PANews February 23 News, Backpack CEO Armani Ferrante posted on X platform that he entered the crypto space nine years ago not to issue “shitcoins” or get rich quickly, but because he believed the industry would change the world. However, after multiple bull and bear markets, decentralization hype, and scams, the industry has gradually deviated from its original purpose. Most project promises are unfulfilled, merely “promises,” and the more centralized, the more limited the token value. Aside from Bitcoin, Ethereum, and a few other public chains, the actual utility of most tokens remains a matter of talk.
To address this issue, Backpack has 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, the share is 20%, making it the first case where users can obtain company equity solely through product usage, demonstrating a long-term commitment to the community. Backpack will gradually launch more features in the future, including some decentralized products and centralized schemes related to equity. Ultimately, token value will represent more than just a single company, but in the short term, this is the best way to show users a long-term commitment.
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
Strategy Drops $1.28 Billion on Bitcoin, Issues $377 Million in Preferred Shares
In brief
Strategy notched its largest Bitcoin purchase in over a month.
The firm issued STRC at its fastest rate since the product’s debut last July.
The company’s Bitcoin stockpile showed a $5.5 billion loss on paper.
Strategy spent $1.28 billion on Bitcoin last week, notching its large
Decrypt21m ago
Ripple’s XRP Price Could Outperform Bitcoin if 0.000017 BTC Breaks
For many years, XRP has struggled to keep up with Bitcoin when measured against the BTC pair. However, a new analysis suggests the long period of underperformance may be approaching a turning point.
Top analyst Egrag Crypto showed a hidden liquidity cycle can be observed on the chart of the XR
CaptainAltcoin46m ago
Bitcoin readies trendline showdown as weekly close sparks 60K target
Bitcoin (CRYPTO: BTC) navigated a technical crossroads as traders calibrated the outlook for the week ahead. After a weekend dip into the mid-$60k range, the price rebounded modestly, yet the real test lay with the long-standing 200-week exponential moving average, a line that has often defined the
CryptoBreaking1h ago
