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’s XRP Crashes 7% Weekly While New Crypto Project GCOIN by PlayNance Gains Momentum
The cryptocurrency market has lost more than $200 billion in total capitalization over the past few days. This comes on the back of a 7% drop in Bitcoin’s price, which also dragged down most altcoins. Ripple’s XRP is no exception.
XRP Price Shaky Amid Global
CryptoPotato20m ago
AWAKE completes the dual-chain ecosystem ILO’s first $100 million target and launches the $220 million DAI liquidity pool plan
AWAKE（LGNS）announced on March 31 that it has completed the first round of the $100 million dual-chain ecosystem plan ILO. The total project size is $220 million, and it plans to launch a dual-chain parallel development strategy after completing the ILO, while deploying new contracts on Anubis Chain.
GateNews1h ago
RIV Coin Launches on Solana to Bridge Institutional Capital with DeFi Infrastructure
[PRESS RELEASE – Dubai, United Arab Emirates, March 24th, 2026]
RIV Coin ($RIV), a Vault protocol token built on the Solana blockchain, has officially launched as the core token of a reserve-backed digital asset ecosystem. The project introduces a verifiable reserve framework that enables off-chain
CryptoPotato1h ago
OpenEden announces that the team and advisor tokens will have their lockup extended by 9 months, with no unlocking before January 2027
OpenEden announces that the team and advisor tokens will be locked up for another 9 months, extending the overall vesting period to January 2027. This decision reflects its long-term development strategy, and the team will focus on expanding the range of applications and deepening institutional as well as DeFi integrations.
GateNews3h ago
21Shares Researcher: Token issuance in the 2020s should increase the initial circulating supply ratio, strengthen value-capture mechanisms, and achieve transparency
21Shares researcher Darius Moukhtarzade pointed out at the EthCC conference that token issuance failures hit a record high, mainly due to a “low circulating supply, high fully diluted valuation” model. He proposed four practical frameworks to achieve sustainable tokenomics, emphasizing that for token success in 2026, a defensive on-chain economic system must be built within institutional capital and a regulatory environment.
GateNews3h ago
The general-purpose robot network Orbion completes deployment on the BSC mainnet and opens a 72-hour era token subscription.
The general-purpose robot network Orbion successfully deployed and went live on the BSC mainnet on March 31, with the goal of enabling end-to-end lifecycle management of general-purpose robots for users worldwide. The platform’s native token ORB has opened a 72-hour public subscription, serving as the core credential for governance, payments, and value transfer.
GateNews4h ago
