Backpack
Stay updated with Backpack news and announcements curated from official sources.
Why does Compoundingly track Backpack?
This page is maintained by the founder of Compoundingly, who is also an early Backpack Captain and active community member. We follow Backpack closely because of its focus on transparency, daily Proof of Reserves and its long term vision of becoming the most trust minimized regulated financial platform in the world.
Updates and Monitor
Season 4 is live
Season 3 ended at 00:00 UTC and Season 4 has begun. All activity now counts toward Week 1.
- Season 3 completed earlier today
- Season 4 Week 1 is now tracking new activity
- Season 3 Week 10 points will be distributed on Friday
Fresh season and fresh scoreboard for active traders. Most probably the last season.
Read full messageRelated tweet
Long term vision from exchange to full financial services
Armani outlines the next arc of Backpack with steady expansion toward comprehensive financial services driven by community gravity.
- Potential native DeFi integrations and new listings
- Major expansion of the wallet product
- Future product lines in development
- Community strength drives listings and rewards
Key takeaway build durable community powered finance with slow and steady progress.
Read full messageMarket maker strategy explained
The CEO explains why market makers were not used and how liquidity is managed.
- Transparency prioritized
- Clear risk explanation for users
Key takeaway clarity over automated liquidity.
Read full tweetLiquidation fees start
Starting Monday Oct 6 at 7:00 UTC a one percent liquidation fee applies.
- Fifty percent reimbursed for first four weeks
- Remaining portion goes to insurance fund
Helps bootstrap the insurance fund and reduce extreme losses.
Read full messageBackpack EU launch and regulated perps in Europe
Backpack announces the acquisition of FTX EU and its MiFID II License bringing regulated perpetual futures and a full suite of trading products back to Europe.
- FTX EU and its MiFID II License acquired by Backpack
- Priority is to return all EURO customer funds on behalf of the FTX estate
- Plan to roll out spot margin and futures products for European traders
- Backpack becomes one of the first exchanges in the world to offer a fully regulated perpetual futures platform in the European Union
Key takeaway strong commitment to do difficult regulated work in order to unlock the next level of crypto and finance in Europe.
Official Backpack EU announcement on DiscordAnnouncement on X
Proof of Reserves
Backpack launches daily Proof of Reserves verified by OtterSec with the long term goal of making a centralized exchange verifiable and anchored to public chains.
- Daily Proof of Reserves published and verified
- Ledger composed of signed deterministic execution
- Goal is full chain anchoring with state integrity attestations
- Focus on physical balances with real time PnL realization
Transparency is the foundation for a trust minimized exchange.
Read full announcement
