Backpack Exchange, a Solana-based cryptocurrency trading platform, launched on Monday its native token, BP, detailing a token generation event (TGE) that includes a mix of user distribution, lockups and a mechanism tied to company equity.
At launch, 25% of the token’s 1 billion total supply—around 250 million BP—will be distributed, primarily through an airdrop to existing users. Most of that allocation is set aside for participants in Backpack’s points program, with a smaller portion reserved for holders of its "Mad Lads NFT collection."
The company said no tokens have been allocated to founders, team members or investors at inception, a departure from many exchange token rollouts. The structure places a larger share of the initial distribution with users rather than insiders.
The remaining supply will be released through a multi-phase unlock schedule tied to company growth and potential public listing plans. About 37.5% of tokens are set to unlock over time based on operational milestones, such as market expansion or product launches, while another 37.5% will remain locked in a corporate treasury until after a potential IPO.
Backpack also said long-term stakers may be able to convert BP into company equity, representing a share of the firm’s ownership. The mechanism links the token to the company’s broader capital markets plans, rather than limiting its role to trading incentives or governance.
“Backpack was founded by former FTX and Alameda Research employees and faced early scrutiny following the collapse of FTX in 2022. The company later acquired the defunct exchange’s European arm, relaunching it as Backpack EU as part of its push into regulated markets.
Read more: Backpack Opens Regulated Perpetuals Exchange in Europe After FTX EU Acquisition
