The BP token surged by 150%: Will Backpack become the new FTX? Analysis by Cryptalist
The market has once again frozen in anticipation of a leadership change. While Binance teeters on the brink of losing its European license, the young exchange Backpack has already obtained regulated permission to operate in the EU, and its native token BP is showing explosive growth — up 150% over the past seven days. Is this the beginning of a new cycle, similar to the FTX era?
The history of crypto exchanges is cyclical: in 2010, Mt. Gox dominated, then the baton was passed to Coinbase, Kraken, and Bitfinex. In 2017–2019, Binance, Bybit, and OKX ruled the roost, and in 2020, FTX entered the scene. The only exception in this lineup was the last cycle, when the decentralized platform Hyperliquid changed the usual rules of the game. Now, in my observation, Backpack is vying for the role of the new hegemon.
Why Backpack is still playing catch-up
The exchange's current metrics are quite modest. Daily spot trading volume hovers around $18 million, and open interest in perpetual contracts is about $68 million. For comparison, Hyperliquid's figure reaches $9 billion. Moreover, the liquidity of the BP token is currently higher on the blockchain than on the exchange itself — a warning sign for those expecting instant dominance.
However, Backpack's key advantage is tokenized stocks — digital copies of real securities issued on the blockchain. This creates a unique synergy with the Solana network, which, after the memecoin sector crash, has lost its former momentum, and its derivatives market never took off. To become a "Nasdaq on the blockchain," Solana desperately needs Backpack's success, which would attract traders, arbitrageurs, and yield seekers to the ecosystem. This pairing eerily resembles Solana's previous close partnership with FTX.
Connection to FTX and unusual tokenomics
The parallels with FTX are no coincidence. Backpack was founded by former employees of the collapsed empire, and the company itself bought its European license. Even the exchange's interface, by many accounts, visually resembles FTX — though this may be merely a subjective impression.
Against this backdrop, the BP token has risen 150% over the week, 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 via an airdrop — and only these tokens are currently in circulation. Another 37.5% will unlock as milestones are reached: regulatory approvals and new product launches, and these tokens will also go to users. The remaining 37.5% will only unlock after an IPO, with a lock-up of at least one year. Furthermore, BP holders who stake their coins receive a share of the Backpack IPO itself.
From my expert perspective, this approach drastically reduces the "overhang" risks typical of projects with rigid unlock schedules. If the team delivers on its promises, seller pressure will be minimal. However, the path from $18 million in daily volume to the status of a new FTX is a marathon, not a sprint. The market is waiting not just for a token price increase, but for a real influx of liquidity and institutional interest. For now, Backpack remains a promising, but still niche, player.