Backpack plans to offer company equity to token stakers

ZkProver · 2026-02-24T00:32:39+00:00

Backpack CEO Armani Ferrante stated that staking will soon allow users who have held tokens for over a year to exchange their tokens for company equity on a proportional basis, with 20% of the equity planned to be reserved. The company is advancing a $50 million funding round at a $1 billion valuation. The total token supply is 1 billion, with 25% available to points program participants and Mad Lads holders. Team and investor tokens will need to be locked for one year to incentivize the team with equity.

ZkProver

2026-02-24 00:32:39

Abstract generation in progress

ChainCatcher reports that Backpack CEO Armani Ferrante stated that users who stake their upcoming tokens for at least one year will be entitled to exchange them for Backpack company equity at a fixed ratio. The company has reserved 20% of its equity for this plan. Armani Ferrante noted that this move aims to improve the existing token model and address the issues of most projects relying solely on utility to support token value and lacking long-term decentralization incentives.

Currently, Backpack is in fundraising negotiations with a valuation of $1 billion, aiming to raise $50 million. Its total token supply is 1 billion tokens, with the initial distribution opening 25% of the supply to points program participants and Mad Lads holders. Additionally, the token allocation for the team and investors has been deposited into the company treasury, with a lock-up period of at least one year after the IPO. Team members will mainly be incentivized through holding company equity.

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