Backpack has quickly emerged as a notable name in the Solana ecosystem by combining a next-generation Web3 wallet with a licensed centralized exchange (CEX). So what is Backpack? Let’s dive into this article.
What is Backpack?
Backpack is a blockchain wallet built to support users in storing and minting xNFTs (Executable NFTs) on the Solana blockchain. In addition, the Backpack wallet offers other supporting features such as: storing, sending, and receiving tokens/NFTs, messaging with friends, connecting with clients, and buying crypto assets with fiat currency.
Not only a blockchain wallet product, Backpack recently launched a CEX exchange called Backpack Exchange in February 2024 after receiving a license from the Dubai Virtual Asset Management Authority (VARA) in October 2023. Backpack Exchange is also attracting attention from the community with the launch of a "Point reward" mechanism based on user trading volume, with speculation that it will soon airdrop users. Thanks to this mechanism, Backpack Exchange recorded a total trading volume exceeding $1 billion in its first 5 days.
Backpack’s Product
Backpack Wallet
Backpack Wallet function:
- Storing, sending, and receiving tokens/NFTs: Users can store or send and receive tokens/NFTs on the two main blockchains, Solana and Ethereum.
- Swap tokens: Users can easily and quickly swap tokens supported by both Solana and Ethereum blockchains.
- Mint NFTs: Users can mint NFTs on the Backpack wallet without needing to use any NFT Marketplace or Launchpad browser.
- Backpack Messages: Users can create their own communities to message and exchange directly through the Backpack Messages feature.
xNFT Library
This is an application library that allows users to download and use Dapps or mint NFTs built on the Solana blockchain. The transaction fee to download Dapps or mint NFTs on the Backpack wallet is 0.000005 SOL (0.0001 USD).
- From this, we can see the following key features of the Backpack wallet:
- The Backpack wallet supports users in transferring, receiving, and swapping tokens/NFTs across multiple blockchains (Multichain). However, currently, the Backpack wallet only supports Solana and Ethereum blockchains.
- Users can mint NFTs directly on the Backpack wallet without needing to go through any NFT Marketplace or Launchpad browser.
- It supports messaging and communication with friends and the community through the Backpack Messages feature.
- Users can download and use Dapps or mint NFTs built on the Solana blockchain through the xNFT Library with a transaction fee of 0.000005 SOL (0.0001 USD). You can find Dapps or NFT collections here.
Backpack Exchange
Backpack Exchange is a CEX exchange and also the newest product launched by Backpack in February 2024. Users can join Backpack Exchange by registering an account at https://backpack.exchange/ using their email and completing KYC to start trading. Coin68 will have an article on how to register and trade on Backpack Exchange in the near future.
Features of Backpack Exchange include:
- Asset: This is where you can find all the coins/tokens that Backpack Exchange supports trading. Some notable tokens include SOL, JUP, PYTH, JTO, etc.
- Trade: This is where users can trade the tokens listed above. Currently, Backpack Exchange only supports spot trading with two order types: Limit and Market. Additionally, users pay a 0.1% transaction fee, and all trading pairs are pegged to USDC.
- Drop: This is where you'll find updates on trading events specifically for Backpack Exchange, such as Refer and Earn (invite friends to trade), Trade and Earn, etc.
Currently, Backpack Exchange operates in the Middle East, Asia, and 11 US states after receiving a license from the Dubai Virtual Asset Management Authority (VARA). Additionally, Backpack Exchange is gaining attention from the community with the launch of its "Point reward" system based on user trading volume.
With speculation from the community that Backpack Exchange will soon airdrop to users, the exchange has recorded impressive trading volume, exceeding $1 billion in the first 5 days. Furthermore, Backpack Exchange has already recorded over $6.5 billion in trading volume in February 2024 alone.
Backpack Token Information
Backpack Key Metrics
- Token Name: TBA
- Ticker: TBA
- Token Type: TBA
- Total Supply: TBA
- Contract Address (CA): TBA
Backpack Token Use Case
No official use case has been announced yet. Updates will be shared once Backpack publishes details.
Backpack Token Listing
- Listing time: TBA
- Confirmed CEX listings: TBA
- Pre-market price (Whales Market): TBA
Bacpack Tokenomics & Fundraising
Tokenomics
- Total Supply: TBA
- Allocation: Not yet announced
Fundraising
Backpack has raised total of$ 37M, led by Jump Crypto, FTX Ventures,...
Backpack Team & Roadmap
Team
Here is Backpack team member:
- Armani Ferrante: CEO
- Oliver Sleafer: CFO
- Nicholas Ting: COO
Roadmap
The project has not announced a detailed roadmap yet. Whales Market will update immediately once the project releases the latest information.
Conclusion
Backpack positioning itself as more than just a blockchain wallet, it is building a unified ecosystem that connects Web3 wallets, xNFTs, Dapps, and a regulated centralized exchange into a single user experience. The launch of Backpack Exchange, coupled with its point-based reward system and growing airdrop expectations, has significantly boosted user adoption and trading activity.
FAQs
1. What makes Backpack different from other wallets?
Backpack allows users to run xNFTs (executable NFTs), mint NFTs directly in-wallet, access Dapps via the xNFT Library, and communicate through built-in messaging.
2. What is Backpack Exchange?
Backpack Exchange is a licensed CEX launched in February 2024, offering spot trading with USDC pairs and a point-based reward system tied to trading volume.
3. Does Backpack have a token?
Currently, Backpack has not announced any official token details, including supply, use cases, or listing information.
4. Is there an airdrop for Backpack Exchange users?
There is no official confirmation, but community speculation is growing due to the exchange’s point reward mechanism.
5. Who is behind Backpack?
Backpack is led by CEO Armani Ferrante, with a core team experienced in crypto infrastructure and backed by major investors such as Jump Crypto