Backpack: The Next Circle? Why This Crypto-First Platform Could Win the IPO Race

The Quiet Revolution

I used to think IPOs were loud. Flashy roadshows, ticker symbols screaming on screens, hedge fund managers clutching their phones like they were holding sacred relics.

But then I saw Backpack.

No fanfare. No celebrity endorsements. Just a clean interface, a team with FTX scars—and an obsession with one thing: making Web3 feel real for people who don’t live in crypto dorms.

And yet… it’s quietly becoming the most compelling candidate for ‘the next Circle’.

Why Circle Wasn’t Just Lucky

Circle didn’t explode because of hype—it succeeded because it was built for legacy finance.

USDC wasn’t just stable; it was understandable. It ran on regulated banks. It had audited reserves. To old-money investors, that wasn’t innovation—it was safety.

But here’s what few admit: most crypto companies aren’t actually crypto-first.

I’ve scanned 45 publicly traded ‘crypto’ firms—80% are mining outfits or Bitcoin hoarders playing investor games. They’re labeled ‘crypto,’ but they’re closer to energy stocks or hedge funds than true decentralization.

Backpack? Different story.

The Triple Threat That Feels Like Home

1. Wallet as Gateway (Not Just Storage)

Backpack Wallet isn’t a vault—it’s a doorbell to Web3. It supports Solana, Ethereum, Base… you name it. But the real magic? xNFTs.

Think of them as NFT-powered apps inside your wallet—like Instagram Stories but for smart contracts. You don’t need to jump between platforms; you live in your wallet while earning and exploring. That’s not just UX—it’s philosophy: Web3 should feel seamless.

2. Exchange That Doesn’t Lie About Risk

The moment you open Backpack Exchange, you sense something different: no fake leverage promises, no hidden fees bloating your P&L report. Instead: three-stage清算 (settlement), global margin pools, and auto-lending that actually works—not just marketing fluff. And yes—they added fiat on/off ramps with compliance baked in from day one. The kind of move that makes bankers say “Hmm… maybe this isn’t so wild after all.” — And that? That’s power.

3. Mad Lads: Where Culture Meets Code

The most underrated part? The community doesn’t just hold NFTs—it lives them. Proudly calling themselves ‘Mad Lads’, they remix content across TikTok and YouTube like digital poets with stakes in the system itself. The result? A self-sustaining ecosystem where every tweet feels like a vote for ownership—not just branding.

## Compliance Isn't Boring—It's Freedom

Let me say this clearly: **regulation isn't the enemy of decentralization**.

It's what allows trustless systems to grow without collapsing under their own weight.

In my view—and as someone whose family taught me that justice needs structure—compliance is moral engineering.

Backpack knows this.

Their legal team includes ex-FTX合规 experts who remember what happens when trust breaks.

They didn’t rush through licenses; they built them like blueprints.

Now? They’re covering nearly 95% of global GDP markets.

That kind of reach doesn't come from buzzwords—it comes from patience.

The Numbers Don't Lie

Last month alone:

• 10 million积分 distributed across users
• \(11B in 24-hour contract volume</li><li>\)165M in assets lent out at 5.56% APY (yes — via USDC + Treasury)

Beyond metrics: users are staying longer than any other platform I’ve tracked.

When your average user spends more time in your app than their social media feed…

You’re not competing with Coinbase anymore.
You’re redefining what ‘onboarding’ means.

&mdash; @CryptoObserver_777