Backpack on the path to the throne? The BP token surged 150% — a new FTX or just another bubble?
The market is holding its breath: can the young exchange Backpack replicate the phenomenal success of FTX? Over the past seven days, its native token BP has shown an impressive 150% increase, attracting the attention of both retail traders and institutional analysts. Amid uncertainty surrounding Binance's licensing in the European Union, Backpack, which has already received European approval, looks like a rising star ready to fill the emerging niche.
Backpack vs. Giants: A Humble Start or a Strategic Leap?
Backpack's current metrics, at first glance, are more than modest. The daily spot trading volume is around $18 million, and the open interest in perpetual contracts is about $68 million. For comparison, Hyperliquid's figure reaches $9 billion. Moreover, the BP token is currently more liquid on decentralized exchanges on the blockchain than on the platform itself. However, one should not rush to conclusions.
Backpack's key advantage, which sets it apart from competitors, is tokenized stocks. By issuing digital copies of real securities on the Solana blockchain, the exchange creates a unique synergy. After the collapse of the memecoin sector, Solana lost its former momentum, and its derivatives market never took off. For Solana to become the "Nasdaq on the blockchain," it desperately needs Backpack's success, which will attract professional traders, arbitrageurs, and yield seekers to the ecosystem. This partnership directly evokes the close connection that once existed between Solana and FTX.
The FTX Connection and BP's Unusual Tokenomics
The parallels with FTX are no coincidence. Backpack was founded by former employees of the bankrupt exchange, and the company even bought its European license. The platform's interface also evokes nostalgic notes, reminiscent of FTX's interface, although this may be just a subjective impression.
Against this backdrop, the market capitalization of the BP token has reached $150 million, with a fully diluted valuation (FDV) of $600 million. However, the key point is the unique tokenomics structure, which reduces the risks of a "selling pressure overhang." 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 key milestones are achieved: obtaining regulatory approvals and launching new products. These tokens will also go to users. The remaining 37.5% will only be unlocked after an IPO and with a minimum lock-up period of one year. Moreover, if a holder stakes their BP, they can receive a share in the Backpack IPO itself. This model is radically different from projects with strict schedule-based unlocks, which often crash the token's price.
My analysis: Backpack's strategy appears well-thought-out and ambitious. The connection to FTX is both an asset and a liability. On one hand, it brings trust from former FTX users; on the other, it is a constant reminder of the risks of centralized platforms. BP's unique tokenomics indeed reduces seller pressure, but the exchange's success will depend on its ability to attract real liquidity and volumes. For now, it is more a story of faith in the team and regulatory status than in fundamental metrics. The 150% growth is an impressive speculative signal, but for long-term success, Backpack needs to turn the "modest" $18 million daily volume into billions. And here, the support of the Solana ecosystem is indispensable.