TGE is approaching; what kind of story will Backpack unfold?

Author: Mahe, Foresight News

On March 23, the well-known Solana ecosystem wallet and centralized exchange Backpack will launch the BP token TGE. According to previous official information from Backpack, the total supply is set at 1 billion tokens, with the contract address: BPxxfRCXkUVhig4HS1Lh7kZqV6SPJhzfEk4x6fVBjPCy. Currently, Backpack has launched a staking page, where tokens can be unstaked at any time during the first 7 days. After 7 days, unstaking will require a 7-day wait. Users can click agree to view their BP token allocation.

25% of tokens will be unlocked at TGE (24% for points holders; 1% for Mad Lads). 37.5% will be unlocked before IPO. Tokens will be gradually unlocked based on key milestones. All tokens are allocated to users who reach each supply increase milestone, based on measurable progress in regulation, product expansion, and broader market access.

After listing, 37.5% will be unlocked. As corporate treasury funds, they will be fully locked until one year after IPO. Tokens are held as strategic digital assets for long-term value creation. All team members and investors will have exposure to tokens through the corporate treasury.

Immediately upon TGE, 25% (250 million tokens) will be unlocked and fully allocated to community users, with no initial distribution to team or investors.

Armani Ferrante, founder of Backpack, outlined guiding principles for the tokenomics design. The core goal is to prevent insiders from selling to retail investors. Before the project is listed in the U.S., founders, executives, employees, or venture investors are not allowed to profit from tokens. Additionally, circulating tokens will be specifically allocated to users for business growth incentives when entering new regions (such as the EU, Japan, U.S.) or launching new products (like prediction markets, stocks, bank cards).

Ferrante emphasized that no founders, executives, team members, or venture investors receive direct token allocations. The entire team’s share will be held in the company treasury and locked until at least one year after listing. Team members hold equity in the company, while the majority of tokens are held by the company. The team can only benefit after the company goes public or through liquidity events.

Users must log in to the Backpack official website or mobile app to complete the TGE verification process. The system will automatically calculate and distribute shares based on snapshot points. Mad Lads NFT holders only need to connect their wallets to automatically receive allocations, with no additional steps. After completion, users can see the “TGE Verified” badge in the Points — Achievements section.

Backpack’s point accumulation mechanism includes multiple metrics such as trading volume, asset holding duration, invitations, and product usage depth. Additionally, Backpack has launched a staking-to-equity conversion mechanism. Users who stake BP for at least one year can convert it into company equity at a fixed ratio. A total of 20% of Backpack’s shares will be allocated to qualified stakers, with staking duration, amount, and platform activity serving as weighted factors to determine IPO priority allocation.

What is the value?

Before this airdrop, Backpack’s anti-witchcraft measures have been continuously upgraded. All participating accounts in the points activity must pass KYC (identity verification). In early 2026, during the “Epilogue” phase, Backpack conducted an audit, identifying and reclaiming over 50 million “fake points” through data analysis.

Backpack requires all airdrop-qualified participants to perform a second manual confirmation before the March 15, 2026 deadline. Many script accounts may have become “offline” or “management vacuum” after long-term scoring. Manual clicking and re-verification within a specific window are required to filter out automated accounts that “score and run.” X user jokingly said about Metabape, “I opened an account with 270,000 points, and I see: 1,000 coins.”

Backpack’s “milestone unlocking + equity conversion” model is industry first. Additionally, Backpack has obtained licenses in the UAE, UK, and several European countries, with a clear IPO path. Once the company hits business milestones, pre-IPO unlocks will create a positive cycle. Of course, risks exist: if milestones are not met, liquidity phases may be limited, but this is by design—to ensure token release is tied to actual value creation.

According to the latest Polymarket data, the market currently predicts a 98% probability that the FDV (Fully Diluted Valuation) will exceed $100 million on the day after launch, with a token price around $0.10. The probability of exceeding $200 million FDV is 87%, with a token price around $0.20. The chance of surpassing $300 million drops sharply to 44%, and over $500 million is only 11%.

Currently, market players on Polymarket estimate the price range around $0.10–$0.20.

It’s worth noting that the $100–$200 million FDV is also the valuation range from Backpack’s last funding round.

In February 2024, Backpack completed a $17 million Series A funding at a $120 million valuation, led by Placeholder, with participation from Hashed, Robot Ventures, Amber Group, Wintermute, Jump Crypto, Delphi Digital, and others. In September 2022, Backpack raised $20 million, led by FTX Ventures and Jump Crypto.

In February 2026, Axios reported that Backpack Exchange is in negotiations for a new funding round, aiming to raise $50 million at a pre-money valuation of $1 billion. No final decision has been made yet.

According to official data, Backpack currently has $137 million in open contracts, with a nominal total asset custody value of about $350 million, and a total lending nominal value of $330 million. Due to the airdrop anticipation, total trading volume has reached $4.33 trillion.

The crypto market remains in a deep bear phase. Bitcoin has hovered around $70,000, with some projects shutting down under pressure. Backpack has been repeatedly urged by the community to issue tokens, but due to hacking incidents and system failures leading to compensation, the team chose to conduct TGE during the worst market conditions.

So, after Backpack’s TGE, will the market support or completely abandon the project? We’ll see today.