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
The Definitive Stablecoin Landscape Series: North America
Stablecoins are undergoing an evolution into a foundational financial infrastructure. North America leads in development, focusing on regulated, compliant options. The market shows a shift with RLUSD gaining traction due to integration with Ripple, emphasizing real demand over exchange liquidity.
CoinDesk55m ago
“The “Bitcoin faucet” gameplay was like this all along!”
Jack Dorsey’s announced “Bitcoin Faucet Day” is intended to encourage local merchants to accept Bitcoin payments. Users can use it to support merchants and receive rewards. Square and Cash App have launched the “Bitcoin Payments Bounty” program, which offers a $25 reward for finding merchants that haven’t accepted Bitcoin payments and completing the first transaction, running until April 27. Participation is simple, with additional incentive rewards.
ChainNewsAbmedia4h ago
Fluent’s BLEND token public sale registration is now open, raising $1 million in funding with a $100 million FDV
Gate News update, April 7, Fluent posted a tweet saying that registration is now open for the BLEND token public offering, targeting $1 million in funding with a FDV of $100 million, with full unlock at TGE. On April 13, the token public offering will close, and the mainnet will go live 2 weeks after the end of the public offering. The total supply of the BLEND token is 1 billion, with an initial unlock of 75 million; 100 million will be allocated to the foundation, 225 million to investors, 200 million to the team, and 400 million to ecosystem expansion.
GateNews5h ago
Ether treasuries need liquid staking edge to beat ETFs, says Lido exec
Ether treasury companies may need to use liquid staking and other active yield strategies if they want to offer investors something beyond the staking rewards already available through listed Ether products, Kean Gilbert, head of institutional relations at
Cointelegraph5h ago
A suspected Etherfi investor address received $6.01 million in ETHFI
According to on-chain analysts monitoring by Ai Yi, on April 7, a suspected Etherfi investor address again received ETHFI tokens worth $6.01 million; it has cumulatively received 54.53 million ETHFI tokens, totaling $35.9M.
GateNews9h ago
