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Backpack Investigates BP Trading as Polymarket Bet Nears $200 Million FDV Resolution

Backpack says it is reviewing traders accused of buying BP to lift the token above $0.20 while a Polymarket (crypto prediction market) contract tied to BP’s post-TGE FDV (fully diluted valuation) approaches settlement.

Summary

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Terms & Concepts
  • FDV (fully diluted valuation): A token valuation metric that estimates a project’s total market value if all tokens were in circulation.
  • TGE (token generation event): The point when a crypto project first creates and distributes its token supply onchain or to users.
  • Polymarket: A crypto-based prediction market where users trade on the outcome of future events using market-implied probabilities.