Backpack Plans to Offer Company Equity to Token Stakers

Odaily News: Backpack CEO Armani Ferrante stated that users who stake its upcoming token for at least one year will be entitled to exchange it for Backpack company equity at a fixed ratio. 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 issues where most projects rely solely on utility to support token value and lack long-term decentralization incentives. Currently, Backpack is in funding negotiations with a valuation of $1 billion, planning to raise $50 million. The total token supply is 1 billion, with the initial distribution opening 25% of the supply to participants of the points program and Mad Lads holders. Additionally, the token allocation plans for the team and investors have been deposited into the company treasury, locked for at least one year post-IPO, and team members will primarily be incentivized through holding company equity.