🎒Escape Velocity Escape velocity is the speed required for an object to escape its center without further acceleration. (High math, difficult) Backpack Tokenomics has been released. (Link) To sum up my thoughts, the team must now embark on a different valuation game from existing crypto projects. As set forth in the tokenomics, the clear goal of an IPO and its predecessors (RWA onboarding, license, bank, card) are designed to have a value greater than dilution. This provides a baseline for even those unfamiliar with crypto to intuitively calculate the potential increase in Backpack's valuation. The era of valuation methods that rely on ignoring the narrative, or relying on a backer's involvement, or on applying high standards to fragmented aspects of the equation, is passing, as evidenced by the desperate FDVs of altcoins. This suggests the advent of a "normal" valuation approach, not a new one. And Backpack seems to have set the bar for tokenomics at the most rigorous level I've ever seen to maintain that standard. Early token holders on exchanges like BNB, OKB, and MNT (bitdao) have generated price increases of tens or hundreds of times. Why were they able to do so? The answer is simple: because they are CEXs. What is the most valuable business across all sectors of the crypto industry? The issuers of stablecoins, where distribution channels are becoming increasingly important? I still think it's exchanges. While BNB is the best example, the announcement of the utility of the next tokenomics will be even more crucial to overcome the ultimate slump of CEX tokens like OKB, MNT, and BGB. In my opinion, Backpack is the first exchange token since FTX, $FTT, to be properly established. I bet on Perpdex's business model and scalability this cycle, and luckily, I discovered Backpack. I've always talked about this with my subscribers and friends: I'm not saying Perpdex is easy or CEX is difficult. They're both difficult, with different target audiences and growth strategies. The only difference is our perception of the business model. Backpack is playing a completely different game than Perpdex. This feels like the first time I've properly written about Backpack. Let's wait for the utility. Fock it🎒