[Backpack Founder Claims On-Chain ETF Fees Could Be Reduced to 1 Basis Point or Even Zero] According to Jinse Finance, on November 5th, Armani Ferrante, founder and CEO of Backpack, stated in an interview on Rollup that once Wall Street becomes an API that developers can call, programmable finance will bring about a large number of experiments, and small teams will also have the opportunity to create next-generation financial applications. Previously, setting up a brokerage firm in the US had extremely high barriers to entry, but with the APIification of Wall Street, these barriers will significantly decrease. He cited the example of individuals attempting to split SpaceX equity into exposures to revenue streams such as Starlink or space data centers, allowing individuals to create custom ETFs. Traditional ETFs like SPY charge approximately 7 to 9 basis points based on assets under management; however, after being automatically rebuilt on-chain using smart contracts, the fee rate could potentially be reduced to 1 basis point or even zero.