Odaily Planet Daily reports that Armani Ferrante, CEO of Backpack, stated that users who stake their upcoming tokens for at least one year will have the right to exchange them for a fixed proportion of Backpack’s equity. The company has reserved 20% of its equity for this plan. Armani Ferrante pointed out that this move aims to improve the existing token model, addressing the issues of most projects relying solely on utility to support token value and lacking long-term decentralization incentives. Currently, Backpack is negotiating funding at a $1 billion valuation, aiming to raise $50 million. Its total token supply is 1 billion, with the initial distribution opening 25% of the supply to points program participants and Mad Lads holders. Additionally, the token allocation plan for the team and investors has been deposited into the company’s treasury, with a lock-up period of at least one year after the IPO. Team members will mainly be incentivized through holding company equity.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Ripple Torches Nine Million RLUSD as Race to Two Billion Supply Stalls - U.Today
Ripple Labs burned nine million RLUSD stablecoins to manage supply, emphasizing routine reductions for balancing and backing. Despite significant market cap growth, aggressive burns may hinder its $2 billion target.
UToday4h ago
Based announces BASED token will be directly airdropped to user Hyperliquid wallets on TGE day
The Omnichain Trading Platform Based announced that the BASED tokens will be directly distributed to users' wallets on Hyperliquid on the day of TGE, avoiding congestion from manual claims. Users must specify a receiving wallet before March 25; those who do not will have their tokens automatically sent to the default address.
GateNews6h ago
SIGN launches 100 million tokens for the Orange Basic Income (OBI) universal incentive program
SIGN officially announced the launch of the "Orange Universal Basic Income" incentive program, designed to reward long-term holders through a budget of 100 million SIGN tokens. The program uses on-chain balance and holding duration monitoring to distribute rewards, with the first quarter allocation reaching 25 million SIGN tokens. The incentive funds come from the Foundation's strategic buybacks, ensuring transparent rewards and full collateralization.
GateNews6h ago
Evernorth Discloses XRP Reserves Depreciated by $233.7 Million Last Year, Plans to Boost Returns Through DeFi Strategy
Evernorth Holdings disclosed in its S-4 filing an anticipated XRP impairment of approximately $233.7 million by 2025, primarily due to differences between the purchase cost and market price. Evernorth plans to actively manage its XRP reserves and introduce the RLUSD stablecoin to participate in decentralized finance transactions to enhance asset returns.
GateNews7h ago
Aster Chain Staking Feature Launches, Supporting Dual Reward Mechanism of Basic and Loyalty
Aster launched its staking feature on March 20th, allowing users to delegate ASTER tokens and choose lock-up periods to earn rewards through basic and loyalty incentives. The initial validators include Trust Wallet and others. The staking cycle runs from Monday to Sunday each week, and users must complete their staking before Monday to receive rewards.
GateNews11h ago
