Why Did 97% of Backpack Users Lose Their Assets in the Bull Run? The Hidden Psychology Behind Solana’s Token Rush

I remember the exact moment—the clock struck 5:35 PM EST on July 3rd. Backpack, this gleaming Solana-native wallet-exchange hybrid, went dark. Not because of bad code, but because we built an entire economy on hope.

We told users: ‘Earn points by trading.’ So they traded. And traded. And traded—until their positions were auto-liquidated, their history erased, their $130K losses untraceable.

This wasn’t a crash. It was a psychological audit.

Backpack’s积分系统 wasn’t designed to reward loyalty—it was engineered to trigger dopamine loops. Every trade triggered an alert: ‘You’re one step closer to the next airdrop.’ And so they chased it—like moths to flame.

I spoke with @YourAirdropETH last night. They said: ‘I just referred five friends… now my wallet is gone.’

The data didn’t lie—but our hearts did.

This platform wasn’t trying to be ‘Solana’s Binance.’ It was trying to be a casino dressed as DeFi—with NFTs as slot machines and trading volumes as pull levers.

The problem isn’t that Backpack failed. The problem is that we believed technology could substitute for trust.

And now? Phantom wallets are filling the void. Raydium is stealing traffic. The real question isn’t ‘Will it recover?’ It’s: ‘Did you ever really own your assets—or did you just lease them?’

I’m not here to scare you. I’m here to ask: When your next airdrop hits—will you still scroll?