⌞ Major Discovery ⌝

🔹New Discovery: The token share of the market maker (MM) for the backpack is also 0. Previously, I had confirmed that the shares for the team and VC were both 0, and institutions only hold equity.

This means: if you want chips, you can only get them from the points season, and there are no institutional tokens unlocking to dump, everything is fair.

It really feels like a meme coin project, where everything is fully circulated to the community at the start, but the difference is that this meme coin has real income; this is the most profitable sector in the crypto space (exchange license) -- a money printer.

🔸The English version of the official document uses the term equity reward, confirming that there is no translation ambiguity; it is only equity given.

The above discovery was found yesterday while studying the documents with @Metabape, if anyone wants to research in detail, you can check the official document from @Backpack_CN.

Our understanding is: market makers should be able to choose either equity or points, only one can be selected.

But I looked at the document again this morning and found that the valuation for the equity given to MM is 120 million, which is crazy! I think anyone would choose equity, after all, it's too cheap!

🌈There are 2 very important points in the official document:

🔸MM participating in the “Market Maker Program” cannot participate in other programs (like points).

🔹Backpack Exchange offers an equity buyback option, which can buy back equity rewards monthly at the last financing valuation (120 million USD in February 2024). MM can choose cash rewards and must notify Backpack by the end of the following month (for example, for October rewards, confirmation is required by November 30). Equity rewards that have not applied for cash conversion will not be redeemable later.

If any MM previously chose cash rewards @Backpack🎒, looking at this 120 million equity valuation today, I think they must be regretting it, isn’t a 12 billion stock valuation reasonable?

Real-life institutions sell for a hundred times profit 🫡

✅Summary

Treating the token of the most profitable sector in the crypto space (exchanges) as a meme and fully circulating it to the community, is this the first of its kind?

What else is there to say? Go all in, I can only go all in.

Damn it, let’s do this!