Backpack plans to offer company equity to token stakers

Backpack CEO Armani Ferrante stated that users who stake their upcoming tokens for at least one year will have the right to exchange 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 the issue that most projects rely solely on utility to support token value and lack long-term decentralized incentives.

Currently, Backpack is negotiating funding at a valuation of $1 billion, aiming to raise $50 million. The total supply of its tokens is 1 billion, with the initial distribution opening 25% of the supply to participants in the loyalty program and holders of Mad Lads. Additionally, the token allocation plan for the team and investors has been stored in the company vault, with a lock-up period of at least one year after the IPO, and team members will primarily be incentivized through holding company equity.