https://substack.com/home/post/p-173915914

SAFE + TW 구조는 1 Safe 당 0.5, 0.3 Token이 제공되는 것이 일반적. 

당일 백팩 $1B 벨류는 IPO가 토크노믹스에서 드러난걸 고려했을 때 SAFE Valuation에 가깝다 생각되며 

현재 백팩 토큰 벨류는 1/2, 1/3 정도로 인지하면 좋을 것 같습니다. (= FDV 333m~FDV 500m)

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https://substack.com/home/post/p-173915914

The SAFE + TW structure typically provides 0.5 or 0.3 tokens per Safe.

Considering the IPO's tokenomics, Backpack's $1B valuation on the day is believed to be close to the SAFE valuation.

The current Backpack token value is likely to be around 1/2 or 1/3 (= FDV 333m~FDV 500m).

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