Backpack, the Solana-based exchange, has launched its native token BP, unveiling a token generation event that prioritizes users over insiders and links the token to the company’s broader equity plans.
At launch, Backpack is releasing 25% of BP’s 1 billion supply—roughly 250 million tokens—mostly via an airdrop to existing users. The bulk of that allocation is earmarked for participants in Backpack’s points program, with a smaller tranche reserved for holders of its Mad Lads NFT collection.
Notably, Backpack says no tokens were allocated to founders, team members or early investors at inception, a clear break from many exchange token launches that reserve significant insider shares. The remaining 75% of the supply will be locked and issued according to a staged schedule tied to company milestones and long-term plans: 37.5% will unlock over time based on operational achievements such as market growth or new product rollouts, while the final 37.5% will sit in a corporate treasury until after any potential initial public offering.
Backpack is also connecting BP to corporate ownership: long-term stakers may be able to convert tokens into company equity, creating a direct bridge between token holders and the firm’s capital markets strategy rather than limiting BP to trading incentives or governance alone.
The launch follows a contentious start for Backpack—its founders include former FTX and Alameda Research employees, and the company drew scrutiny after FTX’s 2022 collapse. Backpack subsequently acquired the defunct exchange’s European arm and relaunched it as Backpack EU as part of its push into regulated markets.
The BP rollout positions Backpack as an exchange experimenting with more user-centric tokenomics and a stronger tie between on-chain tokens and off-chain corporate value.
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