Hello everyone, today we’re going to delve into a very intriguing project: the Backpack Exchange – brought to you by the creators of the NFT collection Mad Lads! They have tremendous potential, and let’s find out why:
What is Backpack?
Backpack is an innovative cryptocurrency exchange and multi-chain wallet designed to redefine how users interact with digital assets. It offers a unique self-custody solution that utilizes multi-party computation methods, ensuring unprecedented security of user funds across various blockchains.
Backpack: Raised Investments
- Total Raised: $37.00M
- Valuation: $120.00M
Funding Rounds
Series A
- Date: 28 Feb 2024
- Valuation: $120M
- Amount Raised: $17.00M
Investors:
- Placeholder Ventures (Lead)
- Wintermute
- Amber Group
- Robot Ventures
- Selini Capital
Strategic
- Date: 27 Sep 2022
- Amount Raised: $20.00M
Investors:
Jump Crypto (Lead)
FTX Ventures (Lead)
Multicoin Capital
Anagram Crypto
K5 Global
Investment Information for Backpack
xNFTs are designed to act as applications within Backpack, enabling users to utilize assets from tokens to decentralized applications, fiat registration, and NFTs across various blockchains and protocols.
Users can with Backpack Wallet:
- Send and receive tokens
- Swap crypto
- Buy crypto with fiat
- Hold NFTs
- Trade NFTs
- Interact with xNFTs
The popularity of the wallet started when the Backpack ecosystem introduced Mad Lads, an executable NFT (xNFT) that is currently among the top PFP collections on Solana. It is because Mad Lads NFTs can be stored and traded on the Backpack wallet.
Aside from the wallet and an xNFT collection, the Backpack ecosystem also has Anchor, a Solana smart contract framework.
“The Backpack team is an all-star team that really understands the community with a focus on building compliant services. Their ability to create the best user experience is top-notch, and the synergies within their ecosystem are evidenced by their strong track record of user acquisition within the industry to date,” an investor commented during Backpack’s strategic series round A campaign.
Benefits of Backpack Wallet: Multiplier to Other Airdrop Programs
Backpack’s front feature is its “Boost Your Program.” Basically, when Backpack users connect their Backpack wallet to these dapps to join an airdrop program, they can boost their crypto points.
- MarginFi: x1.05
- Zeta Markets: x1.1
- Tensor: x1.25
Multipliers literally multiply the crypto points collected by participants in an airdrop campaign.
In this case, if a participant joined the crypto points system of these three dapps and collected 1,000 points, using the Backpack wallet would result in them having:
- MarginFi: 1,050 points
- Zeta Markets: 1,100 points
- Tensor: 1,250 points
Backpack Exchange: Earn Points by Trading
Before 2023 ended, Backpack introduced its own exchange, the Backpack Exchange, which is regulated by the Virtual Assets Regulatory Authority of Dubai.
On February 14, 2024, it started its seems-to-be airdrop campaign by announcing that “Volume matters: Starting 2/14, trade to compete for your Rank.”
Technically, the exchange seems to follow a leaderboard system where the reward that a participant might get depends on their rank or tier.
No further details have been disclosed yet, and most are just speculations and intelligent guesses. The rewards are also not yet known if it will be Backpack’s native token, a free gas fee, or xNFTs.
To be safe, interested participants can:
- Start trading on the exchange on https://backpack.exchange/trade/SOL_USDC.
- Execute large volumes of trade.
- Secure high profits.
- Consistently trade.
Volume Matters Phase 2
On February 18, Backpack Exchange registered a 24-hour trading volume exceeding $1,000,000,000. This remarkable figure is noteworthy considering that the exchange has only been compiling volume statistics since February 13. The development team aspires for the platform to revolutionize the Web3 and digital currency landscape, aiming to popularize token payments worldwide. Investors can partake in trading activities to seize the opportunity for future airdrop participation.
Phase Two Update:
- Step 1: Ensure the creation and KYC verification of your Backpack Exchange account (completed in stage one).
- Step 2: Set up your Backpack Wallet. Refer to the instructions for creating and utilizing a Backpack Wallet.
- Step 3: Visit https://www.tensor.trade/ -> click “connect wallet” and link your Backpack Wallet.
- Step 4: Make a purchase of any NFT using the Backpack Wallet.
- Step 5: Persist in generating trading volume akin to season one. On average, a $10,000 trading volume incurs $10 in gas fees.
