Backpack Exchange launched its native BP token on the Solana blockchain Monday. Unlike typical exchange rollouts, no tokens were allocated to founders, team members, or investors.
Instead, 25% of the billion-token supply goes directly to existing users via an airdrop. Most of that allocation is reserved for participants in Backpack’s points program.
The remaining supply unlocks over time based on company milestones and a potential public listing. About 37.5% of tokens release through operational growth targets, while another 37.5% remain locked in a corporate treasury until after a potential IPO.
Long-term stakers may eventually convert holdings into firm equity, linking the token to broader capital markets plans. Founded by former FTX executives, the platform recently acquired the defunct exchange’s European operations to expand regulated market access.