Solana news (SOL): Backpack Exchange launches BP token with 25% airdrop, no insider allocation
Backpack Exchange launched its BP token on Solana, allocating 25% of supply via a user airdrop with no initial insider tokens.Summary
Backpack Exchange, a Solana-based crypto trading platform, launched its native token, BP, with a total supply of 1 billion. At launch, 25% (250 million BP) is being distributed primarily through an airdrop to existing users, favoring participants in Backpack’s points program and holders of the "Mad Lads NFT collection."
Significantly, the company allocated no tokens to founders, team members, or investors at inception. The remaining supply is subject to a multi-phase unlock schedule: 37.5% will unlock based on operational milestones, and the final 37.5% will remain locked in a corporate treasury until after a potential Initial Public Offering (IPO).
Furthermore, Backpack indicated that long-term stakers might eventually be able to convert their BP tokens into company equity, linking the token to the firm's broader capital markets strategy. Backpack was founded by former FTX and Alameda Research employees and previously acquired and relaunched the defunct exchange’s European arm as Backpack EU.
(Source：CoinDesk)