Original | Odaily Planet Daily

Author | Asher

Editor | Qin Xiaofeng

Backpack Past and Present

Backpack is the next-generation cryptocurrency exchange and multi-chain wallet, providing a self-hosted solution that integrates multi-party computation (MPC) technology to ensure fund security. Currently, Backpack has launched three products: Backpack Exchange, Backpack Wallet, and the 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 a $20 million financing round, led by FTX Ventures and Jump Crypto, with participation from Multicoin Capital, Anagram, K5 Global, and other strategic investors. At that time, the company launched its flagship product - the interactive wallet product Backpack, which provides a crypto-native experience.

As a security-focused Solana and Ethereum crypto wallet, Backpack Wallet has become the preferred choice for developers and heavy users of blockchain, and is committed to creating a user-friendly next-generation wallet. Its unique feature, NFT collection locking, is currently the only wallet that provides this service.

Whether it's FTX Ventures, Jump Crypto, or Multicoin Capital, they are all once the most orthodox crypto VCs in the Solana ecosystem. It can be said that the future development of Backpack was promising at that time. However, with the FTX collapse, the entire Solana ecosystem experienced a period of depression and silence, and even more tragically, most of Backpack's funds were trapped in FTX.

Armani Ferrante, the founder of Backpack, stated on The Scoop podcast that the company was unable to withdraw its funds from FTX, amounting to approximately $14.5 million. Therefore, in times of crisis, the company maintained its operations by cutting expenses and did not take much action.

In April 2023, Backpack released the first xNFT series Mad Lads on the Solana ecosystem. The NFT project was extremely popular, with its trading volume ranking first on the entire network at one point, even surpassing the blue-chip NFT project BAYC in the Ethereum ecosystem.

In October 2023, Backpack announced the launch of a "regulated" exchange, Backpack Exchange, and obtained a VASP license from the Dubai Virtual Asset Regulatory Authority. This marked Backpack Exchange's first official entry into the crypto community's vision.

According to The Wall Street Journal, Backpack Exchange was co-founded by Can Sun, former chief legal counsel of FTX, and Armani Ferrante, former software developer at Alameda Research. It is worth mentioning that Trek Labs, co-founded by Can Sun and Armani Ferrante, had previously obtained a license from the Dubai Virtual Asset Regulatory Authority (VARA) and has now been incorporated into Backpack. Meanwhile, Coral officials stated: "Backpack Exchange adopts a new generation exchange model, utilizing 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 Developments: Trading for Points

Recently, various communities have been discussing how to efficiently accumulate Backpack points, as Backpack announced on its official Twitter that it would launch an account trading volume points system on February 14, and indicated that the points ranking would be an important reference for future major marketing activities (such as airdrop eligibility or project launches like Launchpool).

Image Source: Official Twitter

Following this announcement, Backpack's popularity surged, and crypto users began to aggressively trade on Backpack Exchange.

According to official data, within 24 hours of the start of Backpack Pre Season, the trading volume exceeded $300 million. Based on data from February 17, Backpack's SOL trading volume ranked first among all trading platforms for three consecutive days, with the SOL trading volume exceeding $700 million on that day, while the SOL trading volume on Binance was $554 million and on Coinbase was $69.74 million during the same period.

On February 19, the Chinese account of Backpack posted on X platform, stating that the purpose of the trading activity is to reward genuine users, encourage more genuine users to experience Backpack, and that malicious trading behavior will be strictly monitored, with the right to take measures reserved. The trading activity will continue for a long time, and more high-quality projects and features will be launched for users in the future. However, the official tweet had little effect, and many users continued to interact.

Interaction Suggestions

After the clarification regarding "trading for points to receive airdrops" was posted by the Chinese account of Backpack, how should users interact to potentially receive airdropped tokens? Odaily Planet Daily has communicated with studios, and members of various communities, and compiled the following suggestions. Friendly reminder, the market fluctuates greatly, so be sure to conduct thorough research before investing.

• Continue trading on Backpack Exchange to maintain account activity. Instead of making a large volume of trades at once, consider making several buy and sell transactions on Backpack Exchange for three days a week, or even daily.

• Always keep funds in the wallet. The Starknet airdrop serves as a reminder not to transfer all the balance from the wallet to the exchange, but to keep a portion of the funds to prevent sudden snapshots.

• Keep a close eye on new activities on Backpack Exchange and experience them promptly. The official statement indicates that this trading points activity will continue for a long time, possibly extending beyond a quarter, or even longer. While ensuring continuous trading, pay attention to new features launched on the platform and try them out.

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。