Will Backpack bring the next airdrop feast?
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Will Backpack bring the next airdrop feast?
Keep interacting, wait for your blessings.
Navigating Web3 tides with focused insightsBy Asher
The Evolution of Backpack
Backpack is a next-generation cryptocurrency exchange and multi-chain wallet offering a self-custody solution integrated with Multi-Party Computation (MPC) technology to ensure fund security. Currently, Backpack has launched three main products: Backpack Exchange, Backpack Wallet, and the MadLads NFT project.
Website: https://backpack.exchange/.
Project Development
In September 2022, Coral, the developer behind the Solana development framework Anchor, announced it had raised $20 million in funding led by FTX Ventures and Jump Crypto, with participation from Multicoin Capital, Anagram, K5 Global, and other strategic investors. At that time, the company unveiled its first flagship product—an interactive, crypto-native wallet called Backpack.
As a security-focused Solana and Ethereum crypto wallet, Backpack quickly became a top choice among developers and heavy blockchain users, aiming to build a user-friendly next-gen wallet experience. Its unique feature—NFT collection locking—is currently the only service of its kind offered by any wallet.
Both FTX Ventures and Jump Crypto, along with Multicoin Capital, were once considered the most legitimate VCs within the Solana ecosystem. At the time, Backpack’s future looked extremely promising. However, following the collapse of FTX, the entire Solana ecosystem fell into a deep slump—and worse still, most of Backpack’s funds were trapped inside FTX.
Backpack founder Armani Ferrante revealed on The Scoop podcast that the company was unable to withdraw approximately $14.5 million held on FTX. As a result, during this crisis period, the company survived by cutting costs and remained largely inactive.
In April 2023, Backpack launched Mad Lads, the first xNFT series on the Solana ecosystem. The NFT project gained massive popularity, with trading volume briefly ranking first globally—even surpassing blue-chip Ethereum NFT projects like BAYC.
In October 2023, Backpack announced the launch of a "regulated" exchange named Backpack Exchange and received a VASP license from Dubai’s Virtual Assets Regulatory Authority (VARA). This marked Backpack Exchange’s official debut into the broader crypto community.
According to The Wall Street Journal, Backpack Exchange was co-founded by Can Sun, former General Counsel of FTX, and Armani Ferrante, former software developer at Alameda Research. Notably, Trek Labs, the company previously founded by Can Sun and Armani Ferrante, obtained a license from Dubai’s Virtual Assets Regulatory Authority (VARA) and has since been integrated into Backpack. Coral officially stated: “Backpack Exchange adopts a next-generation exchange model utilizing zero-knowledge proof reserves (zk-proofs), MPC-based custody, and low-latency order execution technology.” VARA oversees all crypto asset activities across Dubai.
Recent Developments: Trade to Earn Points
Recently, various communities have been actively discussing how to efficiently farm Backpack points. This surge in interest followed Backpack’s announcement on Twitter that it would launch an account trading volume points system on February 14, indicating that rankings within this points system will serve as key reference data for future major marketing campaigns—such as airdrop eligibility or Launchpool project allocations.
Image source: Official Twitter
Following the announcement, Backpack’s popularity surged, prompting crypto users to aggressively boost trading volumes on Backpack Exchange.
Official data shows that within 24 hours of launching Backpack Pre Season, trading volume exceeded $300 million. According to data from February 17, Backpack ranked first globally in SOL trading volume for three consecutive days, with daily SOL trading volume surpassing $700 million—higher than Binance’s $554 million and Coinbase’s $69.74 million during the same period.
On February 19, Backpack’s Chinese-language account posted on X, clarifying that the purpose of the trading campaign is to reward genuine users and encourage more real users to experience Backpack. The team emphasized it would strictly monitor malicious volume manipulation and reserve the right to take action. They also confirmed the trading campaign will continue long-term, with additional high-quality projects and features to be launched later. Despite this, the official message had limited effect, with many users continuing to engage aggressively.
Interaction Recommendations
After Backpack’s Chinese account clarified its stance on “farming trades for airdrops,” how should users interact to maximize their chances of receiving potential airdropped tokens? Odaily Planet Daily consulted studios and various community members to compile the following recommendations. A reminder: markets are highly volatile; always conduct thorough research before investing.
Continue trading on Backpack Exchange and maintain consistent account activity. Avoid generating large trading volumes in a single session. Instead, trade small amounts over several days each week—or even daily—to demonstrate organic, sustained engagement.
Keep funds in your wallet at all times. The Starknet airdrop serves as a reminder: do not withdraw all your wallet balances to exchanges. Retain some funds in your wallet to prepare for unexpected snapshot events.
Stay closely updated on new activities launched by Backpack Exchange and participate promptly. The official team stated this trading points campaign will run long-term, potentially lasting more than one quarter or even longer. While maintaining consistent trading activity, keep an eye on newly launched platform features and explore them thoroughly.
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