Unlocking the Backpack Airdrop: A Comprehensive Guide to Earning Rewards

Backpack Exchange, a CEX platform crafted by Coral, the team responsible for Backpack Wallet and NFT Mad Lads. Depending on transaction volume, early users may receive the 'Point Rewards' program via airdrop. secure your Backpack Airdrop!

Table Of Contents

1. What Is Backpack Exchange?
2. Fundraising And Backer
3. Backpack Airdrop Guide: Step By Step
4. Conclusion

What Is Backpack Exchange?

Backpack Exchange, a crypto infrastructure firm pioneered by Coral, operates as a Centralized Exchange (CEX). It employs a Zero-Knowledge Proof (ZKP) storage solution coupled with multi-party computation (MPC), ensuring a secure and efficient transaction verification process across diverse platforms. As of February 2024, the exchange boasted a trading volume exceeding 6.5 billion USD. Its 'Point Rewards' initiative, rewarding users according to their trading activity, has garnered a fervent community eager to participate in airdrop events.

Fundraising And Backer

Backpack has secured a total of 37 million USD through two funding rounds:

• Strategic round: In September 2022, Backpack secured 20 million USD from prominent investment funds including Jump Crypto and Multicoin Capital.
• Series A: In February 2024, Backpack further bolstered its funding with an additional 17 million USD, elevating the company's valuation to 120 million USD. Investors in this round included Placeholder, Amber Group, Wintermute, and others. These funds will fuel Backpack's expansion strategy for Backpack Exchange in the future.

Backpack Airdrop Guide: Step By Step

After the triumph of 'Volume Matters Phase 1,' Backpack Exchange is unveiling 'Volume Matters Phase 2.' This time, participants stand to earn $TNSR, the official token of the NFT exchange, Tensor. Here are the details:

• Initially, engage in the Tensor Adventure program by downloading the Backpack Wallet, executing at least one trade on Tensor, and linking your wallet to your exchange account between March 26 and April 6. (Wallet linking capability will soon be available).
• Additionally, from March 26 to April 6, maximize your trading volume on Backpack Exchange (excluding the USDT/USDC pair), akin to the process followed in Volume Matters Phase 1.

Let's now explore the correct steps below:

Step 1

Ensure you have a wallet on Backpack Wallet. If you're unsure how to register one, you can find instructions on how to do so here. Following that, visit Tensor at tensor.trade and establish a connection with your Backpack Wallet.

Step 2

Select the NFT collection you wish to trade. In this case, we will choose the OPEN SOLMAP collection and proceed with the purchase.

Step 3

So, it’s official – I’ve successfully purchased one SOLMAP to complete the “Tensor Adventure” task. Let’s now proceed to the Backpack Exchange to boost our trading volume.

Step 4

Start by navigating to the backpack.exchange website using your preferred internet browser. Log into your account to proceed. If you have an account with us, input your login credentials in the appropriate fields. If you forget your password, there’s an option to reset it.

Step 5

Depositing funds is easy. Select “Deposit” on the platform to display your wallet address, where you can send USDC or SOL from networks like Binance, OKX, and Bybit.
To transfer, copy this address into your chosen exchange, ensuring accuracy as transactions are irreversible.

If you have coins in your Solana wallet, choose “Deposit From Wallet” to deposit directly from the Backpack wallet, skipping the transfer step to an exchange.

Step 6

To start the process on Backpack Exchange, find the “Trade” option in the top right corner or select the centrally located “Trade Now” button.




Select your desired trading pair and start spot trading. Use “Limit orders” for specific prices and “Market orders” to trade at current prices. Monitor trading volume at the bottom right. Backpack Exchange currently only supports USDC trading pairs. (Please note that the USDT/USDC pair will not be included in the volume calculation.)

Conclusion

Backpack Airdrop, a CEX platform developed by Coral, has introduced a 'Point' rewards program tied to trading volume. This initiative is swiftly gaining traction, fueling discussions and rumors regarding potential airdrops for early adopters.
Rated this project as a top-tier endeavor within the burgeoning Solana ecosystem, alongside prominent entities like Jupiter. Engaging in trading activities on this CEX exchange proves to be a strategic decision, allowing users to accumulate points for future airdrop events.
Keep a close watch on the Backpack airdrop – it has the potential to emerge as a significant development in our ongoing Backpack Review.