Crypto buying and selling platform Backpack Change on Monday introduced that stakers of its forthcoming Backpack token will be capable of earn fairness within the change, as the corporate strikes towards a possible preliminary public providing.
“Customers that stake the Backpack token for no less than a 12 months may have the chance to change these tokens for fairness at a set ratio—20% of the corporate at this time,” stated Backpack CEO and founder Armani Ferrante in a put up to X on Monday.
20% of Backpack fairness given to customers who stake for a 12 months.
Do not simply use the subsequent huge factor.
Personal it. pic.twitter.com/whdGUQ0XyH
— Backpack (@Backpack) February 23, 2026
Talking in regards to the fairness providing, Ferrante stated many previous token launches had been constructed on “false guarantees” of utility — a pitfall he needed to keep away from. As a substitute, he stated he needed to supply customers another token construction displaying long-term dedication.
“I got here into crypto as a result of I imagine it may change the world … However someplace alongside the best way, amidst the booms, the busts, the moonshots, the decentralization theater, and the straight up scams, we misplaced our means. I do not find out about you, however I am simply uninterested in false guarantees.”
Backpack’s provide would anchor the token’s worth to firm fairness.
Backpack prioritizes customers with tokenomics setup
Backpack first introduced it could launch the Backpack token in a put up on X earlier this month.
The tokens are supposed to be unlocked in phases as the corporate strikes towards a possible US IPO.
Backpack stated 25% of the 1 million-token provide can be unlocked on the Token Technology Occasion, whereas the subsequent 37.5% of the tokens can be launched earlier than the IPO, offered that Backpack reaches sure milestones, reminiscent of regulatory approvals and the launch of recent merchandise.
The primary 62.5% of Backpack tokens can be distributed solely to customers, whereas the remaining tokens can be unlocked post-IPO for Backpack’s workforce members and buyers.
Backpack stated 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.
Associated: Kraken acquires tokenization platform Magna forward of potential IPO
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 carry tokenized shares onchain in October.
Backpack acknowledges its plan isn’t excellent
Ferrante slammed the present state of crypto, stating: “We reside in probably 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 identical 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 brief run, it is the very best we will do to point out our long run dedication to our customers.”
Journal: Bitget’s Gracy Chen is on the lookout for ‘entrepreneurs, not wantrepreneurs’
