The core problem with TGEs is that the market is structurally built to FOMO projects into launching at fake, unsustainable, high valuations. Look at - Every polymarket FDV market - OTC point trading nonsense - Premarket perps - Institutional farms - Comparisons vs other projects - Investors - Teams wanting to cash out - Teams waiting for bull markets - Bad tokenomics And the emergent behavior that directly follows. It all pressures projects into making the horrible decision to make TGE their biggest moment, blow the load, and then slowly bleed out from there. If you're launching a token--and actually trying to build something to stand the test of time--go into your TGE with eyes wide open knowing that the emergent market will pressure you into short term behavior. This is going to sound silly to anyone outside of crypto, but I'm here to tell you that you are indeed not a scammer if you launch below a 1B FDV. You will feel the pressure. Listen to it. If you have to, ignore it. Be honest. Setup good incentives for yourself, the community, and the project. Every project is so different, but if possible, launch your token sooner than later, and get back to building. Nothing great is created in a day or in a year, but over a lifetime. The token is the beginning, not the end.

Armani Ferrante, CEO of Backpack, on what comes next for tokenized stocks. "Not 10 stocks, not 100 stocks. We want to bring the entire stock market to Solana. One API where a real share, by any definition of the term, moves back and forth between your brokerage account and DeFi. Going from 200 symbols to 10,000 is the next leap." @armaniferrante @Backpack

The world doesn't have equal access to financial markets. Crypto fixes that. I sat down with @armaniferrante, founder of Backpack and Mad Lads, to explore how regulated finance moves onchain, why tokenized equities could give everyone access to U.S. stocks, and how crypto becomes the global API for finance. As ever, please enjoy!

Backpack, the Engine for Internet Capital Markets and Tokenization. A thesis piece on how the United States is in the process of exporting its capital markets in the same way the dollar was tokenized with stablecoins and distributed over the Internet.

Do more with your stock portfolio on Backpack. ▸ Borrow USD against your holdings ▸ Trade perpetuals and spot on margin using stocks as collateral ▸ Hedge positions without selling your shares 17 stocks and ETFs supported as collateral today. More coming.

.@Backpack's liquidity model was different from launch. Prop AMMs handled 64% of its volume in the first full week, while @xStocksFi was overwhelmingly pool-based. Tokenizing the same stock does not mean getting the same market structure.

The best part about @Backpack's stock token model is that any brokerage user can mint and redeem the tokens themselves. This makes it much easier for anyone to run the arb between shares/tokens and bring inventory onchain when needed to keep prices in line. Went into how this works in the recent tokenized stocks report 🙏

Value investing here is getting easier. There’s so much speculation & fragmented liquidity, a company like @Backpack can be lost in the sauce. - proven revenues - proven track record - cutting edge products with leading volume Lookout for real companies with real revenue

solana:BPxxfRCXkUVhig4HS1Lh7kZqV6SPJhzfEk4x6fVBjPCy is so undervalued it hurts. They also bring high standards to crypto, both in tokenomics and tokenization, cleaning crypto of insulting schemes like RH’s and projects using SEC prosecution as an excuse. If BP (and MetaDAO) did it, everyone could

this is eerily similar to the sol vs eth trade last cycle where eth had infinitely more TVL than solana yet the volume of said TVL on solana was much higher. we then proceeded to giga send sol while eth barely moved up. ondo has more assets issued, yet backpack has 4x more volume on their assets. meanwhile $BP is 90% cheaper. this is a nice setup.