🎒 Backpack Escape velocity

Escape velocity is the speed an object needs to break free from another body’s gravity—without any further acceleration—starting from its center. (High math, difficult.🧐)

@Backpack's tokenomics have been revealed.

As we close the long journey across Seasons 1, 2, 3, and 4, I genuinely believe the team delivered the best possible rewards to the people who believed in Backpack and patiently waited.

Here’s a summary of the tokenomics:

Backpack is introducing—arguably for the first time in crypto—a KPI-driven framework where value creation can clearly outweigh dilution. This will likely become a new benchmark for many projects going forward.

• 25% at TGE: Point holders 24%, MadLads 1%

• 37.5% pre-TGE: Gradually unlocked to the community as the team completes key milestones such as RWA onboarding (commodities, stocks), EU & Japan licensing, card, etc.

• 37.5% post-TGE: If the team achieves the final goal—IPO—then one year after the IPO, the team receives 37.5% of the treasury allocation.

• IPO explicitly stated: Strongly implies a bridge to traditional assets.

• The tokenomics are structured as 62.5% community allocation + 37.5% team allocation, and crucially: at TGE, 100% of the circulating distribution is allocated to the community. There is zero allocation to market makers, VCs, founders, exchanges, or any other insiders at TGE.

• The design is simple and brutal: if users don’t sell, the price doesn’t go down—because there’s no external supply source to dump.

• This structure is engineered to prevent insider dumping both early and later, aligning incentives around valuation growth > dilution.

And as @armaniferrante said at the end of the tokenomics announcement:

"They either go big, or they go home.

Working thesis

My working thesis is that the team is positioning Backpack to be valued under a materially different framework than the one typically applied to crypto-native projects. The tokenomics explicitly frame a north star—IPO—and the pre-IPO milestones (RWA onboarding, licenses, bank, card) are presented as objectives where value creation should exceed dilution.

What matters here is not only the direction, but the measurability: these milestones can function as benchmarks that even non-crypto people can use to intuitively estimate how Backpack’s valuation can grow.

A shift in valuation regime

Crypto has spent years in an era where valuation often depended on narrative fluency: “If you don’t know the narrative, you can’t value it,” “a certain backer is involved, so it’s worth X,” or attempts to justify large valuations using narrow, fragmented details.

When you look across the landscape of distressed FDVs in altcoins, that framing appears increasingly fragile. What seems to be emerging is not a novel valuation method, but a reversion toward a more “normal” regime: valuation anchored to execution milestones, regulated market access, distribution, and cash-flow-adjacent business lines.

Standard Tokenomics

And to uphold that standard, Backpack seems to have set one of the harshest tokenomics I’ve ever seen. Early holders of exchange tokens—$BNB, $OKB, $MNT (BitDAO), and others—saw price moves of tens to hundreds of times. Why was that possible? The answer is simple: because they were CEXs.

If you zoom out across all of crypto, what’s the most valuable business when you cover the entire surface area? The issuer of stablecoins—where distribution matters more and more? Payments—where competition is exploding, including Web2 giants? Market makers?

I still think the answer is the exchange. They will not stop at simply building Web3 crypto products.

As blockchain-based ledgers become more integrated into financial infrastructure, it’s plausible we’ll enter a period where valuations increasingly favor companies with stronger familiarity and execution capability in these systems.

Utility becomes everything

$BNB is the best precedent, but if we want to break through the structural underperformance we’ve seen in CEX tokens like OKB, MNT, BGB, etc., then the next wave of utility disclosures in tokenomics becomes everything.

To me, Backpack feels like the first exchange token since properly “set up” FTX / $FTT that’s actually built for the next valuation regime.

Perp DEX vs CEX is the wrong framing

This cycle, I bet on Perp DEX business models and scalability—and discovered Backpack. There’s something I’ve always said to subscribers and friends:

It’s not that Perp DEX is “easy” and CEX is “hard.” Both are hard. They just have different target users and different growth strategies. The business model might look similar at a glance, but Backpack is playing a completely different game from Perp DEX.

Feels like I’ve finally written my first real Backpack piece. Now let’s wait for the utility.

Fock it 🎒

For better understanding.

If you want to understand the full picture around Backpack even at this stage, please refer to the article below. It should help you look beyond Polymarket-style valuations and see what lies deeper.

Point Calculator

Calculate the value of the points you have accumulated so far. Our calculator lets you do this with a simple scroll, and it also allows you to build scenarios for Backpack’s potential maximum FDV over time.

https://www.reboundx.net/en/perpdex#perpdex-point-calculator

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Disclaimer: This research is for informational and educational purposes only and does not constitute financial or investment advice. All opinions are based on publicly available information and subjective analysis at the time of writing and may change without notice. Cryptocurrency trading involves significant risk, including the potential loss of capital. Please conduct your own research and consult qualified professionals before making any investment decisions.

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