Here's a quick update on some key information from BackPack for your reference: Yesterday, their lending feature was also launched for Japanese users, marking a significant step in their compliance efforts in Japan. @Backpack is now one of the few exchanges with licenses in the UAE, Europe, and other regions, achieving compliance coverage of approximately 48% of global GDP—a rare feat among new-generation exchanges. They recently launched a beta version of Convert, which isn't a typical instant exchange but rather a streamlined "any asset → any asset" path, based on RFQ + automated market making. If you're interested: Currently, there are two main activities: lending and trading, while also accumulating points for next year's TGE. Their joint margin system and automatic lending are quite convenient: for example, even if you leave USDT idle, it will automatically lend it out to earn interest, but this still counts as margin and can be used as collateral for trading, while also providing points incentives. BackPack is currently in Season 4; those interested can join and follow along.