Backpack vs. Circle: The Next Crypto IPO Contender with Real Web3 DNA

The Next Circle? Not Just Another Exchange

When Circle went public and surged 168% on NYSE, everyone scrambled to find the next one. Kraken, Ripple, Bullish—the names keep rolling in. But here’s the truth no one wants to admit: most of them aren’t truly crypto-native. They’re crypto-themed financial vehicles wrapped in blockchain buzzwords.

I’ve audited over 30 DeFi protocols. And from my seat at the keyboard in L.A., I can tell you: real Web3 companies don’t just use blockchain—they live by it. That’s where Backpack stands apart.

Wallet + Exchange + Community = A Self-Running Ecosystem

Backpack didn’t build products—it built an engine.

The Backpack Wallet isn’t just another interface. It supports Solana, Ethereum, Optimism… you name it. But here’s where it gets interesting: xNFTs turn your wallet into a programmable platform—like WeChat Mini Programs but on-chain. You’re not just storing assets; you’re running dApps inside your wallet.

Then comes Backpack Exchange—a place where global margin trading meets automated lending and real-time profit settlement. No proprietary market makers. No opaque risk models. Just three-stage clearing and auto-lend logic that turns idle capital into yield across USDC and pyUSD pools—at 5.56% APY.

And yes, they finally launched fiat on-ramps—something even some legacy platforms still struggle with.

Why Mad Lads Isn’t Just an NFT Project

You think Mad Lads is just an NFT drop? Think again.

With 8,000 holders and $8M in initial revenue, this is cultural infrastructure for Web3 identity on Solana—and more importantly, it powers governance rights across other Backpack products.

The community doesn’t just hold tokens; they create content (TikTok videos! YouTube deep dives!), drive referral loops via积分 (points), and earn real utility through Seasonal rewards programs.

This isn’t hype—it’s sustainable feedback loops baked into tokenomics.

Compliance as Competitive Advantage?

Yes—and I mean that literally.

Circle took seven years to go public after being founded in 2013. Kraken delayed their IPO after leadership changes and regulatory hurdles—not because they lacked ambition, but because they were playing catch-up with compliance.

But Backpack? Their core team includes ex-FTX legal & compliance leads—people who lived through audits, subpoenas, and global oversight challenges before joining this project.

That experience is priceless when you’re trying to get licensed across jurisdictions covering ~95% of global GDP—in Europe (MiCA), Asia (Japan/SEPA), North America (SEC-compliant structures).

They didn’t wait until IPO time to fix compliance—they made it part of their DNA from Day One.