As the crypto IPO wave hits Wall Street, I'm analyzing why Backpack stands out—not just as another exchange, but as a true Web3-native platform with a compliant, product-led growth engine. With its wallet-exchange-NFT trifecta and global regulatory traction, it's building the kind of structure that Old Money actually understands. Spoiler: it’s not just about trading—it’s about ownership, yield, and identity. Let’s dive into the math behind the momentum.