GM☕️ BackpackTGE has finally been set for 3.23.

For those who rode from S1 all the way to the end, seeing this date brings mixed feelings. After waiting so long, the lottery is finally about to be drawn, but the pre-launch price has already dropped from $1 to $0.38, with an FDV of about $376M. It has been halved before even launching 😮‍💨

The structure of the tokenomics is quite sincere—there are no private placements, 75% is locked in growth milestones, the team takes equity instead of tokens, and 25% is directly unlocked to the community on TGE day. However, looking closely at the distribution: 24% is for points users, and Mad Lads holders only get 1%.

1%... Looking at these two Mad Lads in my hand, which I bought for 70+ SOL, dropping all the way down to now, they are almost becoming collectibles, and the result is that TGE only allocates 1%? To be honest, it feels a bit disappointing. Those who entered with the consensus of blue-chip projects now have the experience of: NFTs have dropped, and there isn't much airdrop; the only gain is learning what 'long-termism' means 🤡

That said, Backpack's structure is indeed stronger than a bunch of 'dump right after launch' projects. At least there is no VC unlocking to crash the price; the real chips are the points accumulated slowly over the past few seasons. While I may not be a significant points holder, at least I am someone who has interacted all the way to today.