The BP token Backpack surged by 150%: the birth of a new crypto giant or a speculative bubble?
The BP token of the young cryptocurrency exchange Backpack has shown an impressive 150% growth over the past week. Amid rumors of a potential loss of Binance's license in the European Union, the market is increasingly asking: can this platform replicate the dizzying trajectory of FTX?
Attention to Backpack is fueled not only by market dynamics but also by historical context. Each cycle gives birth to its own hegemon: in 2010, the market was ruled by Mt. Gox; in 2012-2014, by Coinbase, Kraken, and Bitfinex; in 2017-2019, by Binance, Bybit, and OKX; and in 2020, by FTX. The only exception was the last cycle, when the decentralized exchange Hyperliquid changed the rules of the game. Now, with the potential weakening of Binance's position, a power vacuum could be filled by a new centralized player, and Backpack looks like one of the main contenders.
Why is Backpack still in a catching-up role?
Backpack's current metrics are quite modest. The daily spot trading volume is about $18 million, and the open interest for perpetual contracts (perps) is around $68 million. For comparison, Hyperliquid's figure reaches $9 billion. Moreover, the native BP token is now even more liquid on the blockchain than on the exchange itself — a worrying signal for any platform.
In my opinion, Backpack's main trump card is tokenized stocks — digital copies of real securities issued on the blockchain. This creates a unique synergy with the Solana network, which, after the collapse of the memecoin sector, has lost its former momentum, 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 hunters" to the network. This partnership suspiciously resembles the former close ties between Solana and FTX.
Connection to FTX and unusual tokenomics
The parallel with FTX is no coincidence. Backpack was founded by former employees of the exchange, and the company bought the European license of the bankrupt platform. Even Backpack's interface, according to many analysts, resembles FTX — although this may be just a subjective impression.
Against this backdrop, the BP token has risen by 150% over the past seven days, with a market capitalization of $150 million. The fully diluted valuation (FDV) of $600 million looks relatively high, but I draw attention to the unusual tokenomics structure. 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 milestones are achieved — regulatory approvals and product launches — and these tokens will also go to users. The remaining 37.5% will only be unlocked after an IPO and with a lock-up of at least one year. Additionally, if a holder stakes their BP, they can receive a share in the Backpack IPO itself. In my opinion, this is why the FDV here carries less "overhang risk" than projects with strict unlock schedules — the mechanism incentivizes long-term holding and reduces selling pressure.
My verdict: Backpack is an ambitious project with sound tokenomics and a strong team, but its current trading volumes and dependence on Solana's success make it more of a speculative story than a new FTX. The 150% weekly growth of BP is classic FOMO, fueled by the "successor" narrative. Investors should remember: even FTX once had brilliant metrics and glowing reviews. History teaches us one thing — in cryptocurrencies, trust is earned over years and lost in seconds.