Armani Ferrante (@armaniferrante) “In the limit, Backpack and Perp DEXs are going down completely different paths.” — TopicDigg

In the limit, Backpack and Perp DEXs are going down completely different paths. Perp DEXs are going to eat the entire unregulated offshore speculation market currently dominated by the large CEXs like Binance. This is a huge opportunity, and this is a good thing for the industry. The world needs trust minimized DEXs to replace the status quo that has dominated for far too long. Backpack isn’t trying to compete here. Please use your favorite DEX and use it with the Backpack wallet to on/off ramp, to bridge, and to access any decentralized app on any blockchain. Ultimately, Backpack isn’t trying to compete with any crypto company. Backpack is trying to go after Wall Street, so that we can grow crypto from the small, mostly irrelevant market it is today into the backbone of the entire world economy. There’s a reason why you don’t have good fiat rails on any perp DEX. There’s a reason why you can’t access real stocks with cash dividends, voting rights, and legal protections (e.g. in the event of bankruptcy) on any perp DEXs. Accessing these regulated products is a completely different game. For better or worse, banking laws, securities laws, KYC/AML all apply and they aren’t going anywhere. You aren’t going to get a bank account in Japan for JPY without that. You aren’t going to get a master account with the Federal Reserve without that. You aren’t going to legally be the official owner of a security/stock without that. Wall Street needs to change, and the world needs a trust minimized crypto native financial institution to go after that opportunity. That’s Backpack. While the small CT bubble argues over whose token is better, keep in mind that there are much larger stakes at play. The offshore CEX monopoly needs to be disrupted, and it’s not done yet. Wall Street needs to be disrupted, and it’s not done yet. The jobs not finished, so keep your eye on the prize.