lan xiao

@Backpack 🔥

20% of Backpack equity given to users who stake for a year. Don't just use the next big thing. Own it. 🎒

@ETHDcoin Thx😄

@xiaolan26113 👍 nice

零管理费质押SOL、随存随取、节点净收益归用户所有，关键时刻还能用作保证金，救你币命~ 散户也能获得通常只有稳定币发行方才能获取的收益、非阶梯计息，安全可靠~ 没错，这些在背包都能实现！ 本视频更新了背包交易所近期两大生息产品，并解释了循环贷的潜在风险，感谢观看！ youtube.com/watch?v=ZBJZgs…

@Abao_backpack 😁

@xiaolan26113 WAO

@ETHDcoin wao

《🎒》 💥 呼叫背包隊長！ Backpack 【隊長計劃】正式啟動， 我們正在尋找擁有影響力、熱情或潛力的你，加入我們！ 無論你是—— 🎙️ YouTuber / 創作者 💼 渠道合作方 📈 專業交易員 📣 KOL / 社群主理人 🎮 直播主 or 忠實用戶 只要熱愛交易、熟悉加密世界、願意與我們一起推廣 Backpack， 那麼現在就是你【成為隊長授勳】的時刻！ ✅ 高比例手續費獎勵 ✅ 每月穩定薪資激勵 ✅ 長期專屬成長計劃 📌 化身 Backpack 認證隊長，一起征服市場！ 💥 YOU to be our next Captain! The official Backpack Captain Program is now live. We're calling on passionate, influential, and driven individuals to join our ranks and grow with us. Whether you're: 🎙️ A YouTuber or Content Creator 💼 A Channel Partner 📈 A Professional Trader 📣 A KOL or Community Leader 🎮 A Streamer — or one of our loyal users If you're excited about crypto and ready to share Backpack with the world,this is your moment to level up. ✅ Earn high commission rebates ✅ Get steady monthly incentives ✅ Unlock long-term growth opportunities 📌 Don’t miss out. Apply now and become an officially certified Backpack Captain — let’s lead the future of Web3 together! #backpack

@yangjiang990431 @feng_gui38440 @DanielleLo23455 @awiasina @lvbatou123 @ALeno277 @gerrydotvault @Evillokin 您已经将地址发送至官推了吗？

@xiaolan26113 @feng_gui38440 @DanielleLo23455 @awiasina @lvbatou123 @ALeno277 @gerrydotvault @Evillokin 已经发完了 哈哈

@feng_gui38440 @DanielleLo23455 @awiasina @lvbatou123 @ALeno277 @gerrydotvault @Evillokin @yangjiang990431 请老板们请尽快私信我并将相应地址发给我哦（50U中奖者请发SOL链上USDC的充值地址）

@mingyudu373 @Backpack_CN @heiwenc @feng_gui38440 @TieTui52742 @1996ZLC @DanielleLo23455 @leitingya1 @awiasina @lvbatou123 @ALeno277 @gerrydotvault @Evillokin 可以了大佬，抱歉抱歉

@Backpack_CN @xiaolan26113 @heiwenc @feng_gui38440 @TieTui52742 @1996ZLC @DanielleLo23455 @leitingya1 @awiasina @lvbatou123 @ALeno277 @gerrydotvault @Evillokin @xiaolan26113 无法给你发信息呢，功能关闭了吗？

Backpack第二届 抄底大赛 启动！ 📅 活动时间：4月1日-4月8日 💸 参赛条件：现货交易量达到200 USDC 🏆 奖励规则：仅限BTC、ETH和SOL 【 买到最低价者获胜！价格相同看交易量！】 💰 奖池奖励： BTC抄底冠军：500U ETH抄底冠军：500U SOL抄底冠军：500U 💥 额外奖励： 随机抽取5名幸运参赛者，每人50U！😆 关注 @Backpack_CN 点赞、转发并评论你希望的抄底币价 将在评论区抽取10名幸运用户给予周边奖励

