As a blockchain developer in LA, I've watched the crypto IPO wave unfold. While Circle's success lit a fire under traditional investors, Backpack stands out—not just for its product depth, but for genuinely building a Web3-native ecosystem. From wallet to exchange to community-driven NFTs, it’s assembling the blueprint for what a real crypto company looks like in 2025. Let’s break down why Backpack might be the most authentic 'next Circle'—and why compliance isn’t a compromise, it’s a strategy.