2 hours ago
The remaining tokens are taxable to semipermanent lockups tied to institution milestones and a imaginable IPO.
Mar 23, 2026, 1:52 p.m.
Backpack Exchange, a Solana-based cryptocurrency trading platform, launched connected Monday its autochthonal token, BP, detailing a token procreation lawsuit (TGE) that includes a premix of idiosyncratic distribution, lockups and a mechanics tied to institution equity.
At launch, 25% of the token’s 1 cardinal full supply—around 250 cardinal BP—will beryllium distributed, chiefly through an airdrop to existing users. Most of that allocation is acceptable speech for participants successful Backpack’s points program, with a smaller information reserved for holders of its "Mad Lads NFT collection."
The institution said nary tokens person been allocated to founders, squad members oregon investors astatine inception, a departure from galore speech token rollouts. The operation places a larger stock of the archetypal organisation with users alternatively than insiders.
The remaining proviso volition beryllium released done a multi-phase unlock docket tied to institution maturation and imaginable nationalist listing plans. About 37.5% of tokens are acceptable to unlock implicit clip based connected operational milestones, specified arsenic marketplace enlargement oregon merchandise launches, portion different 37.5% volition stay locked successful a firm treasury until aft a imaginable IPO.
Backpack besides said semipermanent stakers whitethorn beryllium capable to person BP into institution equity, representing a stock of the firm’s ownership. The mechanics links the token to the company’s broader superior markets plans, alternatively than limiting its relation to trading incentives oregon governance.
“Backpack was founded by erstwhile FTX and Alameda Research employees and faced aboriginal scrutiny pursuing the illness of FTX successful 2022. The institution aboriginal acquired the defunct exchange’s European arm, relaunching it arsenic Backpack EU arsenic portion of its propulsion into regulated markets.
Read more: Backpack Opens Regulated Perpetuals Exchange successful Europe After FTX EU Acquisition
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