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► Backpack Thesis on $BP design $BP might have one of the strangest token designs among exchange coins. No fee share, no buyback, no team TGE allocation, but stake long enough and the endgame is potentially exchanging tokens for @Backpack equity. Pretty mid-tier CEX numbers: – $468B cumulative volume – $106M OI – $307M total lent – ~$75M borrowed But somehow the same Backpack is starting to matter way more inside tokenized stocks than those exchange numbers. Backpack Securities only represents ~$31.8M, around 1% of global tokenized-stock AUM now. – $7.8B cumulative tokenized-equity volume – $4.7B coming after 24/7 brokerage went live – >$1B July DEX volume / ~73% issuer share on only ~5% of Solana supply – 55%+ of tokenized-stock trading happening outside U.S. market hours – 0.9 bps execution cost on $1K–$5K trades vs 10.3 bps on RH – 17 stocks/ETFs already usable as collateral Tiny inventory, huge turnover. That’s probably the first thing worth building conviction around before buying $BP. There’s an actual loop underneath the product. Backpack stock → Solana → DEX → Backpack → real brokerage entitlement again. So MMs/arbers aren’t just praying some wrapped ticker hugs NAV. They have a real mint/redeem path back to the underlying share. Probably explains why Backpack can have a tiny fraction of outstanding supply while still seeing an outsized fraction of the tape. Then they started stacking more utility on top. Cash dividends also went live Sep 25. IBKR → Backpack stock transfers are documented. Onchain versions can reinvest/rebase dividends into additional tokenized shares. And tokenized stocks becoming collateral inside the same account where you borrow, lend, spot trade and run perps turns the stock into an actual balance-sheet asset. Much stickier product. Now $BP sits around $300M mcap / ~$1.2B FDV, with 139.7M BP or ~55.9% of circulating supply already staked. Staking gives fee discounts, wire discounts, lower wallet fees and up to +3% additional USD yield, and equity exchange. Stake BP for at least one year to become eligible to exchange it for Backpack equity if Backpack IPOs or gets acquired, with additional benefits accruing the longer you stay staked. So I don't think $BP should be modeled as an exchange cash-flow token at all. My thesis is the tokenized stocks meta keeps expanding into the new cycle while Backpack grows AUM and keeps doing a stupid amount of the turnover. Yeah $BP already went ~10x from the ~$0.12 ATL. And $1.2B FDV means the market already expects Backpack to stay relevant, keep shipping stocks and eventually have a credible IPO path. But if ~1% of global tokenized-equity AUM can already produce ~$1.1B of 30d Solana flow… What happens if 65 mints becomes hundreds? What happens if stock collateral becomes normal across the whole exchange? What happens if that same mint/redeem rail eventually handles thousands of securities? That’s the bet. I did the homework, got a bag after Ansem + Frank started bullposting it, and haven’t sold a cent yet.