Backpack, a globally regulated cryptocurrency exchange, has launched its native token $BP on Solana via Wormhole's Sunrise platform, marking the first time a licensed exchange has used on-chain DeFi as a primary distribution channel. The token has a total supply of 1 billion, with 25% unlocked during the Token Offering Conference (TGE) and distributed entirely to users, supporting staking for potential equity conversion. While community reactions have been mixed, this launch comes at a time when Solana's decentralized exchange (DEX) trading volume has led all L1/L2 chains for six consecutive months, with spot trading volume projected to reach $1.58 trillion by 2025.