Comparing BP with a pile of CEX, I am even more wary of missing it Many people only focus on BP's airdrop ratio But to be honest No, compared to other CEX, you have no idea how outrageous this 25% is I'll put the conclusion first @The Backpack coin issuance structure is a "weird" thing in CEX First, let's talk about airdrops. What is the level of BP's 25% in CEX BP's airdrop this time is: Point 24%, Madrads 1%, totaling 25% to the community. Note that it is not an activity reward, not a lock up mining, but a direct offer of chips for you to flip through mainstream CEX, whether it is Binance OKX、Bybit、Gate Their platform coins count as one Most of them didn't start with "airdrops" Either it's early internal pricing Either it's an investor Either relying on repurchases and discounts on transaction fees to gradually support it later CEX never likes to separate the meat from the beginning And BP is the opposite Immediately throw a quarter directly to the user upon arrival The best thing for retail investors is no VC, no market makers, no chips I have to mention this point separately. Have you ever seen how many CEX coins were issued and dared to say: 'I don't distribute to VC, I don't distribute to market makers'?' Most platform coins, why is the market ugly? It's not because the project is not working, but because you don't know who is sitting across from you And the structure of BP this time is: a part of the team is left, and the rest, almost all of them, are users. What does this mean after TGE. You are not competing with institutions, which is very rare in the CEX track Based on the current information flowing out, the total points are approximately 420 million, with a 25% airdrop pool. Assuming a total of 10 billion and a valuation of 1 billion, that is: BP 1 points ≈ 0.56 US dollars Can you compare this result with any CEX's' user incentives' You will find that it is not something of the same scale at all. CEX usually means that you earn a commission on the trading platform and then get a little scrap back to you BP is: You trade, but you can take away a part of the platform's future In addition, Madlads only account for 1%, but when it comes to reverse engineering, an NFT of ≈ 10000 BP ≈ 1000 US dollars indicates that they had a balance in mind when designing this system, not just randomly giving you some "emotional coins". Put BP back on the CEX track and take another look at what traditional CEX logic is. I treat you as a user and you help me contribute trading volume I'll give you a discount Backpack is more like: You are both a user and a partner, which is why they dare to: not find market makers, build their own treasury, not rush TGE, first lay the plate steadily. This is the way to make the exchange a long-term business If BP is a regular CEX, then I will only use a 25% airdrop as a gimmick But the problem is that it has taken away the two most prone to wrongdoing, VC and market maker, directly from the table It's hard to deny that in the CEX race, BP's coin issuance structure is on the side of users The real danger of this kind of project is not failure, but your understanding but lack of participation