verification (KYC) steps to start benefiting from the services offered by the platform. Once the process is complete, you’ll be able to manage and grow your wallet and trading volume more effectively.

Click here to sign up for BackPack Exchange.

Asset Deposit

After successfully completing the membership and KYC (Know Your Customer) verification processes, we can now proceed with the necessary steps to take full advantage of the platform’s offerings. At this stage, we need to deposit our assets into the exchange account. This process is quite simple, just like in any other cryptocurrency exchange.

As investors, we can transfer our digital assets to the exchange account using pairs like $USDC, $USDT, $SOL, $ETH, and $BTC. To do this, we simply need to transfer our selected assets to the relevant cryptocurrency pairs on the platform.

Spot Trading

After transferring our assets, the next step to continue trading on Backpack Exchange is to move on to the “Spot Trade” section. Spot trading allows investors to buy and sell specific cryptocurrencies to take advantage of short-term trading opportunities. In this section, you can diversify your portfolio by trading across a wide range of cryptocurrency pairs.

The trades we make in the Spot Trade section not only allow us to implement our trading strategies but also present an important opportunity to increase our profits on the exchange. This is because exchanges typically reward users for their trading volume by distributing rewards in various tokens. These rewards are shaped by the volume of transactions made by investors. This creates opportunities for both short-term gains and long-term potential.

As a result, with our Spot Trade transactions, we not only benefit from market movements but are also rewarded for our trading volume on Backpack Exchange, contributing to our future potential gains.

Also, in the comment section, you can freely share your comments and opinions about the topic. Additionally, don’t forget to follow us on Telegram, YouTube and Twitter for the latest news and updates.

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