Backpack announces $17 million in magnesium funding
According to a report by Bloomberg, Backpack, a cryptocurrency exchange that is still in the Beta testing stage, completed a $17 million Series A financing at a valuation of $120 million, led by Placeholder VC, a decentralized protocol and Web3 service venture capital firm. Wintermute , Robot Ventures, Selini Capital, Amber Group and other institutions participated in the investment.
What is Backpack Exchange?
The birth of Backpack has been ill-fated. The project was first launched in September 2022 by Coral, the developer of the Solana development framework Anchor. It was initially just a wallet product called Backpack. Then when the FTX exchange collapsed, due to the team’s Most of the funds were trapped in FTX and were severely hit.
After a period of silence, the first xNFT series Mad Lads on the Solana ecosystem was issued in April 2023, which achieved good results. Then the team officially launched the exchange Backpack Exchange in October 2023 and obtained Dubai virtual asset supervision. VASP license issued by the bureau.
Interestingly, Backpack CEO and co-founder Armani Ferrante is an early employee of Alameda Research. Another co-founder, Can Sun, is the former general counsel of FTX. Five of the 40 employees are former FTX employees.
Get airdrops through trading volume
What I want to introduce this time is the branded airdrop from Backpack. The project’s last airdrop reward came from staking. Users can obtain $PYTH by staking Solana ($SOL). According to a tweet on February 13 Look, the airdrop conditions this time come from trading volume, and users need to be active on the Backpack exchange to have a chance to get it.
It should be noted that the Backpack event was very popular when it was first launched, attracting many people to buy KYC and enter the market with multiple accounts to increase transaction volume. However, on the 19th, the official Chinese The excessive behavior caused dissatisfaction in the studio, and then encountered a lot of FUD sentiment. It was not until yesterday, when Backpack completed a $17 million Series A financing, that market sentiment showed signs of improvement.
Things to note before taking the airdrop
Before introducing how to get the airdrop, we still need to take precautions first. First of all, Backpack requires real-name authentication (KYC) for this event. Secondly, a large number of studios will enter the event in the early stage. The official statement seems to prevent witches (strictly control brushing). quantity or multiple numbers, scripts, etc.), but there is no clear announcement. However, the current discussion in the English area is higher than that in the Chinese area. Perhaps it can be regarded as a signal that the studio has withdrawn?
As for the expectations for this Backpack airdrop, it is generally believed that it comes from Wormhole. However, the specific airdrop details have not been released. At the same time, the duration of this event has not been announced, so it may be a protracted and time-consuming process, and the results are unclear. It is difficult to predict. In addition, maintaining an active trading process will inevitably incur transaction fees and spread losses. Please carefully evaluate your own capabilities before entering the market.
The point of view that participation is possible is that this airdrop is pre-seanson. Literally, it may mean that there will be airdrop activities in the future, and with the expectation that Backpack may issue exchange tokens, many people are aiming to participate. It is not about getting an airdrop, but hoping that by persisting in participating, you will eventually get the expected airdrop of exchange tokens.
After reading the precautions, if you still plan to participate in the event, then let’s take a look at how to get the airdrop!
How to get the airdrop?
首先，透過官方連結前往 Backpack 交易所(https://backpack.exchange/refer/ed647adb-7281-435f-9de3-13198c5060f0)
，填寫 E-mail、設定密碼並完成註冊。
After receiving the verification email, click the link, select Individual, set basic information such as country, name and city, and follow the instructions to take photos of IDs and facial recognition to complete KYC. Identity authentication takes about 10 minutes, please wait patiently. The result is enough.
After entering the trading page, there are two options for deposit (Deposit) and withdrawal (Withdraw) in the upper right corner. The operations are the same as normal exchanges, so I won’t go into details here.
In order to save gas fees, players can first purchase Solana ($SOL) on other exchanges such as Binance, Max, etc., and then transfer the funds through on-chain transfer. The consumption of gas fees will be relatively low. It is recommended to wait for Solana for this step. Operate when prices are stable to reduce spread losses.
After transferring Solana, players can choose a trading pair to trade. They can simply trade Solana ($SOL), or they can sell $SOL and use $USDT to trade other currencies, increasing the diversity of activity and preventing official Considered as malicious brushing.
Here are some suggestions for you:
Do not trade using the market price (Market). The price difference between the upper and lower prices for buying is large and it is easy to wear out too much funds. It is recommended to buy and sell within a stable price through pending orders. Don’t brush too much trading volume at one time, keep trading several times a day, and buy and sell on several different trading pairs to maintain activity. Don’t put too much funds (50-100 $USDT is enough). After each transaction, you can sell the funds back into stable coins such as $USDC. This will prevent the purchased tokens from plummeting and protect costs from the U standard. . If you have reached the ideal trading volume (you can refer to the ranking list to decide for yourself, currently 50,000 points are approximately ranked around 10,000), it is recommended to leave about 50 US dollars in assets when transferring funds to prevent the official from identifying it as a witch account.
