TGE Imminent, What Script Will Backpack Follow?
- Core Viewpoint: Solana ecosystem wallet and exchange Backpack has officially initiated its BP token generation event (TGE). Its tokenomics design is centered on strictly preventing insider dumping and linking token unlocks to business milestones, while innovatively introducing a mechanism for token staking to exchange for company equity.
- Key Elements:
- Total token supply is 1 billion. At TGE, 25% (250 million tokens) are immediately unlocked and fully allocated to community users. The team and investors have no initial circulating allocation.
- Token unlocks are strictly tied to business milestones such as regulatory progress and product expansion. 37.5% unlocks before IPO, 37.5% unlocks after listing, and team tokens are locked until at least one year after listing.
- Pioneered the staking-for-equity mechanism. Users staking BP for one year can convert it proportionally into company equity. A total of 20% of the company's shares will be allocated to eligible stakers.
- Implemented strict anti-Sybil measures before the airdrop, including mandatory KYC, data auditing to reclaim fake points, and requiring secondary manual confirmation.
- According to prediction market Polymarket data, the mainstream market expectation for its initial fully diluted valuation (FDV) is between $100 million and $200 million.
- Backpack has obtained licenses in the UAE, UK, and multiple European countries, laying the foundation for its clear IPO path.
Original Author: Ma He, Foresight News
On March 23, Solana ecosystem's well-known wallet and centralized exchange Backpack will launch the TGE for its BP token. According to previously released official information from Backpack, the total supply is set at 1 billion tokens, with the contract address: BPxxfRCXkUVhig4HS1Lh7kZqV6SPJhzfEk4x6fVBjPCy. Currently, Backpack has launched its staking page. Stakes can be unstaked at any time within the first 7 days, but unstaking after 7 days requires a 7-day waiting period. Users can check their BP token allocation after clicking 'Agree'.
25% of the tokens will be unlocked at TGE (24% for points holders; 1% for Mad Lads holders). 37.5% of the tokens will be unlocked pre-IPO. Unlocks will occur progressively based on key milestones. All tokens are allocated to users upon reaching each supply increment milestone, which are based on measurable regulatory progress, product expansion, and broader market access.
37.5% will be unlocked post-listing. Held as corporate treasury assets, these are fully locked until 1 year after the IPO. Tokens are held as strategic digital assets for long-term value creation. All team members and investors gain token exposure through the corporate treasury.
Specifically, 25% (250 million tokens) are unlocked immediately at the TGE stage, all allocated to community users, with no team or investor shares participating in the initial circulation.
Backpack founder Armani Ferrante outlined the guiding principles behind the project's tokenomics design. The core goal is to prevent insiders from dumping on retail investors. Before the project lists in the US, founders, executives, employees, or venture capitalists cannot profit from the tokens. Furthermore, circulating tokens will be exclusively allocated to users for business growth incentives at key milestones, such as entering new regions (e.g., EU, Japan, US) or launching new products (e.g., predictions, stocks, bank cards).
Armani Ferrante emphasized that no founder, executive, team member, or venture capitalist received direct token allocations. The entire team allocation will be held in the company treasury and locked for at least one year post-listing. Team members hold company equity, while the company holds the majority of the token supply. The team can only benefit upon a company listing or an equity exit event.
To claim, users need to log into the Backpack official website or mobile app to complete the TGE verification process. The system will automatically calculate and distribute shares based on the relative proportion of points at the snapshot time. Mad Lads NFT holders only need to connect their corresponding wallet to receive their allocation automatically, with no additional steps required. After completion, users can see the "TGE Verified" badge in the Points — Achievements section.
Backpack's announced points accumulation mechanism includes multi-dimensional metrics such as trading volume, asset holding duration, referrals, and depth of product usage. Additionally, Backpack introduced a staking-for-equity conversion mechanism. Users who stake BP for at least one year can convert it into company equity at a fixed ratio. A total of 20% of Backpack's company shares will be allocated to eligible stakers. Staking duration, amount, and platform product usage will serve as weighting factors to determine IPO priority allocation rights.
What's the Value?
Prior to this airdrop, Backpack continuously upgraded its anti-sybil measures, requiring all accounts participating in points activities to pass KYC (identity verification). During the "Epilogue" phase in early 2026, Backpack conducted an audit, identifying and reclaiming over 50 million so-called "fake points" through data analysis.
Backpack required all eligible airdrop recipients to perform a secondary manual confirmation before the March 15, 2026 deadline. Many bot accounts, after long-term point farming, may have been "offline" or in a "management vacuum." Requiring manual clicks, or even re-verification, within a specific window was the final measure to filter out automated accounts that "farmed and fled." X user Metabape self-deprecatingly remarked, "Opened an account with 270k points, looked: 1000 tokens."
Backpack's "milestone unlock + equity conversion" model is an industry first. Furthermore, Backpack has obtained licenses in the UAE, UK, and several European countries, with a clear IPO path. Once the company achieves business milestones, the Pre-IPO unlocks will form a positive feedback loop. Of course, risks also exist: unmet milestones could lead to periodic liquidity restrictions, but this is precisely the design intent—ensuring token release is tied to actual value creation.
According to the latest data from Polymarket, the current market bets indicate a 98% probability that its FDV will exceed $100 million the day after listing, corresponding to a token price of $0.1. The probability of exceeding $200 million FDV is 87%, corresponding to a price of $0.2. The probability of FDV exceeding $300 million drops significantly to 44%, and exceeding $500 million is at 11%.
This means current market players on Polymarket predict its price range to be roughly around $0.1-$0.2.
It's worth noting that a $100 million to $200 million FDV is also the public valuation range from Backpack's last funding round.
In February 2024, Backpack completed a $17 million strategic Series A funding round at a $120 million valuation. This round was led by Placeholder, with participation from Hashed, Robot Ventures, Amber Group, Wintermute, Jump Crypto, Delphi Digital, and others. In September 2022, Backpack raised $20 million in funding led by FTX Ventures and Jump Crypto.
In February 2026, according to an Axios report, sources stated that Backpack Exchange was in talks for a new funding round, negotiating to raise $50 million at a $1 billion pre-money valuation. There is no final result yet.
According to official website data, Backpack currently has $137 million in open interest, approximately $350 million in nominal total value of custodied assets, $330 million in total nominal lending value, and its total trading volume, driven by airdrop expectations, has reached $4.33 trillion.
Currently, the crypto market is in a deep bear phase, with Bitcoin fluctuating around $70,000. Some crypto projects have chosen to shut down and leave due to immense pressure. Backpack was repeatedly urged by the community to launch its token. However, due to reasons such as hacker theft and compensation for system failures, the team ultimately chose to conduct the TGE at what may be the market's worst moment.
So, after Backpack's TGE, will market buying power choose to support it or abandon it entirely? The answer will be revealed today.
