Another token that goes to zero or the only token you need to hold ??? Here's my honest opinion: Backpack will be the first crypto project where the team can't sell a single token until the IPO 25% initial supply which goes all in the hands of the community While other exchanges like Binance, Cryptocom, Kucoin did mostly an ICO or private sale with < 15% initial supply At the same time, Backpack is in talks to raise ~$50M at a $1B valuation, claiming $100M+ revenue in 2025. Stocks are planned too for the summer, just like some regions in the US and Japan 37.5% are growth-triggered unlocks (pre-IPO) Sounds awesome... so, what's the downside? Backpack is going the dual way: token and IPO A dual model means profits somehow split between token holders and equity. That usually ends with either two weak assets or one strong and one down bad Guess which one is normally down bad... There's a risk that we get a token that the team and investors don't want to hold On top, IPOs take years The good thing? The token will likely trade at a premium pre-IPO ...