@1996ZLC 可以了大佬，抱歉抱歉

@xiaolan26113 你好，开一下私聊

hello，背包的小伙伴们大家好呀，小蓝的背包小百科准备“营业”啦！欢迎大家多多交流，一起学习😊 Greetings to all the Backpack family members! Xiao lan's Backpack Encyclopedia is ready to open! We welcome everyone to engage in more exchanges and learn together.thx☺️

Liquidations, chaos, and risk. With chaos in markets over the past week, our systems at @Backpack are handling all time high workloads. We're putting in a continuous effort to scale and meet the demands of the ever growing user base, and thankfully, our risk engine has held up well thus far. As we continue to grow, it'll continue to be trialed by the market, and, although I can't guarantee we'll be perfect, I know it'll become one of the most critical parts of our system. As FTX taught the world--and for some of us, leaving permanent scars--risk engines are as important as custody itself. The great irony of the FTX fraud is all of the talk and marketing around its ostensibly incredible risk engine--when it was the risk engine itself that was a major factor allowing Alameda to drain out customer funds via non liquidating accounts and an infinite credit line. The other great irony of the FTX collapse is that, for any margin system, bankruptcy is a valid state transition--there are no exceptions. This extremely subtle, extremely technical truth is not something the world has fully grokked as evidenced by the wave of startup exchanges claiming to have made FTX impossible. And before having gone through the exercise of building a margin system from scratch, I was also too naive to know any better. Although "solving" the FTX problem is not purely a technical challenge--and a comprehensive solution extends far beyond a single X post can articulate--transparency around risk is probably one of the most important parts of a solution. This is true if you're a CEX, DEX, in crypto, or out of crypto. So let me unpack how liquidations work on Backpack. Firstly, we must acknowledge that it's industry standard to run your own market maker. For better or worse (in the context of FTX, clearly for better), at Backpack, we don't. There's good things about this. There's bad things about this. But there's two interesting second order effects in the context of liquidations: 1) we don't have any incentive to liquidate our users (other than to stay solvent obviously) and 2) we have no reason to keep the liquidation flow to ourself. Our incentive is to save users as much as we can and to be as fair as possible throughout the process. To be clear, I don't think most exchanges are malicious, nor do I think most are "hunting stops" or anything like that. But I do think this marginal incentive matters and influences system design quite a bit. In short, Backpack tries to be as friendly and as fair as possible during liquidations, where we try as much as we can to liquidate all positions directly on the order book for anyone to trade against. In fact, amidst this week's historical volatility, 99.82% of all of our liquidations have happened directly on the book--with only 0.18% happening on the backstop and 0% happening via auto deleveraging. This is perhaps the best load test one can ask for and tells me that we can start responsibly increasing leverage even more. Honestly, 99.82% on the book is too much, as we're being too conservative with leverage--but this will naturally come down as open interest continues to climb and liquidation volume increases. At a high level, Backpack has a three part waterfall: - Liquidations on book. - Liquidations on backstop. - Liquidations via auto deleveraging. This type of waterfall is standard in exchanges today--both crypto and traditional finance. Every step of the waterfall is needed to ensure system solvency but the details in every step vary exchange by exchange. On Backpack, the algorithm is roughly as follows. - When we detect your MMR hits 100%, we lock down your account, cancel all open orders, repay all borrows immediately (if you have available balances), and begin the liquidation protocol. - Starting on the order book, we liquidate part of your position at any given time, slowly but surely chipping away at it so as not to cause an inordinate amount of price impact--and so as to not fully take you out, if possible. We do this across all symbols for which you have open positions in parallel. Slowly but surely we bring your account back to health. - When deciding how much we can liquidate on the exchange at any given point in time, we take a depth measurement directly from our order book, and only liquidate the available depth within some tolerable impact distance. This ensures we don't completely annihilate the outstanding liquidity on the book, we allow it to constantly refresh itself as we chip away at your positions, and ensure we don't allow the liquidated user to get rekt by getting filled by stink orders. - Even if the above goes haywire, we have market protection price bands to protect orders. This includes price impact bands, a moving average on the mark price as a band. And a moving average on the futures premium as a band. If the market suddenly goes haywire, instead of getting filled at horrible prices, the market will protect you by simply rejecting the really bad liquidation order and you'll just hold the position as the market moves. This is safe because we have the backstop to fall back to in the event the market keeps moving against you. - If we're unable to liquidate a user's position on the book, we skip the order book and go directly to the backstop, where we hand over positions directly to market makers that participate in the backstop liquidity program. This program is open for folks that want to participate. If you're interested, please reach out. Ultimately the Backstop is there to absorb cascades. Even if the market is getting decimated, the backstop catches the positions and absorbs the risk--and making a healthy profit at the same time. This is a last ditch effort to liquidate the user in a way that doesn't effect the rest of the market. If we run out of room on the backstop (it should be intuitively clear that we can't give infinite size to the backstop), then the system gracefully falls back to auto deleveraging, - Auto deleveraging (ADL) is the base case, so to speak. And any perps exchange running without it is like driving without a seat belt. If you crash, you're in trouble. We liquidate positions against outstanding open positions on the other side.This experience SUCKS for users, but it's a necessary protection in a worst case scenario. Our algorithm for auto deleveraging diverges from other exchanges: We sort by margin fraction, ascending, find all the open accounts+positions on the opposite side of you with an outstanding delta and bring their delta to zero (if all delta is zero, then we just go through by margin fraction to shut it down). Most other exchanges do ADL position selection by sorting by margin fraction + unrealized profits, but we opted for this. Why? Well, from first principles, delta is the correct measurement of risk. So if you bring delta to zero, you bring the system's risk to zero, which is our first goal in a volatile market. The beauty of auto deleveraging is that, even if all liquidity completely drops from the market, everything winds down in an orderly fashion--and in the most extreme possible case, bringing open interest back to 0. There's tons of details to unpack here. Much more than any post can do justice. But I hope this gives some color on how we handle this at Backpack. That was a lot, but if you have to take away one thing from this post, it's that, for any margin system, bankruptcy is a valid state transition. The risk engine owns you in the same way a custodian owns you. This is true in a CEX. But it's also true in a DEX. In the most literal since, it's the exact same problem. There are no exceptions. And if you want to diligence any exchange--you must have a thorough conversation around risk management. 🧱🧱🧱

