📢 Latest trends + rapidly growing data + news on Vault beta testing — Can @Backpack become the next champion? 1/ Recently, @Backpack_CN has been very active on X, attracting widespread attention. For example, the official announcement: Backpack EU has officially launched, becoming one of the few regulated (MiFID II) platforms in Europe, allowing trading of perpetual futures and supporting over 40 trading pairs. At the same time, a tweet stated, "Backpack Wallet & Exchange users are not at risk…", confirming that their software package dependencies are not affected by certain known npm vulnerabilities, enhancing trust. 2/ Looking at the strategic expansion: Backpack confirmed that it will launch exchange services in multiple U.S. states within this year, currently awaiting compliance licenses/approvals. Additionally, they acquired FTX EU to handle compensation for old users and rebuild their reputation. 3/ Several key strengths of Backpack: Compliance + Regulation: Europe has launched regulated perpetual futures trading under the MiFID II framework, and the U.S. market is also advancing. Compared to some DEX or Perp-DEX projects that may still be in a gray area/decentralized, Backpack leans more towards a "legally controllable" strategy. Trust/Transparency: Daily public proof-of-reserves (backend attestations + zero-knowledge proofs, etc.), the user compensation process after acquiring FTX EU, all demonstrate "doing real work + being accountable". Diverse products + ecosystem expansion: Spot + Perp + wallet + lending + Vaults (Vault functionality is in beta testing) — these composite product lines make Backpack more comprehensive in functionality than pure DEX or wallet-only projects. 4/ Vault functionality progress: Although the official details of the Vault beta testing have not been disclosed, community news indicates that the Backpack Vault (asset management + yield enhancement tools) has entered the internal testing phase. If these Vault features (such as staking/yield strategies/liquidity mining/asset management portfolios) can operate stably and be opened, it will significantly enhance user stickiness and capital efficiency. These features + expansions are very appealing in the current market: Users are no longer satisfied with just buying and selling; they want to "store + appreciate + secure + comply + low threshold". The Vault functionality hits the target. 5/ Latest status of Backpack: Spot 24-hour trading volume: approximately 66M Futures 24-hour trading volume: approximately 1.1B Reserve assets (Reserves / Total Assets): approximately 400M. 6/ Future expectations/valuation: If Backpack can officially launch the Vault functionality and operate it stably, the exposure + trust accumulated during this period is expected to raise its valuation multiples to a level similar to EdgeX / Hyperliquid Perp DEX + compliant CEX hybrids. Then, with the launch of spot + wallet + Vault product lines + clear compliance paths in the U.S., its listing or investment valuation range could be between 1B~2B or higher (depending on profitability + market environment + revenue growth rate). At the same time, as users/institutional participants, if Backpack continuously launches new trading pairs/Vault strategies/transparency reports/compliance actions over several months, these news highlights will continue to amplify its brand influence and market share. 7/ In summary: With the official launch of regulated perpetual futures in Europe + progress on U.S. licenses + frequent security statements + Vault beta testing, these tangible actions show that Backpack is no longer just a "promising project" but possesses both hard and soft strengths in the same field, making it the most likely to leverage the market, gain user trust + increase valuation.