Backpack CEO: Opaque trading platforms hide huge risks, and real-time settlement mechanisms improve system transparency

Odaily Planet Daily News Backpack CEO Armani Ferrante recently expressed his views on the Bitget VOXEL token incident on the X platform. He pointed out that the exchange should exist as a neutral third party, and as long as the architecture is reasonably designed, it should not bear the transaction risk itself. However, most exchanges currently have structural defects, such as the integration of market makers and exchanges, or the highly opaque underlying architecture, which is similar to a "code black box". Once a problem occurs, it is difficult for the outside to trace the specific cause. Armani emphasized that the core of perpetual contract products is to ensure that the unrealized and realized profits and losses of both long and short parties are completely conserved, and any value leakage may become a systemic defect. To meet this challenge, Backpack innovatively adopted the "Real-Time Settlement" mechanism-the actual balance settlement is completed every 10 seconds. This mechanism not only maximizes capital efficiency, but also effectively prevents systemic value leakage, ensuring that profits and losses are dynamically balanced between long and short parties, thereby better protecting user assets. In addition, Armani revealed that Backpack is also developing a Proof of Reserves (POR) system based on Zero-Knowledge Proof (ZKP), and plans to upload daily verification results to the Solana network to further enhance the transparency of funds and systems.