Backpack, a globally regulated cryptocurrency exchange, has launched its native token, $BP, on Solana through Wormhole’s Sunrise platform at its TGE today.
The launch places $BP directly into Solana’s DeFi ecosystem, enabling immediate trading across major applications such as Jupiter and Meteora from the moment the token becomes available.
This marks the first time a licensed and regulated exchange has used onchain DeFi infrastructure as the primary distribution channel for its own token. The move reflects a broader shift in how crypto markets approach liquidity, price discovery, and asset distribution.
Sunrise Enables Immediate Onchain Liquidity
Sunrise coordinates the distribution of $BP across Solana’s DeFi stack, ensuring that deep and accessible liquidity exists from day one. Rather than relying on centralized exchange listings to bootstrap markets, Backpack has opted to launch directly into onchain trading venues where users can participate immediately.
Sunrise provides a unified interface that allows assets to move seamlessly onto Solana. Behind the scenes, the platform uses Wormhole’s infrastructure to ensure that assets arrive securely and remain fully composable across decentralized exchanges, wallets, and other applications. Users do not need to navigate bridging mechanics or liquidity routing, as Sunrise abstracts these complexities into a simple user experience.
This launch represents Sunrise’s first Solana-native token generation event. Previous Sunrise deployments focused on bringing external assets such as $MON from Monad, $HYPE from Hyperliquid, and $AVAX from Avalanche into Solana. With $BP, Sunrise now supports native ecosystem projects seeking coordinated, ecosystem-wide distribution.
According to Wormhole, Sunrise has already facilitated more than $360 million in cumulative spot volume across six token launches. On several launch days, Solana has ranked as high as fourth globally when compared with centralized exchanges by trading activity.
“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’s assets to Solana is now the same infrastructure Solana’s native projects use to launch and ensure ecosystem-wide distribution with permissionless open markets.” said Saeed Badreg, CEO of Wormhole Labs.
Tokenomics and Community Reaction
$BP has a total supply of 1 billion tokens. At launch, 25% of the supply unlocks and is distributed entirely to users. In total, 62.5% of the supply is allocated to users before Backpack’s initial public offering, while the remaining 37.5% is reserved for the company treasury to support post-IPO activities.
No founders, team members, or investors receive direct token allocations. The company treasury remains locked for at least one year following Backpack’s IPO, which introduces a delayed alignment between the token and the company’s long-term performance.
Backpack has also introduced a mechanism that allows VIP users who stake $BP for one year or longer to exchange their tokens for equity in the company. This structure gives certain participants exposure to Backpack’s future growth beyond token price performance.
$BP’s allocation checker and staking interface is now live, allowing users to verify their distributions and begin staking immediately.
At the same time, exchange trading activity has softened. Coingecko data shows that weekly trading volume has fallen to its lowest level in more than one year, suggesting a temporary cooldown in participation around the TGE.
Community reactions to the distribution have been mixed. Some users have expressed dissatisfaction with the scale of allocations, particularly among MadLads NFT holders, who received approximately 1,000 BP tokens.
Others have questioned how token rewards align with long-term participation in the ecosystem.
Internet Capital Markets
The $BP launch takes place against the backdrop of rapid expansion across Solana’s DeFi ecosystem. The network has led all Layer 1 and Layer 2 chains in DEX volume for six consecutive months, reinforcing its position as a primary venue for onchain trading activity.
In the 21 months since July 2024, Solana has ranked first in monthly DEX volume in 17 of those months.
Solana’s spot DEX volume increased from $54.5 billion in 2023 to approximately $694.6 billion in 2024. In 2025, that figure reached roughly $1.58 trillion, reflecting continued growth in trading demand and market participation. The ecosystem has also matured, with trading activity distributed across multiple platforms such as Raydium, Orca, and Meteora rather than concentrated in a single venue.
At the same time, cross-chain activity has accelerated. Nearly $9 billion in assets bridged to Solana in 2025, including more than $5 billion from Ethereum alone. These flows indicate growing confidence in Solana as a destination for liquidity and capital formation.
“Backpack’s token launch on Solana is a clear signal that onchain markets are becoming the primary venue for global asset distribution and can effectively support price discovery at scale.” said Ramzy Ali, DeFi Growth Lead at the Solana Foundation.
As Sunrise continues to expand its role as an asset tokenization layer for Solana, the $BP launch provides a test case for how native projects can leverage coordinated onchain distribution.
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