After waiting for a long time, the Backpack has finally been officially released, and BP has also been opened for collection https://backpack.exchange/bp-claim I spent some time this time sorting out the entire coin issuance logic, mechanism, and how ordinary users should participate in the system, and said something more fundamental. Let's start with the conclusion: This time, Backpack is not just issuing a platform coin, but trying to truly implement the concept of 'user shareholder'. 1、 What's different about this coin issuance? The essence of most exchanges issuing coins is: Team+VC takes the majority, while users divide into a small portion. But the backpack is reversed: Initial 25% airdrop directly to users Team&VC do not have direct token allocation This means a crucial thing: Opening is a pure market game, with no "old money" waiting to hit you. Of course, this also brings another issue—— Selling pressure comes entirely from individual investors themselves 2、 Core point: Pledge=Equity What really excited the market this time was not the airdrop, but this mechanism Pledge BP ≥ 1 year There is a chance to exchange the equity of Backpack Company (with a reserved 20%) Simply put, it means: What you have in your hand is not just a token, but a certificate that may map to equity in the future. 3、 Claim&Unlock Mechanism (Key) Many people haven't figured out the rules yet, let me make it clear for you: Default automatic staking after receiving First 7 days: You can release the pledge at any time After 7 days: A 7-day cooling period is required What does this mean? Short term players: There is a 7-day 'no cost observation period' Long term players: Actually, I am making a choice of 'lock up for future equity' 4、 How can ordinary users participate? Here are three ways of thinking for you: one ️⃣ Airdrop ready to go Sell it upon receipt and reap the liquidity dividend Suitable for people who do not want to bear uncertainty two ️⃣ Observe for a week before making a decision Utilize the first 7 days of free unlocking period to check prices and market sentiment three ️⃣ Long term staking (core gameplay) Essentially, it's a gamble: Can Backpack become the next Coinbase 5、 Risks that must be taken seriously This controversy is actually not small: ❗ Witch cleaning is quite strict, and some real users have been mistakenly injured ❗ High initial selling pressure without VC support ❗ Project valuation highly tied to future IPOs 6、 My own understanding Backpack is doing something very different: It's not about transaction depth or transaction fees, But rather trying to sell the exchange business, Become a structure of 'user co construction+shared benefits'. If successful: BP=the asset closest to "equity" in the cryptocurrency circle If it fails: It's just an ordinary platform coin Finally, to be honest: This is not a project suitable for 'brainless rush', But it is likely that during this cycle, One of the most worthwhile exchange models to spend time researching.