Backpack

Backpack is an ecosystem that brings together a wallet supporting multiple blockchains, in which keys stay with the user, and a centralized crypto exchange that says it operates under regulation. The ecosystem was founded by the team that also developed the Anchor framework widely used by Solana developers. BP is the Backpack ecosystem's utility token, issued on Solana.

Backpack Exchange offers spot trading, perpetual futures and tokenized stocks through a single account and applies a unified margin system in which collateral is shared. According to project statements, BP is designed to be used for service fees on the platform, access to certain ecosystem features, lending and borrowing markets, and as collateral in the unified margin system.

For tokens tied to exchange ecosystems, the price depends on the platform's trading volume and user growth, licensing and regulatory processes in the countries where it operates, token distribution and unlocks, and competition with rival exchanges. On Lzzo.com, DefiLlama's US dollar reference price is shown for Backpack; the chart is produced from this source's historical data.