Founded by Solana developer Armani Ferrante and former FTX executive Tristan Yver, the cryptocurrency exchange Backpack announced its token distribution and unlocking mechanisms on Monday, emphasizing that insiders will be unable to cash out or profit from tokens before the company goes public.
According to a statement released by Backpack, 25% of the total token supply (250 million tokens) will be airdropped directly to the community at the token generation event (TGE), with 240 million allocated to Points holders and 10 million provided to Mad Lads NFT holders.
To demonstrate a commitment to sustainable growth, Backpack has designed very strict unlocking restrictions. Additionally, 37.5% (375 million tokens) will serve as “growth incentives,” which will be unlocked in phases only when the company reaches certain regulatory compliance, product expansion, and market access milestones. The remaining 375 million tokens will be recorded on the company’s balance sheet and will be fully locked for at least 12 months after a successful listing, with no access permitted. Backpack emphasizes that the core team and early investors hold equity in the parent company, not token allocations, meaning their financial returns depend entirely on the company’s success in going public.
Armani Ferrante, founder of Backpack, stressed that the core purpose of this design is to prevent insiders from cashing out before the platform matures, ensuring that all returns are based on the exchange truly growing into a “large-scale, sustainable, compliant financial platform.” He stated:
Before the company is officially listed (or other exit events involving equity), team members cannot earn any personal wealth from this project. Only after enduring all the hardships and successfully entering the world’s most liquid capital markets (referring to a U.S. listing) can the team and Backpack community reap the long-term rewards of their efforts.
Backpack aims to list in the United States, joining other crypto companies, hoping to benefit from clearer regulatory environments and increased recognition of digital assets. Ferrante explained:
Backpack is committed not only to building excellent cryptocurrency products but also to developing outstanding traditional financial products. Our goal is not only to enable users to access various digital assets, blockchain, and decentralized applications (DApps), but also to actively integrate with global banking and payment systems.
Ferrante further pointed out that Backpack currently serves approximately 48% of the global market, covering about 48% of worldwide trading demand. Unlike many peers, Backpack is not rushing to expand its footprint but is prioritizing obtaining regulatory licenses in various regions to lay a foundation for long-term development.
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