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 Burns 9M RLUSD, Slowing Push Toward $2B Supply Target Pace Now
RLUSD Supply Adjustments and Treasury Activity
Ripple executed the latest burn through its treasury wallet, permanently removing nine million RLUSD tokens from circulation. Consequently, the move reduced the available supply and followed earlier large-scale burns during the same month. The action f
CryptoBreaking6h ago
World Coin Team Allegedly Conducts OTC Transactions Involving 35 Million USDC and 117 Million WLD
Gate News Report: On March 22, according to Onchain Lens monitoring, the World Coin team is suspected of conducting OTC transactions. The team received 35 million USDC from FalconX and a certain CEX, and subsequently transferred 117 million WLD tokens to OTC trading addresses. These tokens may also be provided for market maker usage.
GateNews16h ago
TRUMP memecoin race: Spending up to $7.4 million to attend a party with Donald Trump
The essay discusses a lunch event with Donald Trump scheduled for April 25, 2026, at Mar-a-Lago. Participation is determined by a blockchain ranking linked to the Official TRUMP token, requiring top wallet holders to spend between $70,000 and $7.4 million. Despite high costs, interest remains strong due to perceived value beyond financial benefits.
TapChiBitcoin16h ago
Pump.fun has repurchased PUMP tokens accounting for over 30% of the circulating supply, with a total value exceeding $335 million.
Gate News reports that as of March 22, Pump.fun has cumulatively repurchased 107,895,124,091 PUMP tokens since beginning buybacks on July 15, valued at approximately $335 million, reducing the total circulating supply by 30.479%.
GateNews16h ago
Polymarket Official: Major Announcement Next Monday! Possibly Funding News or Token Launch
Polymarket official member Mustafa teased major news coming next Monday, sparking community speculation about a new funding round or POLY token issuance. According to SEC filings, Polymarket has disclosed a $257.5 million financing plan, with valuation competition against rival Kalshi intensifying. If the news confirms a token issuance, it is expected to attract a large number of active users.
動區BlockTempo03-21 11:10
Ripple Burns 9M RLUSD, Slowing Push Toward $2B Supply Target Pace Now
RLUSD Supply Adjustments and Treasury Activity
Ripple executed the latest burn through its treasury wallet, permanently removing nine million RLUSD tokens from circulation. Consequently, the move reduced the available supply and followed earlier large-scale burns during the same month. The action f
CryptoBreaking03-21 10:40
