Every bull cycle has a new CEX in town:

• 2010: Mt. Gox

• 2012-14: Coinbase, Kraken, Bitfinex, Bitstamp...

• 2017-19: Binance, Bybit, OK(e)x

• 2020: FTX

Only the last bull run was an exception with a DEX, Hyperliquid, changing the rules of the game.

Wonder if Backpack's $BP could be a new runner CEX this time.

Especially as Binance might lose the EU license from July and Backpack received one from Latvia.

Backpack's metrics are still very low:

- $18M in 24 spot volumme

- $68m in perps OI (vs $9b for Hyperliquid)

Even their native $BP token is more liquid onchain vs their CEX.

Thus BP's current moat is tokenized equities.

Here the Solana and Backpack have unique synergy as Solana has lost its mojo post memecoin crash and perps failed to pick up.

To become a true Nasdaq onchain, Solana needs BP to do well to bring onchain traders, arbitrageurs, yield chasers etc onchain.

Funny, that the Solana <> Backpack partnership reminds of Solana <> FTX close relationship in the past:

In fact, Backpack was founded by ex-FTX members and they acquired FTX's EU license, too.

Pls don't shoot me, but even BP's CEX interface reminds me of FTX. Or is it just me?

Anyway... $BP is up by 150% in 7 days with $150m market cap.

FDV of $600m already looks relatively high but consider the unique tokenomics:

- $BP airdrop 25% of the supply to users at TGE. That's the only tokens trading now

- 37.5% will unlock when KPIs achieved: regulatory approvals, new products, etc. Will go to users

- The other 37.5% will unlock after the IPO. And with at least 1 year timelock.

And if you stake your $BP for at least, you could get allocation to the Backpack IPO itself.

Thus FDV is less of an overhang than most time-based unlock projects have.

Disclaimer: not paid post. Non financial advice.

Anything I missed?

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