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
Pi Network’s First Big Post–Pi Day Announcement Leaves Pioneers Unimpressed
It has been two weeks since the conclusion of the much-anticipated Pi Day (March 14), in which the Core Team behind Pi Network announced some major updates and progress on key infrastructure developments.
One of those garnered the community’s attention, as many of them have been waiting for a
CryptoPotato21m ago
CoinList will support OneFootball's OFC token TGE on April 9.
BlockBeats news, on March 29, CoinList officially announced that it will support the OFC token TGE conducted by the soccer media platform OneFootball on April 9, with tokens distributed to the non-custodial CoinList wallets of sale participants.
The soccer media platform OneFootball stated that in addition to the TGE of the native token OFC, it will also launch FanPass, several new products, and a brand-new roadmap.
BlockBeatNews8h ago
World Foundation completed a $65 million WLD over-the-counter sale, with an average price of $0.2719.
World Foundation announced on platform X that its subsidiary World Assets completed multiple over-the-counter transactions in the past week, selling approximately $65 million worth of WLD tokens at an average price of $0.2719. Some of the tokens have a 6-month lock-up period, and the funds will support core operations, research and development, and ecological construction.
GateNews16h ago
Playnance Launches GCoin MEXC Listing with 200,000 Holders and 2M Daily Transactions
[PRESS RELEASE – Tel Aviv, Israel, March 18th, 2026]
Today, Playnance has officially launched GCOIN trading, marking a significant milestone in the expansion of its Web3 entertainment ecosystem. The token is now live on MEXC, with GCOIN/USDT trading opening on March 18, 2026, at 13:00 UTC
CryptoPotato18h ago
