Backpack's fully diluted valuation (FDV) has reached $644 million, with each point valued at $0.377. The probability of achieving a $500 million FDV on POLY is estimated at 55%. In comparison, other projects' market cap rankings are as follows: edgeX at $1 billion (50% probability), Variational at $300 million (59%), StandX at $200 million (70%), Extended at $300 million (44%), Ostium at $300 million (42%), Pacifica at $300 million (32%), Paradex at $300 million (27%), Reya at $150 million (27%), and Based at $100 million (37%). If Bitcoin experiences a recovery in March and Backpack continues to release positive developments, there is potential for Backpack's FDV to reach $1 billion.