Upon waking up this morning, Solana changed her profile picture to the same color scheme as Backpack, almost making me think she'd gone mad. It seems the official team is taking today's TGE very seriously. Compared to Jupiter in the same ecosystem, Backpack's daily trading volume (1.5 billion/2.5 billion) and active users (120,000/250,000) are slightly lower. $JUP has an FDV of $1.08B and a MC of 616M; $BP's pre-market price on Bybit is $0.29, with an FDV of less than 300 million. 25% was unlocked today, resulting in an MC of approximately 75M. On Polymarket, there's only a 44% probability of breaking 300 million. Backpack's recent $50 million equity funding round valued it at $1 billion. 100% of the tokens are equivalent to 20% equity, corresponding to an FDV of 200 million. So from this perspective, the last round of VC funding didn't really yield any significant gains. @Bybit_ZH @BybitMartin @Backpack

To lose money