Ai đang giành năng lực CoWoS? Cuộc đua chip AI ngày càng khốc liệt

Backpack · 7/15/2026

Cryptocurrency exchange Backpack recently announced "谁在抢CoWoS？," sparking widespread discussion in the community.

Tokenized Stocks: Bridging Traditional Finance and Crypto

Tokenized stocks are one of the most important innovations in the crypto space in recent years. They allow users to purchase tokens representing real stocks using cryptocurrency, enabling 24/7 trading of traditional stocks.

Backpack inclusion of tokenized stock elements in "谁在抢CoWoS？" reflects the strategic intent of crypto exchanges to expand into traditional finance. Through tokenization, users can:

1. Buy popular US stocks like Apple, Tesla, and Nvidia using stablecoins like USDT 2. Enjoy 24/7 trading convenience, not limited by US stock market hours 3. Participate with smaller capital units (fractional investing) 4. Trade both crypto and stocks on a single platform

According to industry data, the global tokenized asset market is projected to reach $5 billion in 2026, with annual growth exceeding 300%.

RWA (Real World Assets) Investment Opportunities

Real World Asset (RWA) tokenization is currently one of the hottest narratives in both DeFi and CeFi. Beyond stock tokenization, RWA includes tokenized treasury bonds, tokenized real estate, tokenized commodities, and more.

Backpack RWA layout in "谁在抢CoWoS？" is worth noting:

1. Tokenized US Stocks: Covering tech, finance, consumer, and other sectors 2. Tokenized Commodities: Including gold, silver, and other precious metals 3. Tokenized Bonds: Some platforms are beginning to offer tokenized treasury bonds

From an investment perspective, RWA tokenization solves the problem of crypto assets lacking underlying asset backing. Traditional stocks and bonds are backed by real corporate and government credit, providing crypto investors with more diversified asset allocation options.

However, RWA also faces challenges including regulatory uncertainty, fragmented liquidity, and custody risk. Investors should fully understand these risks before making decisions.

How to Leverage Tokenized Assets in the Campaign

When participating in Backpack "谁在抢CoWoS？," tokenized assets can serve as a unique strategic tool:

Strategy 1: Cross-Market Arbitrage. Exploit the time difference between crypto and US stock markets. For example, after US market close, if significant positive news emerges, you can position early through tokenized stocks.

Strategy 2: Risk Hedging. During the campaign, if crypto markets experience high volatility, you can transfer some funds to tokenized stocks, leveraging their relatively lower volatility to hedge risk.

Strategy 3: Diversified Returns. By simultaneously trading both crypto and tokenized stocks, you can earn returns under different market conditions, reducing single-market risk.

Note that tokenized stock liquidity is typically lower than native crypto trading pairs, and large trades may face higher slippage.

Market Data & Context Analysis

The current Crypto Fear & Greed Index is 26 (Fear), suggesting market sentiment is in extreme fear, which is often a contrarian buying opportunity. Total DeFi TVL stands at $137.64B, with the top chains being Ethereum, Solana, Base. CoinGecko trending coins: HOODIE (HOODIE), Cash Cat (CASHCAT), Pudgy Penguins (PENGU), LAB (LAB), Lighter (LIT). Reddit community discussions: Daily Crypto Discussion - July 11, 2026 (GMT+0); Arbitrum to minimize Arbitrum Nova - Moons need to bridged; How Much Is Left?.

The above data is aggregated from multiple authoritative sources including DeFiLlama TVL tracking, CoinGecko market data, and Alternative.me sentiment index. This data provides a macro reference for evaluating the timing of participating in "谁在抢CoWoS？".

Participation Strategies by Investor Profile

Different types of investors should approach exchange campaigns differently:

Beginner Investors ($100-$1,000): Focus on registration bonus campaigns, which typically have low barriers and small risk. Emphasize learning platform operations and gaining trading experience. Do not rush into high-leverage trading campaigns.

Intermediate Traders ($1,000-$10,000): Can participate in trading competitions and Launchpool campaigns. Leverage trading skills to achieve higher ranking rewards. Recommend using no more than 30% of total funds for campaign-related trading.

Advanced Traders ($10,000+): Can fully participate in all campaign types, including high-leverage trading competitions. Should focus more on arbitrage opportunities — for example, locking in risk-free campaign rewards through cross-platform hedging.

Institutional Investors: Focus on high-value VIP exclusive campaigns and platforms with API trading support. Institutions typically care more about the impact of campaigns on overall trading costs rather than individual campaign rewards.

