BP's core logic has changed: it’s no longer 'just another CEX platform token,' but the *only* asset for 'crypto-native U.S. stock trading + IPO subscriptions' (I saw on their official TG yesterday that staking platform tokens will later be used for U.S. stock IPO subscriptions). Three things worth paying attention to: 1️⃣ U.S. stock spot trading (Beta) — Around 1,000 U.S. stocks/ETFs, zero commission, buy directly with crypto deposits, something non-U.S. users couldn’t do before. 2️⃣ On-chain U.S. stocks (x Superstate) — SEC-registered, CUSIP-aligned, with dividends and voting rights, traded on Solana. 3️⃣ On-chain IPO subscriptions — Retail investors can get IPO allocations, which traditionally were only available to institutions. Short-term: Beta just launched, U.S. stock trading volume hasn’t picked up yet. Mid-term: Watch for growth in U.S. stock trading volume ➕ more companies partnering with Superstate to go on-chain. Catalyst: Progress on Backpack’s own IPO (staking equity bridge tokens can directly convert to shares). The 75% unlocked supply is a concern, but the U.S. stock narrative has opened up BP’s ceiling of possibilities.