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A globally regulated cryptocurrency exchange Backpack has issued its native token $BP on Solana through Wormhole's Sunrise platform, marking the first licensed exchange to use on-chain DeFi as its primary distribution channel. The token has a total supply of 1 billion, with 25% unlocked at (TGE), all allocated to users, and supports staking for potential equity conversion. Despite mixed community reactions, this issuance comes as Solana's decentralized exchange (DEX) trading volume has led all L1/L2 chains for six consecutive months, with spot trading volume expected to reach $15.8 trillion in 2025.