Proof of Reserves & Transparency - Backpack Exchange commits to daily Proof of Reserves, aiming for near real-time proofs in the future [1][5] - The exchange's ledger is built on a global linear log of authenticated transactions, making it verifiable [3][4] - Backpack's Proof of Reserves covers all "physical" balances, including available balances, open orders, and unborrowed lends [9] - All balances in the order book are physical, ensuring liquidity is real and anchored by the public chain [10] - Perpetual Futures on Backpack realize PnL in real time, which is accounted for in the Proof of Reserves [11] Technology & Implementation - The exchange is fully verifiable, with every state transition executable and matchable against the publicly attested ledger [5] - State integrity attestations are a key step in Backpack's journey to trust minimization [3] - Fiat currencies in banks require minting "deposit tokens" to integrate with the token-based system [12] - ZK proof code is public for anyone to see, clone, and run [13] Future Development & Considerations - The company acknowledges the need to publish code and data publicly to enhance the "trust me bro" aspect [6] - Comprehensive analysis of reserves should be paired with robust margin risk analysis [10]

Demand Side Catalysts - Hyperliquid有望上线Perp交易[1] - Hyperliquid可能开放Solana, Bitcoin, Ethereum等资产的现货交易，支持跨链桥接和更多资产的存款，或将支持跨资产抵押[1] - Assistance + insurance Fund（援助+保险基金）和Insilico Terminal的购买量增加，每周超过25%的收入用于购买，年交易量超过100 billion美元[1] - 预计将在所有中心化交易所上线Perp交易[1] - 预计将在二线中心化交易所上线现货交易[1] - 预计将在三线中心化交易所上线现货交易[1] - Hyperevm - L1+ EVM价值有望提升[1] - 总锁仓价值（TVL）接近2 billion美元的USDC，并且自身原生代币的数量也在增加[1] - 越来越多的DeFi、AI和其他项目正在涌现[1] - 基金和做市商（MMs）的购买[1] - 法币入口有望开通[1] Supply Side Catalysts - 质押机制将减少代币供应[1] - 即将公布的代币细节，包括用途、运作方式等，除了gas+质押+治理之外[1] - 长期供应量下降，保守估计年化下降约2-4%（通过燃烧）[1]