Picked up my first @GalacticGeckoSG Been a long time coming. Gotta hold onto those Solana communities that continue to thrive!

I hope they don't go too heavy on the CGI. It was one of the best back then and worked so well. Excited to see where the franchise goes from here!

Darvish subtly asking to be added to the team next year

This game has had everything. All we're waiting for now is who will be the World Championship

🦎 How I Got Paid on X, got a temporary ban, and got my Gecko money Back This is a story about community... I joined the @GalacticGeckoSG family in late November 2024. A few things about stood out, leadership, community and support. That said, I had a goal, which was to join the Gecko Growth Group and learn how to monetize my content on X. Fast forward 3 months, I hit all the requirements to gain access to the X creator program. It was no mean feat, I'm a small account, but I had a bunch of chad geckos, motivating, supporting and coaching me all the way. I started to get payouts in March, but 6 weeks later got an email saying I had a temporary ban. No idea why, sadly. 😢 Just before that, I had pivoted to better content. Focused on more value, trying to stay consistent, and always looking to improve, it was tough but I kept at it, despite payouts being on pause. Fast forward again! Just over two weeks ago, I was released from creator purgatory, and last Friday I received my largest pay out yet. By my calcualtions I'm 4-6 weeks away from recovering the cost of my first gecko, through the creator program. I'm hoping I can do it under 12 months... That might seem like a flex, but what I want people to know is, this is what happens when you join the right community. The Geckos' support never stopped. Their community offers various "schools" of learning ,from DLLM, trading, NFT and Crypto Alpha and of course the Gecko Growth Group. They want members to build sustainable wealth, and the community has stood the test of time because of this. Geckos are built different: • They want collective success. It’s a genuine😉culture of lifting each other up. • They provide the actual tools. It’s actionable learning, with a variety of coaches no matter your starting point. • They offer real support, if your struggling with anything life throws at you, talk to them. If you’re looking for a community that's invested in your long-term success on X or in Web3, the #GeckoDAO is where you'll find it. I am my Gecko, and my Gecko is me.

What a game

Why would you pitch to him?!

Great Base running!

This aged quickly

Ace Ventura & The Mask and a fan forever since

Thank you for making Disney go 18+ No one else was able to make it happen

@netflix can you please make a Naruto live action so I can relive my childhood dreams like all these one piece fans 🥺

Fixed it for ya

This held up

Jack should be called Barry

Real stocks. On Solana. Backpack will be the first CEX to list SEC-registered equities on chain. Coming soon 🎒

We're the Millers - TLC - Waterfalls

The Monad Airdrop Claim Portal is open 💜 Thousands of Backpack users are eligible. Tap the banner on your Solana wallet to enter 🎒

If I didn't hear the live audience, I would've thought he put himself in slow motion

The timeline over the past few days has been out of control. Some things absurd. Some things deserved. Here's my perspective. - When the market crashed during the industry's largest liquidation event in history, a lot of people got liquidated. This hurt a lot of people. The crash created a lot of questions. What's ADL? Why is my account negative? If I got liquidated will there be compensation? - My policy and style is always to answer any and all questions in excruciating detail. My tweets are overly long. My replies overly technical. My tendency is to be as transparent as possible to give people all the information needed to make their own decisions. We don't shy away from questions. We encourage them because we always try to do the right thing and stand by our actions and stand with our users. - The first big wave of FUD came from a reply to a question where about 40 users deposited into their account before their negative equity was settled. This was a small issue. A real issue (easily fixed). But it was blown out of proportion. Someone screenshotted a reply out of context. It went viral. - The second big wave of FUD came from a tweet from the Backpack Chinese twitter account. We have several accounts run by local regional people all around the world. Neither I nor the Backpack marketing team are involved with these accounts (you probably notice this with a lot of crypto companies on twitter). This post also went viral, because, honestly, it was just absurd. I suppose this had the intended effect of the author, but from my point of view it was in extremely bad taste and not representative at all Backpack the company. I hate the tweet. It's tempting to want to laugh about it. But this isn't a laughing matter to me. It went viral. - There were many real issues exposing very real, very serious market structural flaws across the industry. Backpack included. The fact that markets could swing so precipitously so suddenly is undeniably a problem that needs to be addressed. - Perhaps Backpack's biggest issue was lack of liquidity. When the crash happened, the majority of liquidity providers on Backpack dried up. This is *the* issue to address (not the negative equity settlement issue that somehow went viral). - Our weak point as an exchange has always been that we don't run our own internal market maker. Our goal has always been to build the exchange as a completely neutral platform without a trusted trading entity. We aren't a counterparty for any trade. If liquidity disappears, we need to be able to close down positions and liquidate positions to ensure system solvency. This was a decision we made in the beginning due to what we saw with Alameda and FTX. But it's clear after the recent crash that, if liquidity vanishes, even if the risk engine works as designed, liquidating users to wind down leverage creates a horrible experience for everyone. It's true that all exchanges need liquidations and auto deleveraging. But it's also true we should minimize this as much as possible. - There are various solutions to this. Circuit breakers are a pretty great one, although something no crypto exchange does at the moment. Vaults are another one that appear to have worked impressively on other venues such as Hyperliquid. And this is perhaps the most popular solution right now. - Ultimately, if liquidity vanishes, then markets swing. Liquidations can happen. ADLs can happen. Losses can happen. Anything with leverage of any kind is at risk, as we all saw. These are all very real problems that need addressing, and one we are going to take immediate action on. Exchanges are some of the most security critical systems in crypto. They deserve every bit of scrutiny and FUD they get. FUD is ultimately an opportunity to expose a weakness that should be fixed or an opportunity to express a strength through correcting a misunderstanding. This week, there's been a lot of both. At the end of the day, all that matters is not avoiding FUD or avoiding scrutiny--these things might be painful, but they are ultimately good--all that matters is your users and creating an environment for them to thrive. A lot of people were hurt by the market moves across the industry. A lot of lessons to learn. A lot of improvements to make. And a lot of work to be done to come out stronger.

