Introduction
Backpack Exchange, founded by former senior executives of FTX, emphasizes safe and transparent trading. It will begin operations on Solana in Q1 2024, initially launching staking tasks for $SOL and trading, with airdrop of 1000 $PYTH per person. Last month, Backpack launched a formal points activity where users can earn points through trading and lending. In this article, I will introduce the Backpack points activity and share my tips and scoring strategies from using Backpack over the past two weeks.
What is Backpack?
Backpack was founded by former FTX team members Armani and Tristan. Backpack Exchange is a centralized cryptocurrency exchange that also offers Backpack Wallet services, supporting asset trading on Solana, ETH, and BTC networks. Currently, Backpack Exchange mainly provides spot trading, contract trading, and lending features, aiming to provide users with an easy-to-use next-generation trading platform.
Backpack has a close relationship with the Solana ecosystem, having received multiple project airdrops to Backpack traders in the early stages, and has developed the MadLads NFT series, expanding to support multi-chain collectibles.
Backpack Team Funding Background
The Backpack team consists of over 60 members, including engineering, design, and operations departments. The main leaders are Armani Ferrante, Tristan Yver, and Chief Financial Officer Oliver Sleafer.
Backpack has currently accumulated $37 million in funding, including early-stage angel rounds led by Y Combinator, and $20 million in strategic round funding led by Amber Group and Wintermute in 2022, as well as $17 million in Series A funding led by Jump Crypto and FTX Ventures in 2024. The funding lineup is quite luxurious, and these funds will assist Backpack in global expansion, regulatory compliance, and product development.
Backpack's First Season Points Activity and Interaction Strategy
Backpack officially announced the start of its first season points competition on March 21, awarding early points to users based on their past trading activity. Users can compete for rankings and earn points through various methods such as trading and staking. I believe Backpack is likely to distribute airdrop rewards based on these points after the first season ends, especially for users who participated in the early interaction points.
1. Register Backpack:
Register on the Backpack official website and complete KYC. You can use your Chinese name directly without changing it to English, and you can also download the mobile app for operation.
2. Deposit and Withdraw Backpack
As shown in the image, recharge and withdraw Backpack assets in the upper right corner of Backpack, similar to general exchanges. You can transfer or withdraw assets through the ETH chain or Solana chain from a wallet or other exchanges.
3. Backpack Function Usage
Using various functions like spot, contract, or lending within Backpack can earn seasonal points. The points earned will be related to the user's profit amount, trading volume ranking, loan amount, average holding amount, and interaction activity.
4. Points Techniques
Backpack points are similar to Kaito in that there is a fixed total amount of points distributed to all users weekly. For example, the total points for the first week is 10 million, so staying active is a top priority for interacting with Backpack.
Over the past two weeks, I have interacted with Backpack and referenced tweets from X bloggers @Airdrop_Guard and @ouyoung11, finding that besides using various functions and staying active like a real person, the following are key scoring items for Backpack points.
Trading volume is proportional; large capital users can compete for high rankings, but they need to spend higher fees, making it a less cost-effective interaction method.
Average holding amount is proportional; try to maintain a position at all times. You can use spot + contract hedging or lending + spot.
Profit amount scoring is high; small capital users should strive to achieve high-profit rankings, which are more cost-effective compared to boosting trading volume.
Conclusion: FTX makes a comeback, a new channel for daily trading
As a top CEX founded by former senior executives of FTX, Backpack is receiving considerable attention in the airdrop space. FTX's ability to repay debts indicates its strong profitability. After repaying debts, FTX will invest more effort into developing new markets for Backpack, trying to seize the opportunity for a comeback.
I believe that although Backpack does not yet support as many tokens as major exchanges in the market and lacks depth, this type of volume-boosting exchange can still serve as one of the channels for daily trading. Users who are not good at trading can also use hedging to participate in trading. However, Backpack provides potential airdrop opportunities and offers many ways for users to interact. I look forward to harvesting a second Hyperliquid this year!
