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Backpack Web3 Wallet Guide (Potential Airdrop)

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backpack

Key Takeaways

  •  Backpack is a non-custodial Web3 wallet built on the Solana blockchain.
  • The wallet became famous when the Backpack ecosystem introduced Mad Lads, an executable NFT (xNFT), which has now become one of the leading PFP collections on the Solana blockchain.
  • Backpack’s “Boost Your Rewards” program lets you connect your wallet to compatible DApps and earn more crypto rewards.

What Is Backpack?

Backpack is a Solana-based Web3 wallet that allows you to store, send, and receive cryptocurrencies.

Here’s a breakdown of the wallet’s key features:

  • Focus on Executable NFTs (xNFTs) – Backpack is designed to be the go-to wallet for xNFTs, with unique functionalities that can change and evolve over time. It will act as a secure gateway for users to interact with these xNFTs, controlling access, transactions, and identity management within the ecosystem.
  • Multi-Currency Support – Like other Web3 wallets, Backpack will allow users to store, send, and receive cryptocurrencies, including Solana (SOL) and other Solana-based tokens.
  • Built-in DEX Swapping – Backpack will have a built-in decentralized exchange (DEX), allowing users to conveniently swap between cryptocurrencies within the wallet.
  • NFT Management – Backpack will also facilitate storing and managing regular NFTs built on the Solana blockchain, not just xNFTs.
  • Security Focus – Backpack prioritizes security by leveraging Multi-Party Computation (MPC) technology. This helps distribute the management process among multiple parties, making it more resistant to hacks.

“Boost Your Rewards” Multiplier

Backpack’s “Boost Your Rewards” feature lets users earn extra rewards when they connect their Backpack wallet to participating decentralized applications and join their programs.

In this scenario, should participants engage with the crypto points systems of these three DApps and accumulate 1,000 points, they would yield the following:

  • MarginFi: x1.05 – 1,050 points
  • Zeta Markets: x1.1 – 1,100 points
  • Tensor: x1.25 – 1,250 points

Earn Points While Trading On Backpack Exchange

Just before the end of 2023, Backpack introduced Backpack Exchange, its cryptocurrency exchange platform. This exchange is regulated by the Dubai Virtual Assets Regulatory Authority (VARA).

On February 14th, 2024, Backpack launched a potential airdrop campaign titled “Volume matters: Starting 2/14, trade to compete for your Rank.” This suggests users who trade on the platform during this period might be eligible for rewards.

The exchange uses a tiered system based on trading volume, and participants with higher trading activities could receive larger airdrop rewards in the future.

Final Thoughts

While the Backpack Exchange is still in Beta mode, this program was launched to boost user engagement as the platform grows. Additionally, the campaign is currently in a “pre-season” phase, hinting that the program is expected to continue with more phases or seasons in the future.

Specific details about the airdrop rewards, such as whether Backpack’s own token, free transaction fees, or even xNFTs, remain undisclosed, and the current information is only speculations and educated guesses.

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