Borgy - 🎒

[Armani Ferrante @armaniferrante]

With the CFTC putting the full force of law behind regulated perps, with the SEC bringing securities onchain, with SpaceX, the biggest IPO in history, about to pop, a new era of crypto is forming.

Until now, crypto has operated as a parallel financial system. Segregated assets, segregated markets, segregated users, and segregated products. We went from the ICO craze, to DeFi summer, to the proliferation of L1s, Ethereum Killers, L2s and the like, to the NFT boom, the memecoin mania, the perp DEX craze, and the rise of DATs.

As crazy as it once sounded, today, the old financial system is merging with the new one. And what follows is the next evolution in global market structure that will forever change the landscape for securities around the world.

It’s not about one blockchain or one token vs another. It’s about crypto making the leap into Modern Finance to grow the industry 100x alongside the largest pools of capital in the world. Finally, it’s time for the old guard to meet the new.

So what’s next?

The dawn of the crypto native stock broker.

[Borgy - 🎒 @michaelborg05]

@MadLads Congrats @SolanaCoach , well deserved.

[Borgy - 🎒 @michaelborg05]

@fia It's good the @fia was only planning to risk the safety and lives of the drivers for the opening phase, not the whole season. Well done.
Maybe for phase 2, a no helmets policy might give better visuals and increase ratings. Worth considering

[Borgy - 🎒 @michaelborg05]

The market determines the price. Anyone who thinks otherwise doesn't understand how the markets work.
@Backpack and @MadLads have outlasted 1 bear, they will outlast many more. 🧱🧱

[Luc | Backpack 🎒 @Luc100k]

GM
People think the Backpack team set the TGE price. That is not how markets work.

Price is set by supply and demand — by buyers and sellers, by bids and asks.

That was already happening in pre-markets before trading opened, and it continued after launch.

It works the same in stock IPOs. The market opens where demand and supply match best. After that, price moves based on who wants to buy and who wants to sell.

If more people want to sell, price goes down.
If more people want to buy, price goes up.

A token or stock is worth what the market thinks it is worth at that moment.

[Borgy - 🎒 @michaelborg05]

Well said. The crypto market is not the highs it was a year ago or 2 years ago. @Backpack is building a real product and a real company, not just trying to give holders good exit liquidity.
I minted a lad in a bear. I'll claim my $BP in another bear. Its a rug always @MadLads

[JBond @jbondwagon]

A lot of people dunk on MadLads’ $BP airdrop by comparing it to ATH price ($40K)

Imo, this is a false comparison

Since airdrop happened now, we should only compare it to price now

If MadLads current price is $935, then it means that a $250 worth of airdrop is ~27% of the NFT

A 27% airdrop worth vs. NFT price is somehow on the normal range comparing to the airdrop received by holders of other NFTs that dropped tokens

People are painting a picture here that if you held on from ATH til now that $BP airdrop is in, you are down bad

Yes, everything’s down bad actually

And for that reason, you can’t magically expect to have a life-changing airdrop from holding an asset that’s currently worth less than a thousand bucks 🤷‍♂️

[Backpack 🎒 @Backpack]

Stake more, unlock better utility.

Staking page is now live: https://t.co/E5uhXeRzyp

[Armani Ferrante @armaniferrante]

I guess you’re probably asking with regards to the token so also worth mentioning

- we are allowing active stakes to convert tokens into equity in the company (totally optional and mainly a protection mechanism)
- we’re building an IPO product where you will be able to buy real equity shares of companies at IPO before they hit national stock exchanges—Backpack will be a stop on the “roadshow” when companies go public
- as part of staking the token, we will be offering an IPO purchase allocation to all token holders so they don’t have to choose between tokens and equities

[Mario Nawfal @MarioNawfal]

IRAN CAN'T KEEP STRAIT CLOSED - Paul Warburg On Iran War https://t.co/EptSMRbjl5

[Solana @solana]

Tokenized IPOs on Solana.

Backpack 🤝 Superstate 🤝 Solana

[Armani Ferrante @armaniferrante]

I didn't come into crypto 9 years ago to launch a shit coin.

I didn't come into crypto to get rich quick.

I came into crypto because I believe it's going to change the world, and that the industry was something worth dedicating my life to.

But somewhere along the way, amidst the booms, the busts, the moonshots, the decentralization theater, and the straight up scams, we lost our way.

I don't know about you, but I'm just tired of false promises. And that's what most things are today, simply promises. We live in the most centralized era crypto has ever experienced, and the more centralized something is, the less meaningful a token is.

While it's tempting to want to commit to these same promises, what happens if the team gets acquired? What happens if we want to re-invest into growth? What happens if we divert our time, energy, and resources out of band and circumvent the token altogether? What happens when the team and investors unlock? For many projects, the honest answer to these questions is not pleasant, and you see it in the price chart over and over again.

Unless something is completely decentralized to the point where an immutable protocol can function with the team having retired in the Bahamas sipping pina coladas all day, then utility is just a promise. Often that promise is admirable and well intentioned--but ultimately an unenforceable promise nonetheless. Outside of BTC, ETH, SOL, and a few others, nothing really passes this test. Noble new token models have emerged to solve this problem (shout out to MetaDAO), and today, we introduce our own.

Users that stake the Backpack token for at least a year will have the opportunity to exchange those tokens for equity at a fixed ratio--20% of the company today.

It's such a simple idea, but as far as I'm aware, this is the first time a user has been able to earn the equity of a company by just using the product. So obvious in hindsight, and something I hope others start to adopt as they march on their path to progressive decentralization--both in crypto and outside of the industry.

We have a lot more utility coming, things we'll share over the coming weeks, months, and year. As the Backpack community grows, we will decentralize the token, offering new things over time, some centralized like our equity offering, some decentralized as our product evolves. In the limit, I expect the token to represent more than anything a single company has to offer, but in the short run, it's the best we can do to show our long term commitment to our users.

I've said it before and I'll say it again. I can't promise anything. The only thing I can promise is commitment.

We go big or we go home--together, actually together.

[Borgy - 🎒 @michaelborg05]

@MadLads was built in a bear market.
Makes sense that @Backpack continues the trend.
Lfg

[Armani Ferrante @armaniferrante]

Bear market TGEs have a lower probability of being retail extraction events vs bull market TGEs.

[Borgy - 🎒 @michaelborg05]

Lfg @Backpack @MadLads

[Backpack 🎒 @Backpack]

25% on TGE

Here's the entire token distribution

Utility coming next 🎒

[Borgy - 🎒 @michaelborg05]

@MadLads Gm

[Armani Ferrante @armaniferrante]

0% swapping fees in both @Backpack wallet and exchange

[MAD Vincent 🎒 @MadVincent666]

After @Backpack said VCs won’t receive the airdrop, I keep getting asked:

“Is this just another Hyperliquid play?”

No.

Hyperliquid is a killer trading product.
Backpack is building a full neo-fin stack - trading is only one lane.

Think: trade + earn + spend + rails (same account, same ecosystem).

What’s coming / being built:
•low/zero fees on key rails (on/off-ramp where possible)
•cards & payments
•credit / lending (TBA)
•yield / APR products
•prediction markets

Not a DEX narrative.
A neo-fin institution narrative. 🎒

Fock it. Send it. Higher!

[Borgy - 🎒 @michaelborg05]

Rug incoming @MadLads @Backpack

[Mad Lads @MadLads]

It started with Rick. It ends with Rick.

Snapshot taken.

[Borgy - 🎒 @michaelborg05]

@MadLads It's a rug