Backpack: Solana’s rising star is both a wallet and an ecosystem

2024-02-28 21:16

Read this article in 11 Minutes

As a wallet, why does Backpack stand out from the Solana ecosystem?

Unlike the dominance of MetaMask, UniSwap, and Blur on ETH in various fields such as wallets, DEX, and NFT markets, Solana is a competitive chain that is constantly changing. In Solana's NFT market, Magic Eden VS Tensor is a hot topic among Solana players, while in the wallet field, the battle between Backpack and Phantom is also highly anticipated.

If Phantom is more like a traditional wallet, Backpack, although not significantly different in usage experience, does have its own advantages over traditional wallets due to its different ecosystem.

Trading Platform + Wallet, Huge Potential for Seamless Entry and Exit

Last October 31st, Backpack announced the launch of its trading platform, Backpack Exchange, which has obtained a VASP license from the Dubai Virtual Asset Regulatory Authority.

This is not only a compliant trading platform, but also the largest Solana ecosystem CEX. On February 18th, influenced by the market strategy of trading volume airdrops, Backpack announced on its official Twitter account that the 24-hour trading volume of Backpack Exchange exceeded 1 billion US dollars. At the same time, the 24-hour trading volume of SOL/USDC on Backpack Exchange exceeded that of Binance, reaching 800 million US dollars.

Because they are in the same ecosystem, Backpack's wallet and trading platform are seamlessly integrated. By installing the Backpack wallet in your browser and accessing Backpack Exchange, the connection will be recognized and established automatically.

The earliest feature of the Backpack wallet is "xNFT". In short, the Backpack wallet is like an iPhone for every Solana user, and "xNFT" is not just a "small picture", but a programmable App inside Backpack.

To give an easy-to-understand example, if I hold a series of NFTs, and the team behind that series of NFTs develops on Backpack, I can download the xNFT (App) for that series on Backpack. Then, I can directly access portals/news updates/physical events, etc. by opening the wallet and operating the App, without having to visit individual websites. The team can even develop exclusive games for NFT holders and place them on Backpack, turning NFTs from website passes into terminal credentials that execute various codes.

Of course, the applications integrated by Backpack through "xNFT" are far more than just NFT-related, including DEX, cross-chain, DeFi, and so on. In the past Crypto on-chain interaction process, we needed to deposit money, buy tokens on CEX, transfer to the chain, and then go to different websites to connect wallets for interaction. However, the Backpack wallet will completely change this process. You only need to deposit money to buy tokens, and then you can directly use various Solana dApps integrated in Backpack, just like recharging our Apple account and making in-app purchases on iPhone.

Custom RPC

At the initial release of the token, both the profits obtained from adding LP and the token price will give generous returns to the leaders. However, the $WEN airdrop on Solana in January left many players feeling frustrated. Have you ever wanted to be faster when you see others quickly receiving $WEN?

Backpack wallet's node is set to the exclusive RPC node of Backpack by default, and Backpack is currently the only wallet on Solana that supports user-defined RPC nodes. Users can purchase RPC and add it to Backpack for a fee, which is also considered the most important step in grabbing goods on Solana.

撸毛利器

translates to

Shaving Tool

It is common practice to collaborate with projects within the ecosystem. However, more and more teams that understand the Web3 Native market operation will actively enter other project communities to carry out welfare activities, attracting incremental users for their own projects and giving back to their own communities.

Backpack is currently conducting airdrop incentive activities with Tensor, the largest NFT market on Solana, and Zeta Markets, a top DeFi project. Using the Backpack wallet for transactions on Tensor automatically earns 1.25 times the airdrop points. From now until the end of the second season of interaction on Zeta Markets, using the Backpack wallet for interaction can earn 1.1 times the Z-score points.

I heard that the relationship between the founder and many projects in the Solana ecosystem is good, and we can expect other multiplier point activities in the future.

Unique Features

Backpack wallet has many useful features that greatly facilitate users, such as:

Internal Wormhole Cross-Chain

Wormhole integration into the Backpack wallet is also a newly added feature. Switching SOL to ETH on a CEX and then transferring it to the Ethereum network is too cumbersome. With the Backpack wallet, users only perceive a single swap between SOL and ETH.

After selecting SOL for Swap, the target Token can choose ETH on the ETH chain, making it easy to complete cross-chain and conversion between SOL and ETH.

NFT Security Lock

The security lock mainly protects NFT assets. As long as the private key is not stolen, opening the NFT security lock will automatically reject transactions in Backpack until the security lock is opened. Currently, Backpack supports secure locking for over 100 Solana NFT series.

SPL-20 Token Conversion for Graph

ERC-404's "Pandora's Box" and "Peanut" Deez Nuts have led the "coin and token integration" narrative in the cryptocurrency industry. Backpack, which has insight into market trends and astonishingly fast technological iteration, has become the first wallet to implement the SPL-20 token standard, enabling direct conversion between graphics and tokens.

Quickly Pledge SOL

If you have spare SOL and want to generate income, you can do it with just one click in the Backpack wallet. Just click on SOL on the wallet main page to enter the Token details page, and you can see the staking.

After clicking on Staking, click on Add Stake, enter the amount of SOL you want to stake, then click on Stake and confirm the transaction. Your SOL will start earning interest.