Waking up to see this post, I'm a exhausted, disappointed, and heart broken to see it go viral and to see the responses. No one cares about our users more than our team, and if you take the time to actually read our Discord and my tweets over the past day, I hope you'll see that. The team has spent the past 24 hours all hands on deck to make sure every single user story has been accounted for. I don't have a crisis management team for this post. I honestly am shocked by it, given how much of a disconnect there is between how we actually feel, our actions, and the sentiment of the tweet. All I can do here is to give as much information as I can and to let the reader infer the truth. As most of our long time users know, we often make mistakes, but we always do the right thing. This post appears to have taken a reply to a question out of context, where I'm explaining why something happened at a technical level. It doesn't mention our policy, our response, or what we're actually doing after yesterday's massive liquidation cascade. The truth is that - We paid out each and every trader *yesterday* immediately and automatically without issue. This has never been an issue. - If you read our Discord announcements, you'll see that there has been zero clawbacks and zero socialized losses. - We published our daily proof of reserves yesterday and the exchange has been operating uninterrupted since yesterday (although certainly with plenty of hiccups along the way) - However, liquidity dropped off significantly when the market collapsed, causing a cascade of liquidations and ADLs on Backpack and every other exchange. - As you can imagine, due to the massive liquidations, there are a lot of questions about what happened, e.g., what's auto deleveraging? - This quoted screenshot and the associated tweet is completely taken out of context and doesn't communicate what is actually happening. The screenshot, in truth, is a somewhat technical reply illustrating *how* futures profits and losses work. It is *not* a policy choice in response to any incident. It's explaining *why* something happened. For those that don't have the context, here are the details: - Firstly, Backpack is a completely neutral party. The exchange doesn't take on positions for users. We don't provide liquidity ourselves. The whole system works without reliance on any priviledged trader, vault, or any other party. In essence, it's infrastructure acting as a peer to peer match making service/exchange between longs and shorts, winners and loser. - Every long has a short. This is a fundamental invariant of any perpetual futures system. - When positions are closed, there is a settlement process, where profits and losses are exchanged between longs and shorts, winners and losers. Profits for perps are not printed out of thin air. It is not taken directly from our wallets either. Settlement is an intermediate step to realize the PnL. - Winners on perps earn profits from losers. It's zero sum. That PnL is always conserved between the two parties on any given trade. Your counter party is the person on the other side of the exchange. When you profit on a perp, the losses are paid out directly from losers. If the losers run out of money, e.g., due to going bankrupt, then there's no money for the winners to realize their profits. What happened yesterday, and what this quoted post is referring to, is that some of the losers went bankrupt and as a result their accounts were stuck in this "settlement" step. As a result, when those losing positions deposited into the exchange, the settlement process was able to automatically complete and the winners were automatically paid. The issue: a small amount of these bankrupt users deposited into the exchange *before* we settled all accounts on the exchange on behalf of user. What the quoted post fails to mention is that we did this already, yesterday, before we published our daily proof of reserves, and we did this without question because it's simply the right thing to do. Make no mistake: all positions have been settled without question across the board. We did not touch a single penny of unrealized PnL from our users and will never do so. Going back to the topic of settlement mechanics. Settlement is not some horrible decision we made where we decided that we would take money from users after yesterday's event. It's a fundamental part of how the peer to peer system works: Loser pay winners directly. The exchange itself is not the counter party for a trade. The counter party is the person on the other side of the trade when you open a long or a short. As a result, there's never a run on the bank risk. That's one of the many reasons why we are so comfortable publishing proof of reserves every single day, even on a historic liquidation day like yesterday. Even if the whole system were to blow up, the losses, contagion, and risk is isolated between all the longs/shorts, winners/losers. Anyone holding spot with no leverage is unaffected. This is a relatively technical point but it's an important one. We put an enormous amount of work into designing a system robust to these types of situations. Risk isn't an after thought, it's a core part of how the whole system is built. To any user that deposited while their account was being settled--or to anyone that was unexpectedly affected for any reason--they should please email support@bacpack.exchange and give us any and all information so that we can help. We are also present in Discord to answer questions. We do our absolute best to be available there all day every day, although in this case email is a lot easier for us to stay organized to move as quickly as possible. In any case, I hope this clarifies the below quoted tweet, and what is actually happening. Honestly, we try to be some of the most approachable people we can. There's no question we don't answer. There's no PR crisis management team, here. We just do the right thing and hope that is good enough for the world. We've put our heart and souls into our product, users, and community, and we will continue to do so. Thank you for reading.