Backpack, the leading cryptocurrency exchange and wallet platform, has confirmed record-breaking financial results for October, coinciding with surging speculation on prediction markets regarding its upcoming Token Generation Event (TGE) and future valuation.
In a recent disclosure to the community via Discord, Backpack CEO Armani Ferrante shared figures highlighting the platform’s rapid trajectory. “Across both wallet and exchange, we did about $20,503,407 in October. So ∼661k per day,” Ferrante stated. This revenue milestone validates Backpack’s business model and massive adoption, achieved notably without reliance on traditional Venture Capital (VC) funding.
This financial performance has fueled optimism on prediction platforms like Polymarket, where two specific markets have gone live to speculate on the Backpack token launch and its Fully Diluted Valuation (FDV).
According to current data from Polymarket, community sentiment is overwhelmingly bullish. The majority of participants predict that Backpack’s valuation will easily surpass one billion dollars ($1B) upon launch. Even more notably, nearly half of the speculators are betting that the valuation will exceed two billion dollars ($2B).
This market fervor is driven by a key differentiator in Backpack’s strategy: there is no VC token allocation. Unlike many projects that launch with large amounts of tokens locked for private investors, Backpack’s approach suggests a fairer, community-oriented launch, which historically fosters greater loyalty and long-term price stability.
With a solid revenue foundation of over $20 million per month and a community valuing the project in the multi-billions before its official token debut, Backpack is positioning itself as one of the most anticipated events in the current cryptocurrency market cycle.
