Backpack is a token. It has no blockchain of its own and no consensus of its own — it rents both from the chain it is issued on, which is why it is listed separately from the cryptocurrencies.
| CoinSpectrum Grade | E · 39/100 · provisional |
|---|---|
| Type | Token |
| Class | Other |
| Backing | Non-backed |
| Market capitalisation | $245M |
| Price | $0.9792 |
| Circulating supply | 250,000,000 BP |
| Issued on | 1 chain |
Market data rebuilt every six hours; this build 28 October 2026. Live prices on the ranking.
E — 39 out of 100, provisional (from 8 of 10 criteria, 28 October 2026 build). With what is not yet measured anywhere from nothing to full marks, the score would be 31 to 51 (E to D).
| Criterion | Score | Basis |
|---|---|---|
| Leading Consensus Mechanisms | 4.6 | group average |
| Host chain | 7.4 | Issued on Solana (A, 74/100) |
| Asset class (below every coin family) | 1.8 | Tokens: below every native coin family on the consensus ladders, 0.9 of 10 by largest asset and 2.7 by combined market cap |
| Network security | 0 | No network of its own: secured by its host chain, scored above |
| Decentralisation | 3.3 | group average, 3 of 4 measured |
| Minting and supply (who can mint more) | 0 | On-chain, mint BPxxfRCXkUVhig4HS1Lh7kZqV6SPJhzfEk4x6fVBjPCy still has mintAuthority and freezeAuthority set to GySFHFS5ZiN4Z5YnyPZcjjxpYcGvD7qHZYVjE9QzMHVH, which is not renounced.; no fixed maximum supply source |
| Premine (pre-issued at launch) | 0 | 100% of supply pre-issued at launch. All 1B BP were minted at TGE (Mar 23, 2026) and allocated by Backpack. source |
| Fundraising | 10 | No sale, no investor allocation source |
| Holder concentration | — | Not yet measured |
| Supply & Demand | 5.8 | group average |
| Supply & Demand | 3.8 | average of 5 measures |
| Exchanges (10 or more: 10) | – | exchanges not yet counted |
| Daily volume ($10K 0, $1B or more 10) | 2.3 | $143,812 traded in 24 hours; #1439 by volume on the exchanges the site reads (scored on the median day of the last 2, $140,228) |
| Turnover (volume ÷ market cap, 5% a day: 10) | 0 | 0.05% of its market cap a day, median of the last 3 days |
| Order-book depth (bids and asks within 2% ÷ market cap, 1%: 10) | 1.5 | $7,125 within 2% of the price on 1 exchange, 0.00% of its market cap, median of the last 2 days |
| Market cap ($1M 0, $10B or more 10) | 6 | $245M, 6 on a scale of 2.5 points per tenfold |
| Paper trading (futures, options and margin ÷ market cap, 0%: 10, 100%: 0) | 9.3 | futures, options and margin positions 0.46% of its market cap |
| Supply (smaller is better) | 7.8 | fixed maximum supply of 1 billion |
| Record (origin, claims, halts) | — | Not yet reviewed |
Ten criteria, weighted equally — for a token, the host chain replaces the developer share, the asset class stands in for the consensus ladders, and who can mint more for the Cryptocurrency Standards. Provisional: criteria marked — are not yet measured and are left out of the average. A rating of structure and market depth, not a price forecast or investment advice. How the grade is built · Highest-graded cryptocurrencies.
| Pre-issued at launch | 100% of supply |
|---|---|
| To team, investors and treasury | 37.5% of supply |
| Sold to the public or to investors | 0% of supply |
| Who can mint more | An issuer, foundation, multisig or admin key can mint more |
| Fundraising | No sale and no investor round |
All 1B BP were minted at TGE (Mar 23, 2026) and allocated by Backpack.
No token sale and no investor token allocation. Founders and VCs have exposure only through Backpack equity, including the corporate treasury tranche. Company equity rounds (e.g. 2023 Series A) are not token fundraising.
On-chain, mint BPxxfRCXkUVhig4HS1Lh7kZqV6SPJhzfEk4x6fVBjPCy still has mintAuthority and freezeAuthority set to GySFHFS5ZiN4Z5YnyPZcjjxpYcGvD7qHZYVjE9QzMHVH, which is not renounced.
The 37.5% pre-IPO tranche is company-held until milestones release it to users, so insider control is up to 75% in the meantime. No DEX liquidity seeding is documented.
Sources: learn.backpack.exchange · tokenomist.ai · mexc.com · solscan.io. Researched 2026-10-23, medium confidence.
It is issued on one chain. Linked names are chains that are themselves cryptocurrencies with a page here.
CoinSpectrum counts an asset once. A token has neither its own blockchain nor its own consensus mechanism, so it fails both of the site's two conditions — it is a thing issued on a chain, and the chain is what is counted. The methodology states the rule, and the argument for it is set out in full.
Listed, not hidden. The point is that it is measured as what it is.