Backpack officially launched $BP token on March 23, while simultaneously distributing direct airdrops to participants in the Backpack Points program and Mad Lads NFT holders.
The announcement was made on the project’s official channels, marking Backpack’s next step in expansion from a crypto wallet and exchange platform into an ecosystem model with its own token.
This move comes as crypto exchanges increasingly use tokens as a tool to incentivize activity and retain users, especially in the derivatives and on-chain trading segments.
Trade $BP now on Backpack Exchange.
Withdrawals open soon. pic.twitter.com/xfah7Hc90d
— Backpack 🎒 (@Backpack) March 23, 2026
$BP tokenomics and initial distribution mechanism
The $BP token is designed as the central utility token in the Backpack ecosystem, with a focus on staking and user incentive mechanisms.
According to the project’s announcement, users can stake $BP to unlock benefits such as trading fee discounts and rewards based on the staking duration.
$BP is deployed on the Solana blockchain with a total supply of 1 billion tokens, of which approximately 25% (250 million BP) was released at TGE. This includes allocations for users and community airdrops, including Mad Lads holders. There were no direct allocations for founders, team members, or investors at the time of launch.
Allocating the majority of the initial supply to the community also shows that Backpack is prioritizing a strategy to bootstrap liquidity and activity through its existing user base, rather than making large allocations to investors or the team.
Automatic airdrop for Mad Lads holders
According to Backpack, $BP tokens were partially distributed via a direct airdrop to Mad Lads holders — the NFT collection tied to the Backpack ecosystem since its early stages. This group represents a significant portion of Backpack’s core user base, making the airdrop one of the primary token distribution mechanisms from the start.
Accordingly, each Mad Lads NFT was allocated approximately 1,000 BP tokens, equivalent to roughly $180 to $260 during the first hours of trading, depending on price fluctuations.
Unlike many airdrop programs that require users to claim manually, Backpack applied an automatic distribution mechanism, allowing tokens to be sent directly to eligible users’ wallets. This implementation simplifies the airdrop process and limits the phishing link risks commonly seen in airdrop campaigns.
Although snapshot details and allocation criteria have not been fully disclosed, the prioritization of Mad Lads shows that this is a core community group the project wants to maintain and develop in the early stages of the token economy.
Mad Lads and its role in the ecosystem
Mad Lads is one of the prominent NFT collections on Solana, launched in 2023 by the team behind Backpack.
Mad Lads collection on the marketplace. Source: Magic Eden
This collection has been closely linked to the Backpack ecosystem from the beginning, with an active user community and high engagement levels.
The choice of Mad Lads as airdrop recipients shows that the project is:
Prioritizing the native communityLeveraging the existing strong network effectExpanding NFT utility beyond collectible value
In this context, NFTs are gradually becoming an “access layer” for incentive programs and financial benefits within the Backpack ecosystem, rather than just acting as collectible assets.
$BP drops over 25% after reaching a short-term peak
Immediately after listing on the exchange, $BP quickly entered a period of high price volatility in the first few hours of trading. Market data showed the token rose to approximately $0.26, corresponding to a valuation of nearly $250 million FDV, before correcting to the $0.18–$0.20 range, pulling the FDV down to around $180–$200 million.
![BP price chart [15m].](https://nftevening.com/wp-content/uploads/2026/03/BP_USD_2026-03-24_21-02-16.png)
BP price chart [15m]. Source: TradingView
This correction is equivalent to a drop of more than 25% from its short-term peak, occurring amidst high trading volume concentrated immediately after launch, before quickly cooling down. This development shows selling pressure from airdrop recipients, combined with limited initial liquidity during the token’s early price discovery phase.
NFTs are gradually becoming an economic infrastructure in the crypto project
Backpack’s launch of the $BP token and the airdrop distribution to Mad Lads holders show that the NFT trend is being deeply integrated into the economic models of projects, instead of just playing the role of collectible assets.
In the short term, the price of $BP may continue to fluctuate as the market absorbs the token dump from airdrop recipients. In the long term, the effectiveness of this model will depend on whether platforms like Backpack can convert initial incentives into actual utility demand within the ecosystem.
