Congrats to the homies who scored 3-4x returns! Been following @Backpack for two years now. Ever since they decided to pivot from the wallet route to the IPO route, their product pace and delivery capabilities have improved massively. ☢️ Back when I hyped this project with the community, what stood out to me was their team’s commitment to compliance and building derivatives infrastructure. Nowadays, a lot of my cash-out strategies are starting to go through Backpack. I think what you said about “external hotspots” really hits the nail on the head. When the narrative within the space hits a bottleneck and everyone’s just PVP-ing internally, the one who can build the smoothest and fastest pipelines to external liquidity (like U.S. stocks/macro forecasting) will become the new traffic engine. HaperLiquid is doing this, Lighter is doing this, and Backpack is taking it a step further by integrating traditional finance. The day they officially IPO will be the moment they deliver a crushing blow.