Backpack (BP)

One new detail from the $BP Sherry story I just read from @tesnguyeneth

In fact, the move to separate token ↔ equity is not that new.

🔸 $XRP has Ripple Equity
🔸 $TRX has Tron Inc.
🔸 $OKB has a share of the OKX ecosystem
🔸 And now Backpack is also heading in a similar direction.

The interesting point is that token and equity serve two completely different groups of investors:

• Token is for liquidity, trading and utility within the ecosystem.
• Equity represents ownership of the business and future cash flow.

If the shared direction is correct, BP could become a bridge to access Backpack's equity through a long‑term staking mechanism.

This model fits Wall Street very well:

👉 Retail users hold the token.
👉 Long‑term investors stake the token.
👉 The company still retains equity value.
👉 The two asset layers support each other rather than compete.

Looking more broadly, this is also a trend many large crypto firms are moving toward: separating token and corporate shares, but creating a linking mechanism so token holders benefit from the company's growth.

Backpack may not be the first, but it is among the few projects that have implemented this story quite clearly from the start. 👀

👀 An interesting detail when looking at the exchange token valuation.

🎒 $BP (Backpack)
• Market Cap: ~182 million USD
• FDV: ~727 million USD

⚫ $OKB
• Market Cap: ~1.6 billion USD
• FDV: ~1.6 billion USD

What’s notable is that $BP’s FDV is currently almost 50% of $OKB’s FDV, even though Backpack has only just begun building its ecosystem and expanding its global market share.

Meanwhile, OKB represents an ecosystem that has been developing for many years with a stable user base and revenue.

This shows the market has high expectations for Backpack, especially after the exchange continuously expands its products, grows its user base, and boosts the ecosystem on Solana.

Is $BP being priced ahead of the future, or is this just the beginning of a new generation of exchange tokens? 👀