Original Title: "Backpack Today TGE, What Kind of Script Will the Bear Market Open?"
Original Author: Ma He, Foresight News
On March 23, the well-known wallet and centralized trading platform Backpack in the Solana ecosystem will launch the BP token TGE.
According to the information previously released by Backpack, the total supply is set at 1 billion, contract address: BPxxfRCXkUVhig4HS1Lh7kZqV6SPJhzfEk4x6fVBjPCy.
25% of the tokens will be unlocked at the TGE (24% for point holders; 1% for Mad Lads). 37.5% of the tokens will be unlocked before the IPO, gradually released according to key milestones. All tokens are allocated to users who reach each supply increment milestone, which is based on measurable regulatory progress, product expansion, and broader market access.
37.5% will be unlocked after listing. As corporate treasury funds, they will be completely locked until one year after the IPO. Tokens will be held as strategic digital assets for long-term value creation. All team members and investors will gain exposure to tokens through the corporate treasury.
During the TGE phase, 25% or 250 million tokens will be immediately unlocked, completely allocated to community users, with no shares from the team or investors participating in the initial circulation.
Backpack founder Armani Ferrante announced the guiding principles for the project's tokenomics design. Its core goal is to prevent insiders from selling to retail investors; before the project is listed in the US, founders, executives, employees, or venture capitalists cannot profit from tokens.
In addition, circulating tokens will be specifically allocated to users and used for business growth incentives at key milestones, such as entering new regions (e.g., EU, Japan, US) or launching new products (e.g., predictions, stocks, bank cards).
Armani Ferrante emphasized that no founders, executives, team members, or venture capitalists have received direct token allocations. The entire team's allocation share will be retained in the company treasury and locked for at least one year after listing. Team members hold equity in the company, while the company holds the majority of the token supply, and the team can only benefit after the company goes public or an equity exit event occurs.
Users need to log in to the Backpack official website or mobile app to complete the TGE verification procedure. The system will automatically calculate and distribute shares based on the relative proportion of points at the time of the snapshot. Mad Lads NFT holders only need to connect the corresponding wallet to automatically receive their allocation without any additional operations. After completion, users can see the "TGE Verified" badge in the points—achievements section.
Currently, users cannot check the exact airdrop data. Backpack stated that the specific shares and point-to-token ratio will only be announced, displayed, and claimed after the TGE starts.
Backpack's point accumulation mechanism includes multidimensional indicators such as trading volume, asset holding duration, invitations, and product usage depth. In addition, Backpack has introduced a staking exchange for equity mechanism, where users stake BP for at least one year to convert it into company equity at a fixed ratio.
A total of 20% of Backpack's company shares will be allocated to qualified stakers, with staking duration, amount, and platform product usage being weighted factors to determine the priority allocation for IPO.
What is its value?
Before this airdrop, Backpack's anti-witch measures have also been continuously upgraded, including requiring all participating accounts in points activities to pass KYC (identity verification). In the early 2026 "Epilogue" phase, Backpack conducted an audit, identifying and recovering over 50 million so-called "false points" through data analysis.
Backpack requires all airdrop qualifiers to perform a secondary manual confirmation before the deadline of March 15, 2026. Many script accounts may have already been in an "offline" or "management vacuum" state after long-term point scoring. The requirement for manual clicks or even re-verification within a specific window is the last resort to filter out those "bot accounts" that "score and run." X users mocked themselves saying, "Opened an account with 270,000 points, only to find: 1,000 coins."
Backpack's "milestone unlocking + equity conversion" model is the first of its kind in the industry. In addition, Backpack has obtained licenses from the UAE, the UK, and several European countries, with a clear IPO path. Once the company achieves its business milestones, Pre-IPO unlocking will create a positive cycle. Of course, risks also exist: failing to meet milestones may lead to temporary liquidity restrictions, but this is also the design intent—to ensure token releases are linked to actual value creation.
According to the latest data from Polymarket, the market currently estimates a 98% probability that its FDV on the second day of launch will exceed 100 million dollars, corresponding to a token price of 0.1 dollars, while the probability of it exceeding 200 million dollars is 87%, corresponding to a token price of 0.2 dollars. The probability of FDV exceeding 300 million dollars has significantly dropped to 44%, and the probability of it exceeding 500 million dollars is 11%.
This means that the market players on Polymarket predict the price range to be approximately between 0.1 and 0.2 dollars.
It is worth mentioning that the 100 million to 200 million dollars FDV range is also the public valuation range from Backpack's last financing round.
In February 2024, Backpack completed a 17 million dollar strategic A round financing at a valuation of 120 million dollars, led by Placeholder, with participation from Hashed, Robot Ventures, Amber Group, Wintermute, Jump Crypto, and Delphi Digital. In September 2022, Backpack completed a financing of 20 million dollars, led by FTX Ventures and Jump Crypto.
In February 2026, according to Axios, informed sources said that Backpack Exchange is negotiating a new round of financing, discussing raising 50 million dollars at a pre-investment valuation of 1 billion dollars. No final results have been reported yet.
According to the official website data, Backpack currently has 137 million dollars in open contracts, with a nominal total value of approximately 350 million dollars in managed assets and a nominal total value of 330 million dollars in total loans, resulting in a total trading volume of 4.33 trillion dollars due to airdrop expectations.
Currently, the crypto market is in a deep bear phase, with Bitcoin fluctuating around 70,000 dollars. Some crypto projects have chosen to shut down due to immense pressure. Backpack has been urged multiple times by the community to issue tokens, however, due to hacking theft and compensation caused by some system failures, the team ultimately chose to execute the TGE at a time when the market is at its worst.
So will the funds in the market choose to support or completely abandon after the Backpack TGE? Today will tell.
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