Written by: Mahe, Foresight News
On March 23, Backpack, a well-known wallet and centralized exchange within the Solana ecosystem, will launch its BP token, TGE. According to previous information released by Backpack, the total supply is set at 1 billion tokens, and the contract address is: BPxxfRCXkUVhig4HS1Lh7kZqV6SPJhzfEk4x6fVBjPCy. Backpack has already launched its staking page. Users can unstake at any time within the first 7 days; after that, there is a 7-day waiting period before unstaking can be completed. Users can check their BP token allocation after clicking "agree."
25% of the tokens will be unlocked at TGE (24% for token holders; 1% for Mad Lads). 37.5% of the tokens will be unlocked prior to the IPO. Unlocking will be phased in based on key milestones. All tokens will be distributed to users who reach each supply increment milestone, based on measurable regulatory progress, product expansion, and broader market access.
37.5% will be unlocked after listing. The remaining funds will be held in full as corporate treasury capital, locked up for one year after the IPO. The tokens will be held as strategic digital assets for long-term value creation. All team members and investors will gain token exposure through the corporate treasury.
During the TGE phase, 25%, or 250 million tokens, were immediately unlocked and allocated entirely to community users, with no team or investor shares participating in the initial circulation.
Backpack founder Armani Ferrante has released the guiding principles for the project's token economics design. The core objective is to prevent insiders from dumping tokens on retail investors; founders, executives, employees, or venture capitalists are prohibited from profiting from the tokens before the project's US listing. Furthermore, tokens in circulation will be exclusively allocated to users as incentives for business growth, such as entering new regions (e.g., the EU, Japan, the US) or launching new products (e.g., predictions, stocks, bank cards).
Armani Ferrante emphasized that no founders, executives, team members, or venture capitalists received direct token allocations. The entire team's allocation will remain in the company's vault and be locked for at least one year after the IPO. Team members hold company equity, while the company holds the majority of the token supply; the team can only benefit after the company goes public or an equity exit event occurs.
Users need to log in to the Backpack website or mobile app to complete the TGE verification process to claim their share. The system will automatically calculate and distribute the Mad Lads NFT shares based on the relative percentage of points at the time of the snapshot. Mad Lads NFT holders only need to connect their corresponding wallets to receive their shares automatically, without any additional steps. After completing the process, users can see the "TGE Verified" badge in Points - Achievements.
Backpack's points accumulation mechanism includes multiple metrics such as trading volume, asset holding duration, referrals, and product usage depth. In addition, Backpack has launched a staking-for-equity mechanism, allowing users to convert their Backpack shares into company equity at a fixed ratio after staking for at least one year. A total of 20% of Backpack's company shares will be allocated to qualified stakers, with staking duration, amount, and platform product usage serving as weighting factors to determine IPO priority allocation rights.
What is its value?
Prior to this airdrop, Backpack continuously upgraded its anti-spelling measures, requiring all accounts participating in the points program to pass KYC (Know Your Customer) verification. In the "Epilogue" phase in early 2026, Backpack conducted an audit, identifying and recovering over 50 million so-called "fake points" through data analysis.
Backpack requires all eligible airdrop recipients to undergo a second manual verification before the deadline of March 15, 2026. Many script accounts may be in an "offline" or "management vacuum" state after long-term point accumulation. Requiring manual clicking, or even re-verification, within a specific window is a last resort to filter out automated accounts that "farm and run." User X jokingly remarked on Metabape, "I opened an account with 270,000 points, only to find 1,000 coins."
Backpack's "milestone unlocking + equity conversion" model is an industry first. Furthermore, Backpack has obtained licenses in the UAE, the UK, and several European countries, and its IPO path is clear. Once the company achieves business milestones, pre-IPO unlocking will create a positive cycle. Of course, risks also exist: failure to meet milestones may lead to temporary liquidity constraints, but this is precisely the design intention—to ensure that token release is linked to actual value creation.
According to the latest data from Polymarket, the market currently bets that the FDV will exceed $100 million on the second day of its listing, with a corresponding price of $0.1. The probability of exceeding $200 million is 87%, with a corresponding price of $0.2. The probability of the FDV exceeding $300 million has dropped significantly to 44%, and the probability of exceeding $500 million is 11%.
Currently, market participants on Polymarket predict its price will be around $0.1-$0.2.
It's worth noting that the $100 million to $200 million FDV is also the publicly disclosed valuation range for Backpack's last funding round.
In February 2024, Backpack completed a $17 million strategic Series A funding round at a valuation of $120 million. The round was led by Placeholder, with participation from Hashed, Robot Ventures, Amber Group, Wintermute, Jump Crypto, and Delphi Digital. In September 2022, Backpack had previously completed a $20 million funding round, led by FTX Ventures and Jump Crypto.
In February 2026, Axios reported that sources familiar with the matter said Backpack Exchange was in talks to raise $50 million at a pre-money valuation of $1 billion. No final decision has been made yet.
According to data from its official website, Backpack currently has $137 million in open contracts, approximately $350 million in assets under custody, and $330 million in total lending. Its total trading volume is expected to reach $4.33 trillion due to airdrop expectations.
Currently, the crypto market is in a deep bear market, with Bitcoin fluctuating around $70,000. Some crypto projects have chosen to shut down and leave due to immense pressure. Backpack had been repeatedly urged by the community to launch its own token, TGE, but due to reasons such as hacking and compensation for system failures, the team ultimately chose to launch TGE only when the market was at its worst.
So, after Backpack TGE, will the market's buying power choose to support it or abandon it altogether? We'll find out today.
