Crypto buying and selling platform Backpack Change on Monday introduced that stakers of its forthcoming Backpack token will have the ability to earn fairness within the alternate, as the corporate strikes towards a possible preliminary public providing.
“Customers that stake the Backpack token for no less than a 12 months could have the chance to alternate these tokens for fairness at a hard and fast ratio — 20% of the corporate at present,” mentioned Backpack CEO and founder Armani Ferrante in a publish to X on Monday.
20% of Backpack fairness given to customers who stake for a 12 months.
Do not simply use the subsequent large factor.
Personal it. 🎒 pic.twitter.com/whdGUQ0XyH
— Backpack 🎒 (@Backpack) February 23, 2026
Talking concerning the fairness providing, Ferrante mentioned many previous token launches had been constructed on “false guarantees” of utility — a pitfall he needed to keep away from. As a substitute, he mentioned he needed to supply customers an alternate token construction exhibiting long-term dedication.
“I got here into crypto as a result of I consider it may change the world … However someplace alongside the way in which, amidst the booms, the busts, the moonshots, the decentralization theater, and the straight up scams, we misplaced our means. I do not learn about you, however I am simply bored with false guarantees.”
Backpack’s supply would anchor the token’s worth to firm fairness.
Backpack prioritizes customers with tokenomics setup
Backpack first introduced its plan to launch the Backpack token in a publish on X earlier this month.
The tokens are meant to be unlocked in phases as the corporate strikes towards a possible US IPO.
Backpack mentioned 25% of the 1 million-token provide will likely be unlocked on the Token Era Occasion, with the remaining 37.5% launched earlier than the IPO, supplied Backpack reaches sure milestones, comparable to regulatory approvals and the launch of recent merchandise.
The primary 62.5% of Backpack tokens will likely be distributed completely to customers, whereas the remaining tokens will likely be unlocked post-IPO for Backpack’s staff members and buyers.
Backpack mentioned the tokenomics setup goals to invert a mannequin that normally sees insiders receiving massive allocations early, with time-based vesting creating predictable promote stress on retail customers who are sometimes left holding the bag.
Backpack was based in 2022 by Ferrante, who beforehand labored on the FTX-linked Alameda Analysis earlier than the 2 entities collapsed in November of that 12 months.
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Whereas the Backpack TGE date has not been set, the token-equity announcement comes as Backpack partnered with Securities and Change Fee-registered switch agent Superstate to convey tokenized shares onchain in October.
Backpack acknowledges its plan isn’t good
Ferrante slammed the present state of crypto, stating: “We stay in essentially the most centralized period crypto has ever skilled,” and including: “The extra centralized one thing is, the much less significant a token is.”
On the similar time, Ferrante acknowledged that the token-equity providing would begin out comparatively centralized however added that plans are in place to progressively decentralize the token because the product evolves.
“I anticipate the token to signify greater than something a single firm has to supply, however within the quick run, it is one of the best we are able to do to indicate our long run dedication to our customers.”
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