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 and inaccessible for at least 12 months after a successful listing. Backpack emphasizes that the core team and early investors hold equity in the parent company, not token allocations, meaning their wealth returns depend entirely on whether the company successfully goes 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, and compliant financial platform. He stated:
Before the company’s official listing (or other exit events), team members will not be able to 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) will the team and Backpack community be able to 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 regulations 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 about 48% of the global market, covering roughly 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.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
GMX DAO Accumulated Repurchase of 48.3K GMX in March, Total Investment of Approximately $320K
Gate News reports that on March 25, GMX DAO announced on the X platform that from March 18 to 24, it repurchased 18,500 GMX tokens for approximately $120,000, at an average price of around $6.49. Since launching the repurchase program on March 5, GMX DAO has cumulatively repurchased 48,280 GMX tokens with a total investment of approximately $320,000, at a comprehensive average price of around $6.63.
GateNews32m ago
Resolv Foundation suspends Season 4 airdrop claims and RESOLV token staking functions
Gate News: On March 25, Resolv Foundation announced that due to recent security incidents involving Resolv Labs' stablecoin USR, both the protocol and applications have been suspended. Season 4 airdrop claiming functionality is temporarily unavailable, and staking and unstaking functions for RESOLV tokens are also temporarily unavailable. Once the protocol recovery plan is finalized and the application can be safely used again, the relevant functions will be restored.
GateNews59m ago
Hyperliquid Burns $1B In Tokens As Ripple Prime Opens Capital Access
_Hyperliquid burns $1B in tokens and integrates Ripple Prime, while reporting $1.4M daily fees and expanding trading markets._
Hyperliquid has announced a major supply reduction alongside a new institutional access route.
The network confirmed a governance-approved burn of about $1 billion in
LiveBTCNews6h ago
The Bittensor ecosystem has surged, with TAO subnet staking amounts skyrocketing by 833,000% in one year.
Bittensor subnet ecosystem is expanding rapidly, with TAO token staking growing from $74,400 to $620 million, an increase of 833,000%. The number of subnets has grown from 80 to 120, with a market cap exceeding $1.5 billion, with some subnets performing exceptionally. It is expected that after market cap breaks through $1 billion, more staking will flow into subnets. TAO has recently experienced continuous price increases, reaching new highs, outperforming most cryptocurrencies.
GateNews6h ago
Backpack founder: The team is evaluating more complex witch cases
Backpack founder Armani stated on March 25 that the team is reassessing witch hunt cases and will establish an appeal channel to protect user interests, returning at least 50% of tokens to eligible users and conducting token buyback compensation.
BlockBeatNews7h ago
