Odaily Planet Daily reports that Armani Ferrante, CEO of Backpack, stated that users who stake their upcoming tokens for at least one year will have the right to exchange them for a fixed proportion of Backpack’s equity. 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 issues of most projects relying solely on utility to support token value and lacking long-term decentralization incentives. Currently, Backpack is negotiating funding at a $1 billion valuation, aiming to raise $50 million. Its total token supply is 1 billion, with the initial distribution opening 25% of the supply to points program participants and Mad Lads holders. Additionally, the token allocation plan for the team and investors has been deposited into the company’s treasury, with a lock-up period of at least one year after the IPO. Team members will mainly be incentivized through holding company equity.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Circle ускорила чеканку 3.25B USDC, побивши Solana тижневий рекорд
In early April, Circle minted $3.25 billion USDC on the Solana blockchain, setting the largest single-week issuance record since 2026, indicating rising DeFi activity and demand for institutional capital inflows. As a liquidity medium, USDC supports trading and lending across the Solana ecosystem, and its huge coin-minting volume also underscores Solana’s important role in stablecoin settlement. Analysis suggests that the flow of funds will affect market impact strength.
MarketWhisper1h ago
OneFootball Club: After filtering, users outside the top 25k still meet the qualification for an empty subscription slot
Web3 fan platform OneFootball Club announced that the BALLS points leaderboard is not a final ranking, and users outside the top 25k may also qualify. All participants will receive a FanPass multiplier to use for future token air drops, and up to 100k OFC tokens will be allocated to actual contributors, with reward percentages that include different vesting periods. The claim window will remain open for 2 weeks; any unclaimed portion will be returned to the treasury.
GateNews2h ago
Ethena expands USDe collateral types to equities and commodities markets
Ethena officially announced that it will expand USDe’s collateral types after obtaining approval from an independent risk committee, with the goal of reducing concentration risk and achieving collateral structure diversification. It will cover four areas: institutional stablecoin lending and borrowing, real-world assets, basis trading in stocks and commodities, and financing for trading institutions.
GateNews3h ago
Encryption Supremacy: Zcash and Privacy in the Age of Scale
The essay discusses advancements in machine learning for Bitcoin transaction classification, highlights Zcash's increasing use of shielded transactions, and outlines the growth of decentralized liquidity in bypassing KYC. It also covers Zcash's post-quantum initiatives and its recent organizational restructuring.
CoinDesk10h ago
Polymarket reveals a 'full exchange upgrade' to take control of its own trading and truth
Polymarket plans to launch a new USDC-backed collateral token, Polymarket USD, as part of a comprehensive platform upgrade. This move aims to enhance control over settlement and liquidity. The potential introduction of a POLY token for governance could further refine market integrity, following controversies in its current governance system.
CoinDesk11h ago
Circle Minted $3.25 Billion USDC on Solana Past Week, What This Means
Circle Internet Group minted $3.25 billion in USDC on the Solana blockchain, marking the largest weekly issuance in 2026. This move reflects Circle's strategy to enhance USDC's accessibility and capitalize on Solana's speed and low fees amid rising stablecoin demand.
BlockChainReporter14h ago