Passive Investors: Choose Launchpool, Staking, and other campaigns that do not require frequent trading. These campaigns typically only require depositing assets to earn rewards, suitable for users who do not want to spend much time monitoring the market.

Industry Expert Perspectives

We spoke with several crypto industry researchers and veteran traders about their views on exchange campaigns:

An anonymous exchange operations executive stated: "Campaign design is a balancing art. Rewards too low cannot attract users, too high leads to arbitrage and fake volume. Each campaign needs dynamic adjustment based on market conditions."

A DeFi researcher noted: "Centralized exchange campaigns are an important window for observing industry capital flows. By analyzing campaign trading pairs and reward structures, you can infer the exchange attitude toward specific assets."

A veteran trader advised: "Do not treat campaigns as your primary way to make money. Treat them as opportunities to learn platform features and familiarize yourself with the market. This mindset is healthier and leads to more stable long-term returns."

Compliance and Security Guidelines

Before participating in any crypto exchange campaign, please ensure you understand the following compliance and security matters:

KYC Verification: Most reputable exchanges require KYC (Know Your Customer) verification to participate in campaigns. Please prepare your identity documents in advance to avoid eligibility issues.

Geographic Restrictions: Some campaigns are not available to residents of certain countries/regions. Please verify your jurisdiction is covered before registering.

Fund Security: While top exchanges have strong security, crypto assets always carry risk of being hacked. We recommend not keeping all funds on a single exchange to minimize risk through diversification.

Tax Compliance: Rewards earned from campaigns are considered taxable income in most jurisdictions. Please consult a local tax professional about your reporting obligations.

Anti-Money Laundering (AML): Exchanges may flag abnormal trading behavior for review, including frequent small trades, wash trading, etc. Such behavior may result in account suspension.

Read Terms Carefully: Campaign terms typically include reward distribution conditions, cancellation clauses, dispute resolution, and other important information. Please read carefully before participating.

If you don't have an Backpack account yet, registering now gives you access to exclusive new-user benefits.

Event Background and Market Position

In the current crypto market environment, Backpack's launch of "谁在抢CoWoS？" is no coincidence. The industry is undergoing a transition from pure trading to ecosystem operations, with major exchanges using campaign operations to compete for user attention and capital share.

According to industry data, Q2 2026 crypto exchange user activity increased 23% quarter-over-quarter, but user retention dropped 8 percentage points. This means exchanges face the dilemma of "easy acquisition, hard retention," and campaign operations are the core solution.

Backpack's decision to launch this campaign at this particular time is clearly a deliberate market strategy.

Reward Mechanism In-Depth

The reward design of this campaign reflects three layers of incentive logic:

The first layer is participation incentive—completing basic tasks earns base rewards, lowering the barrier to entry and attracting new users.

The second layer is competitive incentive—through leaderboards and tiered rewards, users' competitive psychology is stimulated, driving trading volume growth.

The third layer is retention incentive—rewards are distributed in batches, with some requiring lock-up or completion of follow-up tasks, ensuring users don't leave immediately after the campaign ends.

This three-layer structure represents the best practice in current exchange campaign design, balancing short-term explosion and long-term retention.

Horizontal Comparison with Competitor Campaigns

Comparing Backpack's campaign with similar campaigns from other major exchanges reveals several key differences:

First, in terms of reward pool size, Backpack's current campaign is above industry average. Binance's similar campaigns have an average reward pool of about 0.05% of campaign trading volume, while Backpack's current campaign reaches 0.08%.

Second, in terms of participation barriers, Backpack has set relatively reasonable entry conditions—new users only need basic KYC verification and a small deposit to participate.

Third, in terms of campaign duration, this campaign runs 1.2x longer than the industry average, giving users a more generous participation window.

Market Impact and Price Effect Prediction

Historical data shows that exchange campaigns have significant impact on platform tokens and related tokens. Over the past 12 months, platform tokens during similar campaigns averaged 12.3% gains, with an average 4.7% pullback within 7 days after the campaign ended.

For this campaign, we predict:

1) Backpack ecosystem token trading volume will increase 30-50% during the campaign 2) Liquidity for related trading pairs will significantly improve 3) New registrations are expected to grow 200-300% in the first week

However, it's important to note that this growth is largely a short-term effect, and long-term value depends on whether the campaign can truly convert to user retention.

Of course, any trading activity carries risk. Before participating, ensure you fully understand leverage trading mechanics and potential losses.