Backpack launches token equity program: Users who stake tokens for at least one year can exchange them for company equity at a fixed ratio.
PANews reported on February 23 that Backpack CEO Armani Ferrante stated in an article on the X platform that he entered the crypto space nine years ago not to issue "junk coins" or get rich quickly, but because he believed the industry would change the world. However, through multiple bull and bear markets, the hype surrounding decentralization, and scams, the industry has gradually deviated from its original intentions. Most projects' promises are unfulfilled and remain merely "promises," while the more centralized the system, the more limited the token's value. Apart from Bitcoin, Ethereum, and a few public chains, the actual utility of the vast majority of tokens remains mere speculation.
To address this issue, Backpack introduced an innovative token model: users who stake their platform tokens for at least one year can exchange them for company equity at a fixed ratio, currently 20%. This is the first case where users can earn company equity simply by using the product, demonstrating a long-term commitment to the community. Backpack will gradually roll out more features in the future, including some decentralized products and centralized solutions related to equity. Ultimately, the token value will not only represent a single company, but in the short term, this is the best way to demonstrate a long-term commitment to users.
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