Cryptocurrency exchange BackLianGuaick attracts attention leveraging FTX’s former executives’ label, seizing the opportunity of Solana’s ecological heat to promote PYTH airdrop.

BackLianGuaick Revolutionizes Cryptocurrency Exchange with FTX Executives' Stint, Capitalizing on Solana's Booming Ecosystem to Launch PYTH Airdrop

Author: Wuhai, LianGuaiNews

Under the positive news of FTX’s restart and the return of Solana’s heat, the upcoming cryptocurrency exchange BackLianGuaick Exchange has been widely discussed in the community. Not only does the team consist of former FTX executives, but the new token offering tied to Solana’s SOL has also attracted a large number of airdrop hunters. In this article, LianGuaiNews will explain the past and present of BackLianGuaick and the recent development progress and ecosystem of Solana.

Why is BackLianGuaick Exchange highly anticipated?

BackLianGuaick Exchange is a cryptocurrency exchange founded by former FTX executives.

In September 2022, Coral, the developer of the Solana development framework Anchor, announced the completion of a $20 million financing round, with FTX Ventures and Jump Crypto as lead investors, and other strategic investors such as Multicoin Capital participating. The company then launched its flagship product – the interactive wallet product BackLianGuaick, which provides a native cryptocurrency experience.

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In October 2023, BackLianGuaick announced the launch of a “regulated” exchange – BackLianGuaick Exchange, and obtained the VASP license issued by the Dubai Virtual Asset Regulatory Authority. This was the first time BackLianGuaick Exchange entered the community’s vision. According to The Wall Street Journal, former FTX General Counsel Can Sun and former Alameda Research software developer Armani Ferrante launched BackLianGuaick Exchange in Dubai.

It is worth mentioning that Trek Labs, co-founded by Can Sun and Armani Ferrante, previously obtained the license from the Dubai Virtual Asset Regulatory Authority (VARA) and has now been incorporated into BackLianGuaick.

According to reports, BackLianGuaick Exchange will operate differently from FTX. First of all, its technology will allow users to self-custody their funds, which means that no one other than the users themselves can access their cryptocurrency wallets.

In addition, BackLianGuaick’s previous NFT project, Mad Lads, had a total trading volume of 2 million SOL tokens on four major trading platforms, including Magic Eden and Tensor, equivalent to $126 million. The trading volume once skyrocketed to the top of the entire network, indicating a certain user base.

Launch of PYTH token airdrop, SOL staking required for participation

Against this background, the community recently began to spread rumors that BackLianGuaick Exchange will launch staking airdrops and token offerings after its official launch. Combining a new type of exchange with community rumors about staking airdrops and token offerings, the community simply cannot resist the fear of missing out and the excitement of the token offering group towards new things and projects.

Then, on the evening of November 16th, BackLianGuaick announced on social media that it will cooperate with the oracle project Pyth Network to launch the PYTH token airdrop. The rules are as follows: users need to register a BackLianGuaick Exchange account and complete the real-name authentication process, then purchase or deposit at least 5 SOL tokens into their personal BackLianGuaick account and stake them for at least 24 hours.

Staking will start at 23:00 Beijing time on November 18, 2023, and users must stake before 19:59 on November 19, 2023 to be eligible to participate. Users will receive PYTH tokens in proportion to their trading volume on the BackLianGuaick platform, up to their allocated maximum quota.

This announcement also confirms that some of the rumors in the community are true.

The product is not fully open, with 90,000 users on the waiting list

The current products on the BackLianGuaick platform are not fully open to the public, and users can only go through the authentication process. Upon entering the BackLianGuaick official website, users can register and verify using their email, and then choose between a personal or business account for authentication. Currently, domestic users can use their passport for verification. The process and information required are consistent with other exchanges.

Due to the high number of registered users and the level of product completeness, there may be issues at this stage, such as not being able to log in even with the correct password, or not receiving verification codes via email.

According to official information, as of November 13th, there were 90,000 users on the waiting list.

BackLianGuaick’s rise and Solana ecosystem’s recovery

For the recently launched new exchange BackLianGuaick, binding with the visibly recovering Soalna will play a significant role in quickly opening up the market.

The performance of Solana’s token SOL in recent times is undoubtedly outstanding in the secondary market. From the community’s general belief that Solana had become a thing of the past due to the FTX scandal, to Ethereum co-founder Vitalik Buterin stating on social media that Solana’s chain has a bright future, to the community rumors of SOL tokens changing their market maker, and now the community has forgotten how they used to be bearish on Solana and started to embrace it as a potential competitor to Ethereum.

Setting aside the price’s influence on the community’s sentiment, Solana’s rapid development is traceable. Looking purely at the fundamental factors, Solana has partnerships that most public chains cannot match, such as integrating with the e-commerce platform Shopify and payment settlement on Solana LianGuaiy; Visa’s adoption of stablecoin payments on the Solana chain; and the founder of MakerDAO stating that Solana’s stack is the “Endgame” codebase most likely to be adopted by NewChain in the final stage.

At the same time, Solana’s ecosystem development is steadily progressing. This includes the launch of Web3 phones based on the Solana chain, NEON, the Eclipse new public chain becoming part of SVM on the Solana chain, and Solana’s official hosting of multiple hackathons with million-dollar prize pools and the opening of an entrepreneurship incubator. Additionally, Solana’s TVL has climbed steadily from the bottom of the valley at 200 million USD to the current 600 million USD, after reaching a peak of nearly 10 billion USD in value.

With the dual drivers of fundamentals and price performance, the Solana ecosystem continues to see active projects. For example, the distributed rendering network Render Network announced the launch of Solana and the release of the new SPL token RENDER; Jupiter Exchange, a trading aggregator based on Solana, recently revealed detailed information about the community airdrop of its token JUP, and so on.

Over the past year, Solana has been climbing from its lows and the ecosystem has gradually recovered. Although it is still far from its peak, the increased attention from the community is attracting new projects and products, which present investment opportunities. This creates a positive feedback loop for the community and the protocol.

Summary

Based on past expectations for the development of new platforms, it is not surprising that BackLianGuaick will attract users through its wealth creation effect. However, as users, while actively participating and discovering potential investment opportunities, it is important to control risks and manage expectations.

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