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.
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