Crypto Kit@KittaKitka
🔥 BACKPACK what will happen at TGE?
The most sensitive question of the last few days and I think it won’t let us go until the TGE itself.
What do I think will happen next....
... First, what’s good - there is a lot of attention.
It doesn’t matter if it’s positive or negative - BACKPACK is being talked about everywhere.
In private chats, in channels, on X - it’s being discussed everywhere.
Several exchanges have already launched their premkets, launchpads, futures... Everyone wants to grab a piece.
There hasn’t been this much attention for several months, or maybe even more if we exclude LIGHTER.
That’s good.
Second, no less important. Ignore Polymarket valuation. Ignore BYBIT and PACIFICA futures.
All of this are initiatives of the exchanges themselves, where they define valuation and liquidity. In the case of Polymarket - it’s people’s sentiment.
That it is negative - goes without saying. After the Paradox launch - everyone got scared.
One listing and the sentiment changes 180 degrees.
Sentiment is different, some sidelined and FUD/make fun, some continue to support, some are just negative because they are scared, since they invested too much time and effort, and premarket futures not only don’t make them happy, but push them into depression.
BUT! This does not reflect at all what we will see at TGE.
A week ago the market was much more negative and red, this week a lot can also change.
What the team has planned - nobody knows.
And for a year of working with them - I haven’t noticed any подвох from them.
Every time any question was always resolved in favor of the user.
They have always been very community oriented. What changed now?
I will be veeeeeery surprised if in the end there will be a launch at premarket valuations.
They spent tens of millions of dollars on licenses. On team expansion.
On product development and whether you like it or not, no competitor has made this many new ideas and implementations.
Everyone who used the product for a long time - if you remove the negativity of the last days - will confirm that other exchanges after BP are really not convenient.
And after all this just to mess up the most important day of the last years? Hard to believe in that.
What features?
- 0% swaps and bridges in the wallet and on the exchange
- Instant withdrawals (literally up to 10 seconds money is sent)
- Autolend. This is utility for all your tokens. APR + collateral in trading
- future IPO. Potentially one of the biggest narratives, with 0 competitors. Only xStocks from Kraken, which will give a partially similar product, but unlike BP it is trading wrapped assets
Yes volumes dropped after the end of the season, but TVL remained as it was.
And if the team performs now - I am sure all metrics will go up.
So guys, we wait for TGE and enjoy the show.
P.s. once there was a conversation with Armani (I wasn’t going to add the screenshot) (while writing the post he gave permission, so I added it, haha)
Me: What do you think about big communities that are preparing “the biggest short” in recent times
A: These are the guys I want to beat the most
P.P.S. 5 days to the finale
