Viewing Backpack as a regular Perpetual Futures DEX? That's short-sighted.

Now everyone has seen through the tricks of a bunch of Perp projects - point farming, issuing tokens, and then the team runs away, with product features pieced together and completely lacking a system. What Backpack is doing is on a completely different level: they want to create an on-chain bank under a compliant framework.

What is the essence of a bank? It is nothing more than five things: absorbing deposits, issuing loans, processing settlements, executing clearing, and providing custodial services. Backpack's ambition is to translate this underlying logic of traditional finance onto the blockchain, and it also needs to gain regulatory recognition. This is fundamentally not in the same league as those fleeting speculative projects.