Backpack Exchange, a Solana-based cryptocurrency trading platform, launched its initial token, BP, on Monday, 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 total supply of 1 billion – roughly 250 million BP – will be distributed, primarily through an airdrop to existing users. Most of this allocation is set aside for participants in Backpack’s points program, with a smaller portion reserved for holders of their “Mad Lads NFT Collection.”
The company said no tokens have been allocated to founders, team members or investors at launch, a departure from many exchange token rollouts. The structure places a greater proportion of the initial distribution with users rather than insiders.
The remaining offering will be released through a multi-phase unlock plan tied to the company’s growth and potential public IPO plans. About 37.5% of the 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 players may be able to convert BP into corporate 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 trade incentives or governance.
“Backpack was founded by former FTX and Alameda Research employees and faced early scrutiny after the collapse of FTX in 2022. The company later bought the defunct exchange’s European arm and relaunched 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
