Backpack Offers 20% Equity to Token Stakers Ahead of IPO
Backpack Exchange will allow users who stake its token for a year to exchange those tokens for 20% of the company's equity before its potential IPO.Summary
Crypto trading platform Backpack Exchange announced that users who stake its forthcoming Backpack token for a minimum of one year will have the option to convert those tokens into equity at a fixed ratio, representing 20% of the company today. CEO Armani Ferrante stated this structure aims to avoid the "false promises" of utility seen in many past token launches, instead demonstrating long-term commitment to users by anchoring the token's value to company equity. The tokenomics plan prioritizes users, with 62.5% of the initial 1 million-token supply distributed to users before the potential US IPO, while the remainder is reserved for team members and investors post-IPO. Ferrante acknowledged the current centralized state of crypto but positioned this offering as the best way to show commitment in the short term, with plans for progressive decentralization as the product evolves.
(Source：Cointelegraph)