Instructions for Trading on Backpack Exchange:
- Step 1: Visit Backpack Exchange-> choose “Sign up” to register an account (if you already have an account, select “Sign in” to log in and proceed to step 4).
- Step 2: Enter your email address and password, agree to the terms by checking the box -> click “Sign up”.
- Step 3: Open your personal email -> select “Verify email”.
- Step 4: Complete KYC:
- Select an individual or business account type.
- Specify your country of residence (optional).
- Provide your full name, date of birth, address, and respond to additional queries -> proceed to “Next”.
- Prepare the necessary documents and choose “United States of America” if you are a US citizen or “Other” for citizens of other countries -> click “Continue”.
- Choose the type of documents to provide, such as citizen identification card, passport, residence permit, or driver’s license -> follow the instructions to upload document photos.
- Step 5: Deposit assets into the exchange and commence trading.
Note: Trading pair USDC/USDT will not be factored into the volume calculation. The exchange exclusively supports Solana network deposits. Investors can withdraw SOL/USDC from Binance, KuCoin, or OKX SOL network exchanges to the Backpack Exchange deposit address. Higher trading volume in buying/selling pairs increases the likelihood of receiving a larger airdrop.
Twitter Score:
As mentioned on Twitter, this will be a separate drop from Backpack, so we can simultaneously farm Tensor, anticipating its future drop.
Moreover, they’ve added an additional quest “WEN and Earn”, where trading $WEN will enable us to participate in the distribution of rewards from a 125M $WEN pool. Deadline is April 15!
The snapshot for the entire second season will be taken on April 6!
Wormhole will be listed on Backpack too!
Conclusion:
In conclusion, Backpack is an innovative cryptocurrency exchange and multi-chain wallet that has attracted significant investments at various stages of its development. With a total raised capital of $37.00M and a valuation of $120.00M, the company has successfully completed multiple funding rounds, including strategic investments from leading funds and industry investors. The development of the Backpack ecosystem, including the offering of xNFTs and various services, aims to change the way users interact with digital assets, providing a high level of security and convenience. With the support of investors and the team’s commitment to innovation, Backpack remains at the forefront of cryptocurrency industry development and continues to attract attention from both investors and users.
Don’t forget to register using our referral link to receive numerous bonuses!
FAQs (Frequently Asked Questions) about Backpack:
What is Backpack?
- Backpack is an innovative cryptocurrency exchange and multi-chain wallet designed to redefine how users interact with digital assets. It offers a unique self-custody solution that utilizes multi-party computation methods, ensuring unprecedented security of user funds across various blockchains.
How much funding has Backpack raised?
- Backpack has raised a total of $37.00M with a valuation of $120.00M through multiple funding rounds.
What are the investors behind Backpack?
- Investors in Backpack include Placeholder Ventures, Wintermute, Amber Group, Robot Ventures, Selini Capital, Jump Crypto, FTX Ventures, Multicoin Capital, Anagram Crypto, and K5 Global.
What are the benefits of using Backpack Wallet?
- With Backpack Wallet, users can send and receive tokens, swap crypto, buy crypto with fiat, hold NFTs, trade NFTs, and interact with xNFTs.
What is the “Boost Your Program” feature of Backpack?
- The “Boost Your Program” feature of Backpack allows users to multiply their crypto points in airdrop campaigns when connecting their Backpack wallet to participating dapps.
What is the Backpack Exchange and how does it work?
- Backpack Exchange is a cryptocurrency exchange introduced by Backpack, regulated by the Virtual Assets Regulatory Authority of Dubai. Users can earn points by trading on the exchange, and these points may contribute to airdrop rewards in the future.
How can users participate in the Backpack airdrop campaigns?
- To participate in Backpack airdrop campaigns, users need to have a Backpack Exchange account, a Backpack Wallet, and complete certain trading or transaction requirements specified by Backpack.
When is the snapshot for the Backpack airdrop campaigns taken?
- The snapshot for the Backpack airdrop campaigns is typically taken at specific dates, such as April 6 for the second season. Users need to ensure they meet the eligibility criteria before the snapshot date.
What is the “WEN and Earn” quest mentioned in the update?
- The “WEN and Earn” quest is an additional opportunity for users to participate in rewards distribution by trading $WEN tokens on the Backpack Exchange. The deadline for this quest is April 15.
How can users get started with trading on Backpack Exchange?
- Users can sign up for an account on Backpack Exchange, complete the KYC process, and start trading by depositing assets into the exchange. Detailed instructions are provided on the Backpack Exchange website.
