Backpack, the crypto exchange and wallet platform founded by former FTX employees including CEO Armani Ferrante and others, has reportedly outlined its token distribution plans while pursuing a major funding round.
Backpack is in advanced talks to raise $50 million in fresh funding at a $1 billion pre-money valuation, potentially achieving unicorn status. Some sources note the raise could exceed $50M, and the company reportedly generated over $100M in annual revenue in 2025.
This comes as Backpack pushes into tokenization, regulated markets, and growth on Solana. Regarding the native token expected ticker $BP, though not officially confirmed: Total supply: 1 billion tokens. 25% released. The bulk around 240 million or 24% airdropped to early community participants, including those in the Backpack Points program.
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An additional ~1% (10 million tokens) reserved for Mad Lads NFT holders (a cultural tie-in from the project’s origins). Remaining 75% (750 million tokens) split into two tranches of 37.5% each (375 million tokens per tranche): One 37.5% unlocks gradually pre-IPO, tied to measurable milestones.
The other 37.5% allocated to a post-IPO company treasury, with no direct team or VC liquid allocations at launch. Team rewards are delayed — accessible only after a U.S. IPO, plus at least a 1-year lockup, then via equity and treasury exposure.
This structure is designed to: Prevent early “dumping” by insiders/founders (a common criticism in crypto). Align incentives with long-term growth and a potential future public offering. Limit retail dilution and put most Day 1 circulating supply in community hands.
The approach draws more from traditional startup equity models than typical crypto token launches, emphasizing community-driven price discovery early on. The news has generated bullish sentiment in crypto circles, with discussions around potential FDV (fully diluted valuation) implications — some community bets and analyses suggest strong odds for higher figures given the $1B equity valuation benchmark and revenue traction.
No exact TGE date has been announced yet, and utility details are expected soon. This positions Backpack as a post-FTX rebuild story with a focus on compliance and sustainable growth.
The Backpack Points program is a loyalty and rewards initiative run by Backpack Exchange (part of the broader Backpack ecosystem, including the self-custodial wallet and ties to Mad Lads NFTs).
It incentivizes user engagement on the platform, primarily through trading and other activities, with the explicit goal of rewarding contributors to the platform’s growth. The program rewards active users who help drive Backpack’s expansion.
Accumulated points have positioned participants for a significant share of the upcoming native token airdrop likely $BP or similar, as confirmed in Backpack’s tokenomics: 24% of the total 1 billion token supply (240 million tokens) is allocated to points holders at the Token Generation Event (TGE).
This makes it one of the largest community-focused distributions in recent crypto launches. The program runs in seasonal phases e.g., Season 1 through Season 4, with an “Epilogue” phase as the final farming window before TGE. Seasons have varied focuses and scoring tweaks. Earlier seasons emphasized factors like asset holding, positions, lending, and profit/loss (PnL).
Later seasons (e.g., Season 3 onward) shifted heavily toward trading volume as the dominant factor often 70-80% weight, combined with overall activity. Earning Points: Primarily based on combined trading volume across Spot and Perpetual Futures markets.
Additional contributions from other products like lending/borrowing, maintaining positions, or overall platform usage. Weekly snapshots capture activity (ending Thursday at 00:00 UTC), with points distributed every Friday at 02:00 UTC.
Leaderboards rank users by total volume/activity, determining share of the weekly reward pool. Criteria are intentionally opaque and evolve to prevent gaming while prioritizing genuine growth contributors.
Holding Mad Lads NFTs for perks like fee reductions or special access, though the main 1% token allocation is separate. Some cross-promotions or badge systems tied to performance. Points are non-transferable and tracked per account. They don’t have direct cash value but serve as the basis for the airdrop allocation — higher points via rank and volume mean a larger share of the 240M token pool.
No fixed conversion rate has been publicly detailed yet; speculation has floated $0.30–$0.50 per point equivalents in community discussions, but this is unofficial. As of early 2026, the program was in its final stages (Season 4/Epilogue), with points farming wrapping up shortly before TGE.
This setup aligns incentives toward long-term platform success rather than short-term farming exploits. It draws from traditional loyalty programs but ties directly to a massive token allocation, rewarding early and consistent traders without immediate insider dumps. Backpack’s approach emphasizes compliance, regulated growth, and community-first distribution.