PANews February 23 News, Backpack CEO Armani Ferrante posted on X platform that he entered the crypto space nine years ago not to issue “shitcoins” or get rich quickly, but because he believed the industry would change the world. However, after multiple bull and bear markets, decentralization hype, and scams, the industry has gradually deviated from its original purpose. Most project promises are unfulfilled, merely “promises,” and the more centralized, the more limited the token value. Aside from Bitcoin, Ethereum, and a few other public chains, the actual utility of most tokens remains a matter of talk.
To address this issue, Backpack has introduced an innovative token model: users who stake their platform tokens for at least one year can exchange them for company equity at a fixed ratio. Currently, the share is 20%, making it the first case where users can obtain company equity solely through product usage, demonstrating a long-term commitment to the community. Backpack will gradually launch more features in the future, including some decentralized products and centralized schemes related to equity. Ultimately, token value will represent more than just a single company, but in the short term, this is the best way to show users a long-term commitment.
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
Trump Releases Iran De-escalation Signals, Bitcoin Surges and Oil Prices Plummet, Market Shows "Golden Trading Window"
On March 24th, Trump's announcement regarding the de-escalation of the Iran situation triggered rapid global market reactions, with stock markets surging, crude oil plummeting, and Bitcoin rising, demonstrating a warming of market risk appetite. Various asset classes showed distinctly different reaction paths to the same event, with some funds capitalizing on early positioning, drawing market attention to information sensitivity.
GateNews6m ago
BTC/Gold Correlation Hits a 3-Year Low — And It Signals a Bitcoin Bottom
The article discusses the significant liquidation risks faced by three altcoins in late March, the reversing correlation between Bitcoin and stocks, and the influence of the Iran war on the Benner Cycle prophecy.
BeInCrypto8m ago
MicroStrategy Goes Big Again With $44 Billion in ATM Offerings to Fuel Bitcoin Buying
Australian Pension Fund considers introducing crypto offerings amid rising adoption. Balancer Labs shuts down with support for streamlined strategy. Ethereum whales are divided on tactics as ETH experiences a decline.
BeInCrypto13m ago
Bitcoin ETFs Score $167 Million as Wall Street Pulls Billions From Gold
The article discusses significant developments in the financial market, including the implications of a $1,000 investment in crypto revealing Israel's missile defense secrets, a new Senate deal on stablecoins, and potential impacts of economic trends on Trump's influence and Bitcoin and gold prices.
BeInCrypto24m ago
CoinDesk 20 performance update: Bitcoin Cash (BCH) gains 2.3%, leading index higher
CoinDesk Indices reports a daily market update of the CoinDesk 20 Index, currently at 2025.84, up 0.2%. Leaders include BCH and SOL, while APT and ICP are lagging behind.
CoinDesk50m ago
