The BP token Backpack surged by 150%: the birth of a new giant or a bubble?
Over the past week, the token of the young cryptocurrency exchange Backpack (BP) has shown an impressive 150% growth, attracting the attention of the entire market. Amid rumors of a possible loss of Binance's license in the European Union, Backpack, which already holds a European permit, looks like a serious contender for the role of the new dominant platform in the current cycle. The market is increasingly asking the question: is this exchange capable of repeating FTX's rapid trajectory?
Modest metrics amid ambitions
Backpack's current metrics are still modest. The daily spot trading volume is about $18 million, and the open interest in perpetual contracts (perps) is around $68 million. For comparison, Hyperliquid's figure reaches $9 billion. Moreover, the liquidity of the native token BP is higher on the blockchain than on the exchange itself, which indicates the speculative nature of the current growth.
I see the main advantage of Backpack in tokenized stocks — digital copies of real securities issued on the blockchain. This creates a unique synergy with the Solana network, which lost its previous momentum after the memecoin sector crash, and its perpetual contract market never took off. To become a "Nasdaq exchange on the blockchain," Solana urgently needs Backpack's success, which would attract traders, arbitrageurs, and yield seekers. This partnership resembles the once close connection between Solana and FTX.
Connection to FTX and unusual tokenomics
The parallels with FTX are not accidental. Backpack was founded by former employees of the bankrupt exchange, and the company bought its European license. Even the platform's interface evokes nostalgia for FTX, although this may be just a subjective impression.
Against this backdrop, the BP token has grown by 150% over the past seven days with a market cap of $150 million. The fully diluted valuation (FDV) of $600 million looks relatively high, but the tokenomics structure here is unusual. At launch, 25% of the total supply was distributed to users via an airdrop — and only these tokens are currently in circulation. Another 37.5% will be unlocked as goals are achieved: regulatory approvals and the launch of new products, and these tokens will also go to users. The remaining 37.5% will only open after an IPO and with a lock-up of at least one year. If a holder stakes their BP, they can receive a share in the Backpack IPO itself.
My professional opinion: This tokenomics drastically reduces "sell pressure risks" compared to projects where unlocking follows a strict schedule. However, while real trading volumes and the user base remain minimal, the current growth of BP is pure speculation on expectations. Backpack has a long way to go to transform from a "flash-in-the-pan token" into a systemically important exchange of the new cycle.