ব্যাকপ্যাক বনাম সার্কেল

IPO-এর সোনা-আগুন

ক্রিপ্টো IPO-এর উত্তেজনা now speculative? No—structurally real. Circle-এর 168% opening surge and 25x oversubscription, stablecoin-এও not just a win—but proof: traditional capital finally ready for real Web3.

But here’s my take: not all ‘crypto’ IPOs are equal. Most are mining plays or Bitcoin-holding vehicles—great for hedge funds, terrible for long-term builders.

Enter Backpack: A True Web3 Native Play

While Kraken and Ripple flex their brand muscle, Backpack quietly built something rarer: an end-to-end consumer-facing crypto stack that feels like a public company already.

Yes—Backpack’s core business revolves around three pillars:

• Wallet: Secure, multi-chain access from day one.
• Exchange: Built-in lending + auto-compounding yields.
• Mad Lads NFTs: Not just collectibles—they’re community fuel.

This trio creates what I call “the Robinhood-MetaMask-USDC Network combo,” but without the baggage of legacy tech or regulatory drama.

Product Depth Meets Regulatory Fluency

Let me drop some cold data:

• Over $1.65B in assets loaned since Season 1.
• $11B in 24-hour perpetual trading volume during incentive campaigns.
• Auto-Lend on USDC/pyUSD now delivers 5.56% APY (4% Treasuries + 1.56% yield).

That’s not just strong; it’s institutional-grade performance.

And here’s where it gets spicy: Backpack didn’t copy-paste compliance from elsewhere. Its legal team? Former FTX veterans who learned how to survive SEC scrutiny the hard way—and they’ve been using those scars to build armor for everyone else.

Unlike Kraken’s seven-year IPO rollercoaster or Ripple’s ongoing legal limbo, Backpack has launched compliant fiat rails in multiple jurisdictions—yes, even before going public—to prove it can scale globally without burning bridges.