TL;DR:
Backpack, a globally regulated crypto exchange, launched its native token $BP directly into Solana’s DeFi ecosystem through Sunrise, Wormhole‘s distribution platform, at its token generation event (TGE). It is the first time a regulated exchange has chosen onchain DeFi infrastructure as the primary distribution channel for its own token, displacing the traditional role of centralized exchange listings.
Sunrise coordinates the distribution of Backpack (BP) across Solana’s DeFi ecosystem, ensuring liquidity from day one on platforms such as Jupiter and Meteora. Wormhole’s infrastructure ensures that assets arrive securely and remain fully composable across decentralized exchanges, wallets, and other applications. Users do not need to manage bridging mechanics, as Sunrise abstracts those complexities into an intuitive and streamlined experience.
Furthermore, this is the first native Solana TGE processed by Sunrise. Previous launches on the platform had focused on bringing external assets into the ecosystem, such as $MON from Monad, $HYPE from Hyperliquid, and $AVAX from Avalanche.
Backpack (BP) has a total supply of 1 billion tokens. At launch, 25% of the supply is unlocked and distributed entirely to users; a total of 62.5% was allocated to the community before Backpack’s IPO. The remaining 37.5% is reserved for the corporate treasury, locked for at least one year after the company’s public listing. No founder, team member, or investor will receive a direct token allocation.
The company also introduced a mechanism that allows VIP users who stake $BP for one year or more to redeem their tokens for equity, thereby linking token performance to long-term corporate growth.
Saeed Badreg, CEO of Wormhole Labs, noted that Backpack $BP is the first case in which Sunrise’s infrastructure drives the onchain distribution of a native Solana token, rather than an external asset. Ramzy Ali, DeFi Growth Lead at the Solana Foundation, highlighted that the launch confirms onchain markets are consolidating as the primary channel for global asset distribution.
Community reception was mixed: some MadLads NFT holders expressed dissatisfaction with the size of their allocations, estimated at approximately 1,000 $BP. Data from CoinGecko shows that weekly trading volume fell to its lowest level in over a year, indicating that there was a temporary slowdown in participation around the TGE.