Must-do Major Projects: Fogo
Fogo is a high-performance SVM L1 blockchain created by former Jump Crypto executives, aiming to achieve low latency and high bandwidth to provide large-scale real-time trading. The goal is to integrate traditional finance with decentralized high performance infrastructure to serve global institutional-level financial banks and funds.
Fogo adopts the Firedancer client developed by Jump, enhancing client performance with the goal of increasing TPS to 1 million. Fogo plans to launch features similar to zkSync Paymaster in the future, allowing stablecoins to replace native tokens for Gas fees, significantly lowering the usage threshold for SVM.
As of now, Fogo has secured $13.5 million in funding, including $5.5 million in seed funding led by Distributed Global last December and $8 million in community funding led by The Echonomist this January, performing well for initial financing, with the market maintaining considerable confidence in it.
Fogo launched its Flame points rules this week; Flame points will be directly tied to airdrops in the future. Users can earn points through four official methods announced, with staking and providing liquidity carrying more weight. Below I will detail the interaction processes for the four methods, making it easy for everyone to earn points!
Fogo Points Rules
1. Stake $PYTH: https://staking.pyth.network
Stake $PYTH through the Oracle Integrity on the Pyth official website.
2. Ambient Trading & Provide Liquidity
Perform Swap transactions or provide LP liquidity on Ambient. Currently, it supports the mainnet and Scroll, while it is uncertain if the Monad testnet can earn points.
3. Discord Role
Stay active in the Fogo Discord to earn roles of Smoke level or above. You can also verify through purchasing the Pythenian NFT, but the NFT price is relatively high and not recommended.
4. Twitter Community Contributions
Fogo, like most current projects, will use X account community contribution data as the scoring standard. Write articles on X to share and promote Fogo content, tagging Fogo's official account, while simultaneously interacting with Kaito and Fogo.
Featured Task Interaction: Scallop Binance Deposit
Scallop is a DeFi lending protocol built on the Sui ecosystem, currently ranked fourth in Sui TVL. It has issued the token $SCA and has collaborated with Sui officials multiple times, launching several deposit activities.
Scallop has gone through three rounds of financing since its establishment last year. Although the disclosed financing amount is only $3 million, the investors include CMS Holding, 6th Man Ventures, and DWF Labs, which are relatively selective boutique VCs.
Scallop benefits from the strong performance of the Sui ecosystem in this round, consistently offering excellent interest rates in deposits and liquidity lending. The recent strong performance of the Walrus Protocol $WAL, which just completed its TGE, has drawn attention back to Sui finance.
At the end of March, Scallop and Binance Wallet jointly held a stablecoin deposit event. Just deposit $USDC to share $250,000 and $50,000 in $SCA rewards, which is very cost-effective!
Scallop Binance Wallet Deposit Process
1. Binance Wallet Deposit
In the Binance wallet, select receive and transfer $USDC and $SUI through Binance exchange or on-chain wallet as deposit funds and Gas fee. The deposit of $USDC must be greater than 25 coins.
2. Deposit on Scallop Activity Page
After completing the deposit, visit the exploration page of the wallet, browse the events to find the Scallop task to participate. As shown in the image, click to stake immediately and deposit $USDC to share rewards. The event still has 22 days remaining, with a daily reward pool of $8333.
3. Profit Calculation
The event page has also calculated the current base deposit interest rate, plus the reward pool division interest rate of 0.76 + 6.75%, which is a relatively good earning path for stablecoins.
Emerging Project Ambush: Soon Red Pill Mission
Soon is an SVM project previously introduced in the weekly report, featuring unique Decoupled SVM technology and OP Stack construction, aimed at providing efficient and low-cost services for multiple public chains.
Soon previously raised $22 million in funding from its NFT sales event, with investors including Hack VC, Solana Labs Co-founder, Solana Foundation Chairman, and Coinbase Ventures leaders, showcasing a glamorous funding background.
