Backpack: 25% of tokens will be distributed on TGE day, its core and model will be completely different from traditional tokens

Odaily News Backpack posted on X, stating that 25% of the tokens will be distributed on the day of the Token Generation Event (TGE), with 24% allocated to points users and 1% to the MadLads community.

Backpack CEO Armani Ferrante added in a post on X: "As the Token Generation Event (TGE) approaches, we will gradually disclose the tokenomics. It is still uncertain whether the term 'token' is appropriate to describe our TGE. It will be a token in form, but its core will be entirely different from the current model — the distribution mechanism will be different, the utility scenarios will be different, and even the functional design will be different. In fact, the differences are so significant that it might require a completely new name — a topic we will discuss another day."