Crypto buying and selling platform Backpack Trade on Monday introduced that stakers of its upcoming Backpack token will be capable to earn fairness within the alternate, as the corporate strikes in direction of a possible preliminary public providing.
“Customers that stake the Backpack token for at the least a yr could have the chance to alternate these tokens for fairness at a set ratio — 20% of the corporate immediately,” said Backpack CEO and founder Armani Ferrante in a publish to X on Monday.
20% of Backpack fairness given to customers who stake for a yr.
Do not simply use the subsequent massive factor.
Personal it. 🎒 pic.twitter.com/whdGUQ0XyH
— Backpack 🎒 (@Backpack) February 23, 2026
Talking concerning the fairness providing, Ferrante stated many previous token launches have been constructed on “false guarantees” of utility — a pitfall he wished to keep away from. As an alternative, he stated he wished to supply customers another token construction exhibiting long-term dedication.
“I got here into crypto as a result of I imagine it should 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 method. I do not learn about you, however I am simply bored with false guarantees.”
Backpack’s provide would anchor the token’s worth to firm fairness.
Backpack prioritizes customers with tokenomics setup
Backpack first introduced its plan to launch the Backpack token in a publish on X earlier this month.
The tokens are supposed to be unlocked in levels as the corporate strikes in direction of a possible US IPO.
Backpack stated 25% of the 1 million-token provide shall be unlocked on the Token Era Occasion, with the remaining 37.5% launched earlier than the IPO, offered Backpack reaches sure milestones, equivalent to regulatory approvals and the launch of recent merchandise.
The primary 62.5% of Backpack tokens shall be distributed completely to customers, whereas the remaining tokens shall be unlocked post-IPO for Backpack’s staff 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 yr.
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Whereas the Backpack TGE date has not been set, the token-equity announcement comes as Backpack partnered with Securities and Trade Fee-registered switch agent Superstate to deliver tokenized shares onchain in October.
Backpack acknowledges its plan is not excellent
Ferrante slammed the present state of crypto, stating: “We dwell 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 count on the token to symbolize greater than something a single firm has to supply, however within the brief run, it is the most effective we will do to point out our long-term dedication to our customers.”
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