The cryptocurrency market is never short of opportunities, and it's important to be able to receive airdrop rewards after interacting and secure them.
In the past month, BackPack has become a hot topic of discussion in various cryptocurrency communities.
The reason behind this is that Backpack announced on its official social media on February 14th that it would start an account trading volume points system, and indicated that the ranking of the points system would be an important reference for future large-scale marketing activities (such as airdrop qualifications or listing projects like Launchpool).
This news quickly ignited interest in Backpack. Cryptocurrency users have started trading on the Backpack exchange, believing that not participating would mean missing out on the next huge wealth opportunity.
What is BackPack
BackPack exchange was co-founded by Can Sun, former general counsel of FTX, and Armani Ferrante, former software developer at Alameda Research, and has obtained a VASP license from the Dubai Virtual Asset Regulatory Authority. It aims to provide a more secure and transparent trading model using zero-knowledge proof reserves (zk-proofs), multi-party computation (MPC) custody, and low-latency order execution technology.
In November 2023, BackPack conducted its first airdrop activity in collaboration with Pyth Network, which has now ended. Although the airdrop activity lasted only about a week from announcement to conclusion, it quickly spread throughout the entire cryptocurrency community due to its topicality and wealth effect.
Is it worth participating in the frenzy?
Data shows that since BackPack started its account trading volume points system on February 14th, trading volume has increased significantly—earning $5.7 billion in trading volume in the first 5 days after launch. According to the latest data from Coingecko, on March 14th alone, BackPack's trading volume exceeded $1.3 billion.
With trading volume soaring, is it still worth participating in BackPack? Is the rumored airdrop of tens of millions of dollars reliable?
From an analysis perspective, on one hand, public chains consume GAS fees, and the project party mainly earns GAS fees, so it's not uncommon for public chain projects to give away a few hundred million dollars. However, for the BackPack exchange, relying on the Solana public chain ecosystem, the GAS fees are extremely low, and the main cost is slippage. This part is not earned by the exchange. As an exchange, BackPack simply hopes to have more users to experience and use its trading platform. Why should it recklessly offer huge bonuses to reward the "fleecing" party that withdraws after the project ends?
It is well known that leading exchanges such as Huobi HTX and Binance offer new project pools of only around $15 million, while BackPack, a newly launched exchange, whether it has such strength remains to be seen.
On the other hand, for the "fleecing" party, it is still uncertain whether it is more beneficial to participate with a large amount and receive more rewards, or to participate with a small amount and be penalized, or whether it is directly linked to a 1:1 transaction fee.
Moreover, in terms of the platform itself, BackPack exchange has experienced webpage downtime, so the overall security and reliability need to be more clearly understood after formal public operation. In addition, the BackPack official stated that this trading points activity will continue for a long time, possibly extending beyond a quarter, or even longer. This adds a lot of uncertainty to trading for airdrops.
Recommendation: Secure the rewards
The cryptocurrency market is never short of opportunities, and it's important to be able to receive airdrop rewards after interacting and secure them.
Taking Huobi HTX as an example, on March 15th, it officially launched a trading mining activity, open to all users, with a daily prize pool of $100,000 USDT equivalent, allowing users to experience fee-free trading while receiving generous rewards. It is worth noting that the rewards from participating in the trading mining activity have no lock-up restrictions, and users can claim them at any time.
It is reported that the launch of Huobi HTX trading mining aims to provide users with a better trading experience, reduce trading costs, achieve wealth appreciation, and during the activity, all spot BTC/USDT trading pair fees will be used for HTX repurchase and destruction, effectively reducing the circulation of HTX and stabilizing its value.
Indeed, the initial wealth effect of the BackPack exchange has attracted the attention of the cryptocurrency community, but what the market may be more concerned about is how they will learn from FTX's collapse to create a more trustworthy and transparent cryptocurrency ecosystem. Otherwise, no matter how many wealth effects there are, without the security of assets, investors will have doubts, especially given the significant connection between the team and the former company FTX.
Huobi HTX has always been committed to providing users with secure and convenient trading services, while hoping that users can obtain real incremental income, thereby promoting the activity and prosperity of the platform, and driving the wider application and development of cryptocurrencies.
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