Original | Odaily Planet Daily ( @OdailyChina )
Author｜Nan Zhi ( @Assassin_Malvo )
On March 21, the on-chain exchange Backpack Exchange announced the launch of the first season of the points plan. The first season will last for 10 weeks and is currently in the third week, with more seasons planned. Backpack said that it will issue points to users every week based on their activity on all products on the exchange, and the points standard will be constantly updated and deliberately kept private, aiming to reward users who contribute to the development of Backpack.
Backpack does not explicitly state the connection between the points program and future tokens. This article will review and calculate the points situation based on the assumption that there is a direct correlation between points and token airdrops.
Backpack Background
In September 2022, Coral, the development company behind Backpack, announced the completion of a $20 million financing round, led by FTX Ventures and Jump Crypto, with participation from Multicoin Capital, Anagram, K5 Global and other strategic investors. According to the Wall Street Journal, Backpack Exchange was co-founded by former FTX general counsel Can Sun and former Alameda Research software developer Armani Ferrante.
In April 2023, Backpack released the first xNFT series Mad Lads on the Solana ecosystem. This NFT project was very popular, and its transaction volume once ranked first in the entire network, even surpassing the Ethereum ecosystem blue chip NFT project BAYC.
In October 2023, Backpack announced that it would launch a regulated exchange, Backpack Exchange, and obtained a VASP license issued by the Dubai Virtual Assets Authority.
In April 2025, Backpack announced the official completion of the acquisition of FTX EU. As of today, Backpack EU has officially launched the asset recovery process and fund allocation process, and will provide clear and convenient fund return services to former FTX EU users to help users recover previously frozen fiat assets. After the completion of this acquisition, Backpack will re-activate the license held by FTX EU and will provide comprehensive cryptocurrency derivatives trading services within the EU in the future.
Basic rules for points
The first season points plan will give out 10 million points per week for 10 weeks, meaning the total points for the first season will be 100 million points.
Backpack said that all activities such as spot, contract, loan, deposit, invitation, etc. can earn points, and the points will be issued every Friday at 10: 00 (UTC + 8). The official transaction fee table is as follows:
Review of Points Distribution
The first weeks points distribution is as follows
The second weeks points distribution is as follows
What are the key factors?
Here, we divide the points by the transaction amount to get the efficiency of point acquisition , that is, how many points can be obtained for every transaction of 10,000 yuan, and list it in the third column of the table (represented as ratio) .
Based on the above two tables, it can be seen that points are positively correlated with transaction volume, but transaction volume is not the decisive factor in point efficiency, at least not the only decisive factor . Two accounts with similar transaction volumes may have very different points issued.
The factor causing this difference may be the similarity between the account and the real user. For the pure brush volume account, its transaction amount is achieved through multiple quick-in and quick-out transactions, and has the characteristics of low profit and loss amount and short holding time.
In the first week of collecting community opinions, we saw that many community members pointed out that holding time is a key factor. In the second week, more people believed that the profit and loss amount was officially changed to a more critical factor in the second week. Whether it is a large profit or a large loss, it can effectively increase the proportion of points issued, especially the first place in the second week in the table above, whose airdrop ratio is much higher than others.
In addition, the author believes that profit and loss amount/transaction amount is a highly positively correlated factor . By arranging the known data into the following table, we can clearly see that the higher the profit and loss amount/transaction amount, the higher the efficiency (ratio) of points acquisition. Therefore, for non-brushing users, how to improve the profit and loss ratio is a key factor.
Points value estimation
Assuming that in the final airdrop, points are exchanged for tokens at a 1:1 ratio, and the initial market value of the tokens is assumed to be US$50 million, the total number of points is 100 million, so the value of each point is US$0.5.
At the same time, we assume that the overall point efficiency (ratio) is 100 points/10,000 US dollars, which means that to obtain 1 point, a trading volume of 100 US dollars is required. The highest spot Taker in the lowest tier needs a handling fee of 0.1 US dollars, and the lowest contract Maker in the lowest tier needs 0.02 US dollars.
In this case, wash trading is actually profitable , and the 2,178 points earned by the first-place user in the second week are worth $1,089, which cannot make up for the loss of $3,100. For users who imitate real users to trade, they should carefully control the amount of losses and even consider double-number hedging transactions.
