Original - Odaily

Author - Asher

Editor - Qin Xiaofeng

Backpack past and present life

Backpack is a next-generation cryptocurrency exchange and multi-chain wallet that provides a self-custody solution that integrates multi-party computation (MPC) technology to keep funds safe. Currently, BackPack has launched three products, namely Backpack Exchange, Backpack Wallet and MadLads NFT project.

Official website:https://backpack.exchange/。

Project development

In September 2022, Coral, the developer of the Solana development framework Anchor, announced the completion of US$20 million in financing, led by FTX Ventures and Jump Crypto, with participation from Multicoin Capital, Anagram, K5 Global and other strategic investors.The company launched its first flagship product at the time, Backpack, an interactive wallet product with a crypto-native experience.

As a security-focused Solana and Ethereum encryption wallet, Backpack Wallet has become the first choice for developers and heavy blockchain users, and is committed to creating a new generation of wallets that are user-friendly and easy to use. The unique feature it launched - NFT collection locking, is currently the only wallet that provides such a service.

Whether it is FTX Ventures, Jump Crypto or Multicoin Capital, they were all the most orthodox crypto VCs in the Solana ecosystem. It can be said that the future development of Backpack was bright at that time. But with the FTX thunderstorm, the entire Solana ecosystem was once depressed and silent. What is even more tragic is that most of the Backpack teams funds were trapped in FTX.

Backpack founder Armani Ferrante said on The Scoop podcast that the company was unable to withdraw its funds in FTX, which is approximately $14.5 million. Therefore, in times of crisis, companies maintain operations by cutting various expenditures and other methods, without doing much.

In April 2023, Backpack released Mad Lads, the first xNFT series on the Solana ecosystem. This NFT project is so popular that its transaction volume once ranked first in the entire network, even surpassing the Ethereum ecological blue-chip NFT project BAYC.

In October 2023, Backpack announced that it would launch a “regulated” exchange, Backpack Exchange, and obtain a VASP license from the Dubai Virtual Asset Regulatory Authority. This is the first time Backpack Exchange has officially entered the crypto community.

According to information from the Wall Street Journal, Backpack Exchange was co-founded by former FTX general counsel Can Sun and former Alameda Research software developer Armani Ferrante. It is worth mentioning that Trek Labs, previously co-founded by Can Sun and Armani Ferrante, has obtained a license from the Dubai Virtual Asset Regulatory Authority (VARA) and has now been merged into Backpack. At the same time, Coral officially stated:"Backpack Exchange adopts a new generation exchange model that utilizes zero-knowledge proof reserves (zk-proofs), multi-party computation (MPC) custody and low-latency order execution technology."It is reported that VARA is responsible for regulating all crypto asset activities throughout Dubai.

Recent news: Make transactions and get points

Recently, major communities have been discussing how to earn Backpack points efficiently. The reason is that Backpack announced on its official Twitter account that it will launch an account transaction volume points system on February 14, and stated that the ranking of the point system will be used as a basis for future large-scale marketing activities (such as Important reference data for air investment prices or currency listing projects Launchpool, etc.).

Image source:Official recommendation

As soon as the news came out, the popularity of Backpack surged, and crypto users began to rush through the transaction volume on Backpack Exchange.

According to official data, the transaction volume exceeded US$300 million in 24 hours after the launch of Backpack Pre Season. According to data on February 17, the Backpack platform’s SOL trading volume ranked first among all online trading platforms for three consecutive days. The SOL trading volume on that day exceeded US$700 million. During the same period, the SOL trading volume on Binance was US$554 million, and that on Coinbase was US$69.74 million. .

On February 19, Backpack’s Chinese account posted on the , more high-quality projects and functions will be launched in the future for users to use. However, official tweets have had little effect, and many users still insist on continuing to interact.

interactive suggestions

After the Backpack Chinese account issued a clarification about airdrops due to trading volume, how should users interact to obtain potential airdrop token opportunities?Odaily communicated with the studio, major community members and other aspects to compile the following suggestions.As a reminder, the market fluctuates greatly, so be sure to conduct sufficient research before investing.

• Keep trading on Backpack Exchange to keep your account active. Instead of doing a lot of trading at once, set aside three days a week or even a few buy and sell transactions every day on Backpack Exchange.

• Always keep funds in your wallet. Starknet’s airdrop once again reminds us not to mention all the balances in the wallet to the exchange, but to leave some funds to prevent sudden snapshots.

• Keep an eye out for new events on Backpack Exchange and experience them in real time. Officials say that this transaction points activity will last for a long time, so it may last for more than a quarter or even longer. While ensuring continuous trading, pay attention to the new features launched on the platform and experience more.