Backpack launches BP token on Solana

Backpack Exchange, a Solana-based crypto trading platform, has launched its native BP token with a significant portion allocated to users via an airdrop. Notably, no tokens were initially distributed to founders, team members, or investors, differentiating it from many exchange token launches. The remaining tokens are subject to long-term lockups tied to company milestones and a potential IPO, with a unique provision allowing long-term stakers to convert tokens into company equity. This structure aims to align token value with the company's growth and potential public listing.