Retail investors, don't rush to criticize capital, you may be capital yourself @Backpack, this operation is really a complete failure Previously, in the CEX system, we were essentially high-level workers. You trade, you attract people, you do data, you contribute liquidity, who ultimately gets the big shot? Team+capital. But the gameplay of Backpack aims to transform you from a 'platform fuel' to a 'platform shareholder'. And this time, it's not just talk. What was platform currency before? Essentially, it is an internal points card. The logic of the old CEX platform's currency is actually very simple and crude: in the early stage, you buy currency=support the ecosystem=help the project raise its valuation; Post production team/capital unlocking=pouring goods into the market. To put it bluntly, when the time comes, the market will release water, and then the secondary market will continue to bear the burden. This is a typical PVP model, it's not about growth, it's about replacing people to take over. The most unique feature of Backpack is that they have changed "time unlock" to "conquer the world unlock". They have done something that almost no one in the industry dares to do: they unlock not by time, but by expansion. Only by obtaining a new national license can we partially unlock it, only by launching a new product can we partially unlock it, and only then can we truly expand our business. This logic is actually very similar to the world, it's not about dividing money after a company has been established for a few years, but about dividing money only when the company has really grown. So the core of this design is to divide the cake by land. Most Web3 projects discussing IPOs are about future possibilities, plans, and long-term goals. But if Backpack directly blocks the way and the team wants to make money, they must rush for IPO. This is equivalent to tying the team and users in one boat. If you don't grow, you won't make any profit. If you don't protect the market, you won't be able to export yourself. This forms a particularly rare structure: team motivation ≈ user motivation, rather than the previous miracle of unlocking teams and individual investors. The scariest thing about this thing is that it may really change the user's identity. What were the previous exchange users? It is the source of traffic, transaction fees, and active data. But what if the token really becomes a future IPO mapping asset? Then users will become early equity participants, ecological interest binders, and platform water promoters. Simply put, the more you help the platform grow, the more likely you are to make a profit yourself. This is the cow that Web3 first boasted about: users=shareholders, not members, not wool followers, and certainly not leeks. Once established, customer acquisition costs may approach zero, user stickiness will be extremely terrifying, and ecological dissemination will spontaneously explode. Because you are no longer here to trade, you are here to safeguard your asset growth, which is completely different from traditional CEX. In the past, the industry logic was that platforms would grow bigger and users would make money; What Backpack wants now is to expand the platform and make users the bosses together. I don't know if it can be achieved, but at least this is currently one of the few exchange models that dares to lock themselves in the growth path. In the past decade, you thought you were playing on the exchange; In the future, the exchange may be working for you.