What is Backpack Exchange?

Backpack Exchange is a CEX developed by Solana-native devs

They raised $37M and recently acquired FTX EU

Backpack focuses on quick Solana listings, deep liquidity, and retail access. It is fully licensed, compliant, and designed for global expansion

Is the Airdrop confirmed?

No, the Airdrop isn't confirmed

Nevertheless, there are strong signs that there will be one, as Backpack introduced a points system a few months ago

Backpack also teased a future BP token in one of their recent tweets

How does the Point System work?

There are a total of 4 seasons, each lasting 10 weeks. Currently, we are in S2, W8

Every Friday, 10M points will be distributed retroactively for the previous week (weekly activity ending Thursday at 12am UTC)

How to get points?

Ranks are determined based on your total points earned relative to other users (Order: Bronze, Silver, Gold, Platinum, Diamond, Challenger)

Every activity on Backpack earns you points (trading, lending, etc)

Spot trading gets you 2x more points than Perps

Watch out for special points allocations!

Every few weeks, there are special fixed allocations for certain actions (e.g., lending USD, etc.)

In the upcoming Week 8, the top 4 ranks will earn a percentage match on all points earned by their referrals

How to start?

Backpack isn't available everywhere yet but should come soon to the US, Canada, most of Asia, etc.

One of the great things about using Backpack is the partner token airdrops to rank holders

We've already had SEI and ECLIPSE

This means you receive rewards even before the main Airdrop!

Many people are complaining about Backpack's fee structure.

In reality, Backpack is actually cheaper to use than most other major CEXs

If you own a Mad Lads, you automatically qualify for VIP Tier 1. Check the tiers here: https://support.backpack.exchange/exchange/trading-fees

How much are points worth?

Opinions vary on the value of Backpack points, but they could be worth around $1

Many people may be overlooking Backpack still (because of HL) why it's still a big gem imo, even if we're already in Season 2, Week 8

TL;DR

Make sure to stay consistent as the Airdrop could have some time-based bonuses as well

Use my referral link if you enjoyed this thread: https://backpack.exchange/join/978f696b-d066-49a4-bec8-a386080025f3

To ensure that you can safely and quickly enjoy Solana DeFi, use Solflare Wallet!

Download now → https://www.solflare.com/ (Available on Android, IOS, Browser extensions)