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Backpack Season 4 is about to conclude in 3 weeks, but the data performance has been soaring all along. Trading volume is increasing, open interest (OI) is rising, and the total assets under custody and lending are also surging. What's even more interesting is that these growths are happening when more than half of users worldwide still cannot access the platform.
In other words, the ceiling of the ecosystem has not yet arrived. Currently, Backpack is demonstrating strong growth momentum across various indicators—whether it's trading depth, the scale of user-locked assets, or activity in the lending market—all progressing simultaneously. This reflects the market's continued recognition of the platform's liquidity and ecosystem functions. When more users in different regions gain access, how much further this growth curve can go is something to look forward to.