$BP tested my patience but thesis is strong:

- New CEX of the cycle play (every bull has one. Last time it was a DEX (HL))

- Tokenized stocks moat on Solana: real equities, not wrappers with SEC recent regulation being bullish

- Flywheel: more issuance → arb → users → fees

- Tokenomics: 0% team at TGE, milestone unlocks to users, stake 1yr → equity/IPO

- Solana needs this to become Nasdaq onchain (ex-FTX team + EU license + MiCA)

Two concerns:

- Unlocks are milestone based and Backpack hasn't published update yet. So I believe another issuance is around the corner as many milestones are reached

- Illiquid as hell but still one of my bags

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