Press Release
Backpack Brings BP Token to Solana DeFi Through Sunrise
Backpack, a globally regulated cryptocurrency exchange, is distributing its native token, BP, across Solana's onchain markets through Sunrise at token generation event (TGE) today. Through Sunrise, BP will have liquid, tradable markets across Jupiter, Meteora, and the broader Solana DeFi stack from the moment it goes live.
It is the first time a licensed, regulated exchange has used onchain DeFi infrastructure as a primary distribution channel for its own token.
Backpack offers regulated cryptocurrency trading services in various jurisdictions, including the United States, European Union, Australia and other jurisdictions. The company also offers onchain capital market access through a partnership with Superstate.
Solana is building the onchain capital markets layer: the thesis that all meaningful assets should be tradable onchain with real liquidity. BP is where that thesis and Backpack's regulatory infrastructure meet: the token of a licensed exchange, establishing its deepest onchain liquidity on Solana, accessible to users globally through internet capital markets.
How Sunrise Powers the Launch
This is Sunrise's first Solana-native TGE. Previous Sunrise launches — such as MON (Monad), HYPE (Hyperliquid), and AVAX (Avalanche) — brought assets from other chains to Solana. BP is the first token native to Solana for which Sunrise coordinates onchain distribution.
Sunrise has facilitated $360M+ in cumulative spot volume across six token launches, with Solana ranking as high as #4 globally as a trading venue if ranked among CEXs on launch days. For BP, Sunrise coordinates liquidity formation across the full Solana DeFi stack so that when BP becomes tradable, markets exist across every major platform where Solana users trade.
Token Structure
BP has a total supply of 1 billion tokens, with 25% unlocking at TGE, all of which are granted to its users. 62.5% of the total supply are allocated to users pre-IPO and the remaining 37.5% are allocated to company treasury for post-IPO activities. No founder, team member, or investor has received any direct token allocations and the company treasury does not unlock until at least 1 year after Backpack's IPO.
Backpack VIP users who stake BP for one year or more can exchange their tokens into Backpack company equity, giving its top users direct exposure to the company's long-term trajectory.
“Every Sunrise launch until now brought an external asset to Solana. BP is the first time we're powering onchain distribution for a token native to Solana itself. The infrastructure we built to bring the world assets to Solana is now the same infrastructure Solana's native projects use to launch and ensure ecosystem-wide distribution with permissionless open markets.” — Saeed Badreg, CEO, Wormhole Labs
“The next generation of crypto ecosystems will be built around their users, not just for them. BP is our first step toward that — a token designed to grow with the platform and the people who use it most. Launching through onchain markets reflects where crypto liquidity is forming today and where we believe market access will continue to evolve.” — Armani Ferrante, CEO, Backpack
“Backpack's token launch on Sunrise is what Internet Capital Markets looks like in practice. A regulated, globally licensed exchange choosing Solana's onchain infrastructure as its primary distribution channel is a direct validation of what Solana is building — the layer where the world's assets become accessible and tradable.” — Ramzy Ali, DeFi Growth Lead, Solana Foundation
About Backpack
Backpack Exchange is a fully regulated global cryptocurrency exchange innovating to provide an exciting, fun, and easy-to-use trading platform for both experienced and new web3 users worldwide. For more information, visit backpack.exchange.
About Sunrise
Sunrise is the day one asset gateway of Solana. Sunrise enables new onchain assets—crypto, stocks, commodities, and more—to list on Solana with liquidity on day one, giving users and builders immediate access to live, tradable markets. Sunrise is made by Wormhole Labs.
About Wormhole Labs
Wormhole Labs is a technology company that specializes in building products, tools, and reference implementations to expand the cross-chain ecosystem. They are committed to open-source development and laying down the paths for a connected decentralized world.
Contact
Email: contact@sunrise.xyz
Twitter / X: @sunrise