Soon Project Introduction Weekly Report
This week, Soon announced a new Red Pill mission, primarily allowing users to promote Soon through social tasks. This tweet has also been liked and followed by CZ. At the same time, Soon has also ranked high on Kaito Yaps leaderboard, gradually catching up with SVM leader Sonic. Soon is also about to conclude the first season of the Bigbang task. Let's see how to interact with the Red Pill mission!
Soon Red Pill Mission
1. Activity Page: Link your Solana wallet on the Soon RedPill mission page, sign, and start the task.
2. Choose Pill: Follow the official prompts to select the red pill for use.
3. Link X Account
Link your Twitter account and authorize it, and add 🔴💊 to your Twitter name.
4. Tweet Tasks
Post on X to promote this event tagging @soon_svm #SOONISTHEREDPILL. The project team will strictly check the posts, so try not to just post casually. You can also interact with Kaito while posting.
Funding Potential Project: Dango
Dango is an emerging Dex platform focused on deepening its presence in the DeFi space, aiming to provide a better on-chain trading experience for the next generation of users, with core features including innovative order book design and leverage trading functionality.
Dango announced its seed round financing information on April 1, led by Hack VC and Delphi Labs with $3.6 million. Hack VC's lead shows early advantages, and Dango has just launched its testnet, making it worth interacting and ambushing.
Dango Testnet Interaction
1. Register Dango: http://test-portal.dango.exchange/signup
Register on Dango using your wallet, enter your name and sign to complete account creation.
2. Create Sub-Accounts
As shown in the image, click Account Creation in the search bar to create a sub-account, select Spot account, and deposit the $USDC test token received from the above-created account to complete the creation.
3. Transfer Interaction
As shown in the Transfer function, copy your address from the upper left corner and transfer any amount.
4. Galxe Dango Testnet Wizard OAT: https://app.galxe.com/quest/dango/GCpYut1Qnq
After completing the above steps, go directly to the Galxe website to verify and claim OAT, waiting for new tasks to be released in the future.
Airdrop Eligibility Inquiry
1. $PUMP
https://airdrop.pumpbtc.xyz
PumpBTC is the third-ranking liquidity solution on Babylon, aiming to maximize profits for BTC holders through staking via protocols like Babylon. PumpBTC was established in the US this year, and its seed round was led by Mirana Ventures and SevenX Ventures with $10 million. This week, PumpBTC announced its token $PUMP airdrop inquiry link, currently only allowing users to check airdrop eligibility, with direct deposits to Bitget exchange during future claims.
2. $PARTI
https://universalx.app/grow/airdrop
Particle Network was previously a modular Layer1 and originally a ToB wallet provider, later upgrading to a chain abstraction infrastructure. With a Particle abstract wallet, users can interact across various blockchains such as BTC, ETH, and Berachain without the need for complex procedures such as switching transfers and cross-chain. Last year, Particle launched its first product, UniversalX, a trading platform using chain abstraction concepts. Particle Network has currently raised $23.5 million, led by Binance Labs and Spartan Group. Last week, Particle Network announced its token $PARTI airdrop claim, and $PARTI was launched on Binance Wallet, with airdrops based on participation in UniversalX trading and activity on the Particle Network testnet.
3. $CORN
https://usecorn.com/app?action=airdrop
Corn is an innovative Ethereum L2 network aiming to integrate Bitcoin into the DeFi ecosystem using a hybrid tokenized Bitcoin called $BTCN. Corn raised $6.7 million in seed funding from top venture capital firms like Binance Labs, OKX Ventures, and Polychain. This week, Corn announced the airdrop of its token $CORN based on community participation, early points, and staking, including airdrops for Kaito Yapper and Genesis NFT holders!
This report is for informational sharing purposes only and does not constitute any form of investment advice or decision-making basis. The data, analysis, and opinions cited in this report are based on the author's research and public sources and may be subject to uncertainty or change at any time. Readers should make investment judgments prudently based on their own circumstances and risk tolerance. For further guidance, it is recommended to seek professional advisor opinions.
