Backpack is a wallet on the Solana network and a CEX exchange which has huge airdrop potential. The most similar comparison would be to Jupiter in size with the product market fit they have in relation to having a exchange AND a wallet. The team are based out of Dubai and they raised $20M in investment but skills go way beyond this. Their NFT collection Madlads is trading with a floor price of 200 SOL or 250 Million dollars TVL. While previously only being available in select countries like the US they are now starting the allow KYC in Europe starting with the UK on the 12th of March, where I’m based!
They recently announced hints such as “Trading volume on the Backpack exchange will be a key factor in determining your backpack rank”. This clearly hints at an airdrop and will most likely be based around trading volume.
The first step is to sign up here. Some important things to note: You will need to enter your Email, Password and also verify by KYC (Know your customer). The KYC process is very quick and will most likely take under 10 minutes. Certain countries and states are not eligible for this but the backpack team is always updating the allow list so keep up to date with their twitter and this post!
Click “Deposit” in the top right hand corner and deposit any of your favourite cryptocurrencies. These include $SOL, $USDT or $USDC. My preferred currency to deposit is $USDC.
In order to qualify for the airdrop we need to generate some trading volume which involves choosing a pair and trading. Avoid USDT/USDC. Any other pairs are fine, I choose SOL/USDC. Navigate to “trade” and long the market you chose then close the trade quickly to generate trading volume.
When doing swaps you will experience some small fees. The current rate is for $1000 in trading volume you will experience $1 in fees, this is known at the taker fee. If we want to hit $100 000 in trading volume we should expect to pay $100 in fees. If you have the funds I would seriously aim for $100 000+ in volume as quick as you can after reading this.
While this isn’t ideal in order to get the best airdrops we have to be willing to give some money to fees.
You can check your volume to see how much volume you have created.
While the backpack wallet isn’t needed for the exchange it has some other great benefits such as multipliers on other DEFI platforms such as a 1.1x boost on marginfi.
Need some help? simply watch the step-by-step video below or join our discord.
The first snapshot is confirmed for the 18th of march which is extremely soon and why I will be increasing my volume to compensate for time I have missed with Backpack not being available.
Update 12th March: Backpack available in the UK
