The way crypto exchanges operate was completely turned upside down today by Backpack. The old script: exchanges issue a token, retail investors buy in to hype it up, institutions and teams cash out at the top. The new script: stake platform tokens for a year, and directly exchange for real company equity. Let me help translate the value of Backpack's announcement: 1️⃣ Take out 20% real equity: currently valued at 1 billion USD, which is equivalent to directly taking 2
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The way crypto exchanges operate was completely turned upside down today by Backpack. The old script: exchanges issue a token, retail investors buy in to hype it up, institutions and teams cash out at the top. The new script: stake platform tokens for a year, and directly exchange for real company equity. Let me help translate the value of Backpack's announcement: 1️⃣ Take out 20% real equity: currently valued at 1 billion USD, which is equivalent to directly taking 2