Backpack is an all-in-one platform combining a crypto wallet and an exchange, built by a team led by Armani Ferrante, creator of the Solana development framework Anchor. It first became known as a wallet supporting xNFTs and later expanded into a centralized exchange.
BP is the native token of the Backpack ecosystem, launched on the Solana blockchain on March 23, 2026. Its purpose is to connect wallet and exchange users through a single token.
Backpack offers a self-custody wallet, where users control their own keys, alongside spot and derivatives trading. This lets users store, send and trade assets within one brand.
As a Solana SPL token, BP benefits from fast transfers and relatively low fees. Backpack has outlined a mechanism letting long-term stakers convert BP into company equity under certain conditions, which sets it apart from typical exchange tokens.
Data provided by CoinGecko
BP has a total supply of 1 billion tokens, and about 25 percent, roughly 250 million, was distributed at launch mainly through an airdrop to existing users. The company stated that no tokens were allocated to founders, team members or investors at inception.
The remaining supply is designed to be released through a three-phase model tied to company growth and IPO milestones. As a result, circulating supply may increase in stages over time.
Notable features include the absence of initial insider allocations, the equity conversion design and an ecosystem spanning both wallet and exchange. Close ties to the Solana ecosystem also broaden its potential uses.
However, the token's value may depend heavily on a single company's business performance and on regulation. Equity conversion terms and future release schedules could change and price swings can be large, so checking official sources is advisable.
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