Crypto buying and selling platform Backpack Alternate on Monday introduced that stakers of its forthcoming Backpack token will have the ability to earn fairness within the alternate, as the corporate strikes towards a possible preliminary public providing.
“Customers that stake the Backpack token for at the very least a yr could have the chance to alternate these tokens for fairness at a set ratio—20% of the corporate right this moment,” stated Backpack CEO and founder Armani Ferrante in a submit to X on Monday.
20% of Backpack fairness given to customers who stake for a yr.
Do not simply use the following large 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 wished to keep away from. As a substitute, he stated he wished to supply customers an alternate token construction displaying long-term dedication.
“I got here into crypto as a result of I consider it should change the world … However someplace alongside the way in which, amidst the booms, the busts, the moonshots, the decentralization theater, and the straight up scams, we misplaced our method. I do not find out about you, however I am simply uninterested in false guarantees.”
Backpack’s supply would anchor the token’s worth to firm fairness.
Backpack prioritizes customers with tokenomics setup
Backpack first introduced it might launch the Backpack token in a submit 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 following 37.5% of the tokens can be launched earlier than the IPO, offered that Backpack reaches sure milestones, akin to regulatory approvals and the launch of latest merchandise.
The primary 62.5% of Backpack tokens can be distributed completely to customers, whereas the remaining tokens can be unlocked post-IPO for Backpack’s group members and traders.
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 strain 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 Alternate Fee-registered switch agent Superstate to deliver 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 count on the token to signify greater than something a single firm has to supply, however within the brief run, it is the perfect we are able to do to point out our long run dedication to our customers.”
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