Why Backpack is going to be S-Tier
What most people don't know about me is that I spent 3 years working as a product person at a highly regulated crypto broker. I learned a lot there, but two things stuck with me more than anything.
First, in a highly competitive market, every single day comes with pressure and deadlines. In that kind of environment, it's incredibly tempting to ship half baked products and lose sight of the bigger picture. Second, the regulatory landscape is brutal. You have to justify everything, approvals are painfully hard to get, compliance costs a fortune, and timelines are completely unpredictable. All of this while unregulated players can move freely, enjoy an unfair advantage, and laugh off their fines.
You don't need to be a rocket scientist to see that this is changing fast. Regulators are cracking down harder than ever on unlicensed operators. I've seen this play out before. In the poker world, sites that operated without a license completely disappeared once regulation took over. They either never got a license or got one too late because their past violations caught up with them. My bet: the exact same thing is going to happen in the CEX landscape. And this is precisely where @Backpack will gain its edge.
I firmly believe the market is moving towards a future where volume flows to two places: fully decentralized exchanges and fully regulated exchanges. Nothing in between.
I won't say too much about DEXs here, but if the recent Drift hack hasn't made it clear that "decentralized" is often far from truly decentralized and autonomous, I don't know what will. For the vast majority of crypto users, DEXs and self custody are still way too complex, especially as an entry point. CEXs will remain critically important, and they can offer products that non-KYC platforms and DEXs simply cannot.
This is where Backpack's vision gets really interesting. What @armaniferrante and his team are building goes beyond an exchange. A financial hub is a better description. Everything in one place, with one product serving as collateral for another.
One simple example: prediction markets. There are multiple sure bets out there where you can lock in 1 to 3%, but that means your funds are tied up for six months to a year until the bet settles. Is that worth it? Not if your money is just sitting there. But what if you could use that position as collateral and eliminate your opportunity cost entirely?
Backpack is innovative, delivers a great user experience, and is at the absolute beginning of their story. And here's the best part: you can secure equity in their company right now. They've reserved 20% equity for everyone who stakes their $BP token for over a year ahead of their IPO. Most retail investors can't appreciate what that means. But we can.
If you don't have an account yet, go take a look around: backpack.exchange/refer/skhpccix
Meet Zul Mohamed. He pleaded guily to 106 felony voter fraud charges for forging mail-in ballot applications.
He’s now running for mayor in Carrollton, Texas and wants to be in charge of passing laws.
CRAZY AS HELL
In many public schools, white female students are not safe. If the colors had been reversed, the corrupt mainstream media would have cried for centuries.
Better late than never!
March was packed with bullish announcements and major launches for the @PythNetwork. Here’s a quick recap of everything that went down in the Pyth ecosystem last month!
@SweiChatSui@SuiNetwork@suidevelopers@SuiCommunity I hope for love of god and mass adoption, please present the app like web 2.0 style of app. No one gives a damn of some crypto bro uses this. Literally no one. What matters is allow average Joe use back chat app without knowing what #SUI (initially at least)
encrypted chats. Encrypted calls. send $SUI and $USDC in chats. this is what messaging looks like on @SuiNetwork@suidevelopers@SuiCommunity Launching soon.
@DaClub_@bigfloater74@SuiNetwork Also whatever tool is being built, it must be represent as a web 2.0 app with traditional login mechanism. Username / email will be the crypto wallet itself, created in the background automatically.
The problem is , there is no out of the box ideas. They all claim to want to help but nothing different from the same-o same-o .
What I’ve witness in 4 cycles is someone claiming a new idea but all they do is move part C to part F and part J to part M.
Here’s an idea , how about create something that eliminates repeated ideas. An idea that allows weak ass projects to be bought or burned as they say in the crypto world.
How about a project that helps common folks among neighbors all over the world to use each others skills within their own cities.
Here’s one:
Business person “A” has become to busy that they can’t water their garden that takes 2 hrs to garden.
Within the project Person “k” over there has a need and has the 2 hr free time to water such garden cause both live in the same neighborhood. Person “a” gets “k” information and come to a paid agreement.
“K” gets paid per a water gardening need. Maybe 4 times a week. Wow isn’t that amazing? A crypto project with self creation of utility.
There so many scenarios for utility for such a project. From a dog walk, to a water well, to lending out the old rig , to contracting a delivery diver, to writing a code to make machine turn on from 5 thousand miles away. Endless utility .
But no, let’s just burn tokens or do give a ways 😂😂😂🤡🤡
Hey fam,
I started working with friends on an idea...
We planned to build something on @SuiNetwork for the community using the SuiStack, tackling a real community related need.
I was super excited!
Yesterday, we had our regular meeting, and it seems the sentiment on Sui has dropped that low and bearish, that we're wondering if there's still a community around.
What do you think?
Is it still worth building something for the community on Sui?
Do we still have a future on Sui?
🚨#BREAKING: Father of 22-year-old Logan Federico is screaming at Democrats in Congress after his daughter was dragged from bed, forced on her knees, and executed...
...by a man arrested 39 TIMES with 25 FELONIES!!!
We need to hold judges & DAs responsible for releasing vicious murderers on innocent victims.
Everyone who let this demon walk freely, should be in prison.
I made a post some days ago around @ikadotxyz that in light of new information i would love to clear up.
Understandably, A lot of people (myself included) think their launch on @SuiNetwork and their new push of @Encrypt_xyz on @Solana are the same thing.
Short answer is that they are not.
For @ikadotxyz
The goal is interoperability, that is why it..
- Uses MPC + dWallets
- Lets you control assets across multiple chains
-No bridges, no wrapped tokens
To conclude, the focus is cross-chain infrastructure.
For @Encrypt_xyz however..
From my limited knowledge, it will revolve around privacy in DeFi. That is why it..
- Will allow confidentiality in smart contacts
- Will allow computation on encrypted data
- Will keep transactions private
In short, the focus will be confidential DeFi.
The confusion is understandable though.. but the reality paints a rather different picture.
One is solving how blockchains connect while the other is solving how data stays private.
The real question however is not “Why are they building on two chains?”
It is if these two pieces eventually connect into one unified system or will remain seperate products.
That is where things will get interesting.