Crypto Morning Brief: MegaETH Launches on Mainnet; Backpack Seeks Funding at $1B Valuation
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Crypto Morning Brief: MegaETH Launches on Mainnet; Backpack Seeks Funding at $1B Valuation
Backpack unveils its token distribution plan; the TGE will release 25% of the tokens, with 24% allocated to points holders.
Navigating Web3 tides with focused insightsAuthor: TechFlow
Yesterday’s Market Highlights
Hassett: Expect a Slight Decline in Employment Data—but No Cause for Panic
According to JIN10 Data, Kevin Hassett, Director of the White House National Economic Council, told CNBC in an interview that employment data is expected to soften—but this should not trigger panic. Hassett argued that slower population growth coupled with “surging” productivity gains means lower employment figures can still align with robust GDP growth. His remarks on labor-market data lifted U.S. Treasury prices, prompting commodity trading advisors and short-term trading accounts to chase gains. Hassett also described GDP growth as “very strong,” forecasting a 4.0% year-end growth rate and a full-year growth rate of 3.0%, while attributing last quarter’s negative GDP print to the Biden administration.
Binance SAFU Fund Address Buys 4,225 BTC—Worth $300 Million
On-chain data shows the Binance SAFU Fund address has again purchased 4,225 BTC, valued at $300 million.
Story Protocol Co-Founder Responds to “Delayed Token Unlock”: More Time Needed to Build Use Cases
According to CoinDesk, blockchain intellectual property protocol Story Protocol has postponed its first major token unlock by six months—to August 2026. Co-founder SY Lee responded in an interview, stating the project requires “more time” to build use cases.
Lee called near-zero on-chain revenue a “misleading metric,” noting Story’s business model centers on off-chain licensing of AI training datasets—not gas fees. He drew a parallel to Worldcoin’s 2024 decision to extend investor and team lock-up periods, framing it as a signal of long-term commitment. Story Protocol is shifting from general IP registration toward “uncrawlable” human-contributed data and enterprise licensing agreements—focusing on recording ownership terms and usage rights for datasets and models used to train AI systems. This pivot has slowed visible on-chain revenue but aims to ease token supply overhang pressure.
Backpack Announces Token Distribution Plan: 25% Released at TGE, 24% Allocated to Points Holders
Backpack has unveiled its token distribution plan, structured across three phases. At Token Generation Event (TGE), 25% of the total token supply—250 million tokens—will be released: 240 million (24%) allocated to points holders, and 10 million (1%) to Mad Lads holders.
The second phase—pre-IPO—accounts for 37.5% (375 million tokens) and will be released gradually as “growth-triggered unlocks” tied to key milestones. The third phase—post-IPO—also accounts for 37.5%; these tokens will be held in the company treasury and locked for one year following IPO.
The total token supply is 1 billion; pre-IPO supply totals 625 million (62.5%). Backpack states treasury-held tokens will serve as a strategic digital asset reserve for long-term value creation, with team members and investors gaining token exposure exclusively through the treasury.
Backpack CEO: All Team Tokens Held in Company Treasury and Locked for at Least One Year Post-IPO
According to Backpack CEO Armani Ferrante, Backpack’s tokenomics adhere to two core principles: insiders cannot “dump on retail,” and all liquid tokens are allocated to users. Ferrante confirmed founders, executives, employees, and venture investors received no direct token allocations; all team tokens reside in the company treasury and are locked for at least one year post-IPO. Team members hold only equity—and can profit from the project only upon successful public listing. Backpack plans a U.S. IPO. As exchanges progressively expand into new regions and launch additional products—including traditional financial services and securities—the token will be unlocked for users in a predictable manner to drive platform growth.
Earlier, Backpack announced its token distribution plan, with 25% released at TGE—24% allocated to points holders.
Backpack in Talks to Raise Funding at $1 Billion Valuation
According to Axios, Backpack Exchange—a centralized crypto exchange founded by former FTX and Alameda executives—is negotiating a new funding round at a $1 billion pre-money valuation. The company aims to raise $50 million, though the final amount may exceed that target.