Backpack今日正式完成对FTX欧洲的收购🎒 自即日起，原FTX欧洲用户可进行验证。下一步，Backpack将开启资金返还 与此同时，Backpack 正与相关机构合作，计划重新激活 FTX EU 的牌照。新成立的 Backpack EU 部门将专注于在欧盟推出完整的加密衍生品产品套件，为用户提供合法合规且高效的金融交易服务🇪🇺

Get rewarded just for using Backpack Wallet. Start earning more on Solana, Eclipse, and Monad 🎒👇

@amyy80422647 @Backpack_CN 您好，暂时没有地方补填，如果后期有计划的话会进一步公告的，感谢🙏

🎒大家期待已久的背包积分第一赛季终于开始啦！社区近期加入了很多新伙伴，为此我们专门为大家制作了一期视频，以帮助大家快速了解背包的三大产品，熟悉交易机制和功能特点，如果对您有帮助，欢迎点赞订阅关注本频道。 今天给大家带来的是Madlads NFT的讲解。youtu.be/6FMEcqzyxIY?si… @Backpack_CN

重要通知‼️ Backpack邀请系统大更新 即日起下调默认返佣的同时，增加Backpack队长！ 可以通过扫描图片中二维码或者访问以下链接： airtable.com/appzUl7DuSHXwd… 队长可获得总邀请人的25%额外积分 或者 现金返佣！ 更多福利等你解锁🔓

brick by brick，你要知道，大的还没来呢

背包钱包、背包交易所产品的使用以及注意事项讲解视频已更新，感谢各位观看：youtube.com/playlist?list=……如有任何疑问，立即加入背包中文官方TG咨询吧😊t.me/BackpackExchan…… @Backpack_CN

@Abao_backpack @Backpack_CN 🥰🥰

@xiaolan26113 @Backpack_CN WAO

@helloccyy @Backpack_CN 🥰🥰

BTC,ETH,SOL合约交易对杠杆已提升到50X 保持关注👀