Backpack Weekly Update 🎒 Institutional & Ecosystem — ▸ Backpack is part of the DTCC Industry Working Group as tokenized securities continue moving toward production-grade market infrastructure. Product & UX — ▸ TP/SL can now be edited directly from Open Orders on web, not just open positions. Currently supported for limit orders. ▸ New trade flow on web: when your USD balance won’t fully cover a trade but you hold USDT, Backpack now surfaces the different ways your collateral can be used, including instantly converting USDT → USD via RFQ at no fee, or continuing to use USDT as collateral to open the position with a USD borrow. ▸ BP balances now aggregate across subaccounts on the BP page, with a detailed per-subaccount breakdown. Ongoing Quest — ▸ BTC Yield Boost: trade to unlock more BTC eligible to earn up to 50% APY before the campaign ends May 13.

New this week at Backpack 🎒 Product & UX — ▸ BP Staking page now includes a tokenomics card and equity calculator to preview your share of the pool. ▸ TP/SL ROI presets on web: one-tap +10%, +25%, +50%, +100% for TP, with inverse presets for SL, available in both order and position management. ▸ Unclaimed rewards now grouped by asset, instead of separate line items. ▸ Quests now the default tab on Rewards. ▸ Countdown timer added to Quests, making campaign deadlines clearer. ▸ Russian language added to the web UI language picker. ▸ Borrow close now includes recallable lent USDC in available balance when closing a borrow (staked balance excluded). ▸ Sub-orders from scaled limit orders now show a “Scaled” badge in Open Orders and Order History, similar to TWAP. ▸ More web pages now mobile-friendly, including Leaderboard, Referrals, Volume, and Achievements. Ongoing Quests — ▸ BTC Yield Boost: trade to unlock the eligible BTC amount that can earn up to 50% APY. Your BTC remains fully usable as collateral. Until May 13. ▸ MEGA-PERP: 0-fee trading with all eligible fees fully rebated. Until May 7.

In the Backpack tokenomics, we have one guiding principle. - Insiders "dumping on retail" should be impossible: no founder, executive, employee, or venture investor should receive wealth from the token until the product hits escape velocity. Of course it begs the question, what does it mean to "hit escape velocity". Every project is different, and it's impossible to generalize. For Backpack, the answer is clear: we want to IPO in the USA. Going public might happen quickly, it might happen not so quickly, and in fact, it might not happen at all. In any case, we're going for it. But before going public, we have to grow--a lot. The odd thing about Backpack's growth over the past year--and in fact one of the things that makes Backpack so different from basically every token project in crypto--is that, today, Backpack Exchange only serves about 48% of the world. We've been very slow, very intentional about opening up our product to the world, ensuring that we have every "i" dotted and ever "t" crossed as a regulated financial institution. Growth that sometimes feels like running with a parachute, but we are happy to take the long path, because it's precisely that parachute that will allow us to fly. For those that don't know us, the reason for this is simple. Backpack is trying to not only build great crypto products, but we're also trying to build great TradFi products. We're trying to not only give our users access to every crypto asset, every blockchain, and every decentralized application, but we're also getting banking rails around the world, USD client money accounts in the USA, EUR in the EU, JPY in Japan--every currency on every major payment network you can imagine. We're trying to build a great securities product, whether that's getting access to your favorite stocks in a traditional brokerage or bidding on primary shares of a company about to go public on NASDAQ. We want to serve not only retail users worldwide, but we want to serve regulated products for regulated counterparties and regulated institutions around the world. All of this takes an enormous amount of time, effort, blood, sweat, and tears. We've been working on this for over three years at this point, laying an international foundation for the company and for the product slowly but surely, brick by brick. If we're lucky, we'll spend a lifetime. What this all means is that, in the most literal sense--and I know this sounds silly--we're just getting started. We still have half the world to open up into. We still have some of our most exciting products to launch. And this leads to our next guiding principle in our tokenomics. - Liquid tokens should exclusively go to users, fueling growth triggered by key product milestones. Every time we open up a new region, every time we launch a new product, that's an opportunity to grow. Open up EU => grow. Open up Japan => grow. Open up the USA => grow. Open up predictions => grow. Open up stocks => grow. Open up card => grow. Like gasoline onto a fire, the token serves to continuously kickstart new markets in the same way points kickstarted Seasons 1-4. With every growth lever we pull, tokens unlock in a predictable way to users, bringing in a new wave of token holders, growing the community, and allowing the product to soar to new heights. The objective constraint for this to work is precise: the value of added growth created by new token unlocks must always be greater than the dilution of those unlocks. As long as that condition holds, we can continue to unlock tokens direct to our most active users, growing along the way. Last but not least is the question: Ok so if all the liquid tokens are going to users, then what about the team? How exactly do you remain incentive aligned while ensuring the team cannot unlock, dump on retail, and become enormously wealthy without building something great? And the answer is simple: not a single founder, executive, team member, or venture investor has been given a direct token allocation. The entire "team allocation" sits in a "corporate treasury", i.e. on the balance sheet of the Backpack company--locked until at least one year post IPO. The team owns equity in the company, and the company owns a large percent of the token supply. It's not until the company goes public (or has some other type of equity exit event), that the team can earn any wealth from the project. It's not until the company has access to the largest, most liquid capital markets in the world by going public--and it's not until the company has done all the hard work to earn access to those markets--that the team can reap the rewards of the value created by the Backpack community from now until then. We either go big, or we go home.