MegaETH Announces Mainnet Launch and Unveils Ecosystem Frontend “The Rabbithole”
Per MegaETH’s official announcement, its mainnet is now live, and the MegaETH ecosystem frontend “The Rabbithole” has launched.
As MegaETH’s ecosystem user interface, “The Rabbithole” enables users to discover live and upcoming applications, bridge and swap assets across chains, and receive notifications about ecosystem events.
Bitmine Buys Another 20,000 ETH from FalconX—Worth $41.07 Million
Per Arkham data, Bitmine purchased 20,000 ETH (valued at $41.07 million) from FalconX approximately seven hours ago.
Cango Announces Sale of 4,451 Bitcoins for $305 Million to Fund AI Transformation
Per Cango Inc.’s announcement, the company has completed the sale of 4,451 bitcoins, receiving approximately $305 million worth of USDT via direct open-market transactions. Proceeds have been used to partially repay loans collateralized by bitcoin.
Cango stated the bitcoin sale strengthens its balance sheet and reduces financial leverage, supporting its strategic expansion into AI computing infrastructure. The company is executing a strategic transformation—leveraging its globally grid-connected infrastructure to deliver distributed computing capacity to the AI industry.
Cango will continue its bitcoin mining operations while optimizing the balance between hash rate scale and operational efficiency.
Asset Manager Metalpha Launches Bitcoin Allocation Program—Up to 20% of Annual Net Profit to Be Allocated to Bitcoin Purchases
Per PRNewswire, digital asset asset manager Metalpha Technology Holding Ltd. has commenced implementation of a Bitcoin allocation program, allocating up to 20% of its annual net profit toward bitcoin purchases. This initiative forms part of Metalpha’s long-term digital asset strategy, aiming to optimize its balance sheet by converting a portion of profits into bitcoin assets. Metalpha stated this move reflects its long-term confidence in bitcoin as a store of value and hedge against inflation.
Jump Trading to Receive Minor Equity Stakes in Kalshi and Polymarket in Exchange for Providing Liquidity
Per Bloomberg, market maker Jump Trading is set to receive small equity stakes in prediction market platforms Kalshi Inc. and Polymarket in exchange for providing liquidity. Sources familiar with the matter said Jump’s agreement with Kalshi involves a fixed equity stake, while its stake in Polymarket will grow over time based on the trading volume Jump delivers to its U.S. operations.
Market Data
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Reviewing Bitcoin Bear Market Cycles: Where Is the Real Bottom?
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After China’s “Document No. 42” Sets Regulatory Tone, What Is the Optimal RWA Token Standard?
This article analyzes China’s “Document No. 42”—which establishes regulatory parameters for real-world asset (RWA) tokenization—exploring definitions, use cases, and compliance pathways. It further examines the global RWA market’s development status and the evolution of related token standards, highlighting successful on-chain asset tokenization examples (e.g., Atoken and stETH) and the future potential of on-chain stock models.
FT Column: Bitcoin’s “Hate” Moment—What Matters Isn’t the Fall, But the Landing
Quoting the iconic line from the French film *La Haine*, this article critiques the crypto community’s blind faith in bitcoin and its reliance on psychological coping mechanisms during crises. While bitcoin has rebounded repeatedly after past crashes, the author argues such belief-driven bubbles are ultimately unsustainable—and confidence in bitcoin is gradually eroding.
In Conversation with Cathie Wood: Eight Insights from the “2026 Big Idea” Report
This article summarizes a deep-dive dialogue between veteran investor Peter Diamandis and ARK Invest founder Cathie Wood on the “2026 Big Idea” report, identifying the current moment as a once-in-125-years technological inflection point. It highlights the exponential convergence of five foundational platforms—AI, robotics, energy storage, blockchain, and multi-omics sequencing—and their profound implications for the global economy and technology over the next five years. It also explores frontier trends—including data centers migrating to orbit, autonomous driving, and nuclear energy’s resurgence—and offers forward-looking investment and development recommendations.
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