Mad News: March 2026
Brick by brick, TGE is on March 23!
March has been dominated by the full-scale escalation of the conflict between the U.S.-led coalition and Iran, creating a very volatile market environment. With the Strait of Hormuz effectively disrupted, oil prices have surged, triggering fears of persistent inflation and forcing investors to abandon speculative risk assets. Bitcoin and other major digital assets have struggled under this weight, consistently reacting to energy headlines and hawkish shifts in central bank policy rather than internal crypto developments…
Between all this madness, Backpack has reached the end of its first chapter. Following four seasons of activity and six epilogue weeks of final points redistribution, the platform has confirmed its Token Generation Event (TGE) for March 23. This milestone marks the distribution of its native token, rewarding a community that generated a total of 426.4M points. As the broader market contracts, this launch stands out as a rare moment of expansion, transitioning from a points-based program into a liquid, equity-linked economy
Throughout it all, the Mad Lads community kept showing up. Whether reacting to ecosystem changes, supporting builders, or simply keeping the culture alive online and offline, Lads stayed engaged across every corner of Solana. Even in uncertain times, the WAO spirit remains strong!
Lads in Balkan
Lads and Backpack supporters gathered in Zagreb, Croatia, for a very meaty dinner
Everyone had a great time, and the most courageous Lads went out for a memorable night in Zagreb’s bars (I heard some wild stories)
Mad Lads Directory
Chocoo (it’s strange to talk about myself in the third person) just released a new update on the Mad Lads Hub: the Directory. It’s designed to connect Lads even further: https://www.madlads-hub.xyz/directory
Login with Discord and link your wallet by signing a transaction or by making a small $SOL transfer to create your profile. This is the perfect place to showcase your skills and flex your badges!
Backpack News
New Listing
A new crypto pair has been available on Backpack since March, and it has been positively welcomed by the community
ZEC (Zcash)
Little bricks over little bricks
As Armani Ferrante likes to say, there’s a “new little brick available”. This month, so many little bricks were added that the wall is truly starting to look solid!
More leverage
First of all, BTC perps are now tradable with up to 75x leverage
User-interface upgrades
The Backpack UI saw many upgrades in March. For example, you can now switch the app to light mode
or consult the chart and order book while setting up your trades on mobile
finally, the new “Earn” tab is now also available on mobile
0% Fees
Enjoy 0% fees on Backpack Wallet for swaps and bridges on every supported network
Twitch Stream: The Comeback
For the OGs among you, you may remember “Sunday Church”, where Armani would stream and discuss various subjects every week
On March 11, Armani launched a new stream, “Pre-TGE Catch Up”, where some serious alpha was shared
During the stream, we finally learned the TGE date: March 23. Most importantly, there is no team allocation, no KOLs, and no exchange-specific reserves. All tokens are going directly into the hands of the users who earned points!
You may have also read some so-called “KOLs” talking about how the Backpack token would be used as collateral to provide max liquidity. Armani explicitly said this is a dangerous use case and it won't be happening for now
While many products currently offer “on-chain stocks”, these are usually just synthetics. Backpack will offer real stocks, allowing you to use them as collateral and even move them around. Even more exciting? Backpack is bringing IPOs on-chain in partnership with Superstate
The Backpack Card is officially on the way and is already being internally tested by the team
Expansion into the United States of America remains a highly requested subject by the community. Armani announced that it won't happen immediately, but the team is working very hard on it. In case you missed the news, Mark Wetjen, the former Chairman of the CFTC, has joined as Backpack US President. This move demonstrates their commitment to expanding in the USA
Backpack is always one or two steps ahead. When asked why they moved from the USA to Japan, Armani explained that at one point, 50% of global BTC trading volume came from Japan. Although a wave of hacks and new regulations eventually pushed many crypto companies out, the Japanese market is poised for a strong comeback
Factoring in the absence of major US exchanges in the region and the expectation that Japan’s crypto tax rate will drop from 55% to 20%, Backpack anticipated these developments early. They established a local office, built a compliance team, and spent three years pursuing the licenses required for JPY on/off-ramps and local bank integration, allowing retail users to buy cryptocurrency seamlessly. Furthermore, Backpack is pursuing licenses in Brazil to support PIX and access fiat payment rails there too
FDV at launch? While many are speculating on the Backpack FDV, Armani was very blunt: he doesn’t care about the Day 1 price. He said that those focusing strictly on the opening FDV are usually looking for a quick “dump,” whereas he is building for the long term (think in months and years), not just the first 24 hours of trading
Will there be a “Token to Equity” pipeline? Yes. Users who stake their Backpack tokens will receive priority allocation for the Backpack IPO based on their stake, duration, and usage. Armani confirmed that his ultimate goal is an IPO, and he believes the probability of it happening is high
The Vision: To create a single, seamless app that combines checking, savings, card services, and trading… BACKPACK
The Vault
Backpack has officially opened its Vault. While currently capped at a $500000 TVL, this is set to become a core part of the Backpack ecosystem
How it works for users:
Deposit: When you deposit USD into the Vault, you receive BLT tokens
Ownership: These tokens represent your “pro-rata” share of the total Vault
Share Price: The value of the Vault fluctuates based on its trading performance. As the Vault grows or shrinks, the share price of the BLT token changes accordingly
Redemption: When you want to withdraw, the current share price determines how much USD you get back for your BLT
Rewards Summary
Log in to your Backpack account to view and share your reward summary
Lads around the world
A real Mad Lad was spotted by Miho during an Openclaw event
Nikki participated in a “Crypto Payments 101 for First-Time Web3 Users” workshop, where she noticed that Backpack Wallet was the recommended choice
PODCAST CORNER 🎙️
Can Sun (Backpack co-founder) X Decrypt - The Legal Strategy Behind Crypto Exchange Backpack’s Token-to-Equity Program
https://decrypt.co/359510/legal-strategy-behind-crypto-exchange-backpack-token-equity-program
Armani Ferrante x Joe Takayama
Joe Takayama | Backpack🎒@TakayamaJoeTGEを直前に控える @Backpack 今 ファウンダー・CEOの @armaniferrante は何を思うのか？今後の成長戦略と新規プロダクトの全容とは？米国・日本・EUそれぞれに期待する理由。 そして、なぜトークンの株式転換を行うのか？🎒6:00 AM · Mar 21, 2026 · 57.9K Views23 Replies · 46 Reposts · 217 Likes
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