Backpack plans to offer company equity to token stakers.

Backpack CEO Armani Ferrante stated that users who stake their upcoming token for at least a year will be entitled to redeem Backpack equity at a fixed ratio. The company has reserved 20% equity for this plan. Ferrante pointed out that this move aims to improve existing token models and address the issue of most projects relying solely on utility to support token value and lacking long-term decentralized momentum. Backpack is currently in funding negotiations at a $1 billion valuation, aiming to raise $50 million. Its total token supply is 1 billion, with the initial distribution opening up 25% of the supply to participants in the points program and Mad Lads holders. Furthermore, the token allocation plan for the team and investors has been deposited into the company treasury and will be locked for at least one year after the IPO. Team members will primarily be incentivized through holding company equity.