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
Grayscale Research Head: Bitcoin Rally Above $76K Could Signal Start of Bull Market Phase One
Grayscale research head Zach Pandl analyzes Bitcoin's rebound from a February low, using the realized price metric to show recent buyers at breakeven and hint at an early bull phase, with a reported bottom around $65k-$70k.
Grayscale’s Pandl: Bitcoin hit ~63k in Feb, rose to ~76k; realized price ~74k shows recent buyers breakeven, hinting at early bull phase and a bottom around 65-70k.
GateNews1h ago
Scammers Impersonating Iranian Officials Demand Bitcoin and USDT from Ships in Strait of Hormuz
Gate News message, April 21 — Scammers posing as Iranian officials are demanding Bitcoin (BTC) and Tether (USDT) as transit fees from ships in the Strait of Hormuz, according to a warning from MARISKS, a Greece-based maritime risk management firm. The scheme falsely promises "safe transit
GateNews1h ago
Bitcoin, Ethereum and Solana ETFs Record Positive Net Inflows on April 21
Gate News message, according to the April 21 update, Bitcoin ETFs recorded a 1-day net inflow of 3,599 BTC (approximately $272.59 million) and a 7-day net inflow of 18,914 BTC (approximately $1.43 billion). Ethereum ETFs showed a 1-day net inflow of 34,380 ETH (approximately $79.25 million) and a 7-
GateNews2h ago
Fidelity and Capital Group Become Strive's Two Largest Shareholders
Gate News message, April 21 — Fidelity and Capital Group have become the two largest shareholders of Strive, a Bitcoin treasury company, according to CEO Cole Macro. The two firms collectively hold ASST shares valued at approximately $152.8 million, as confirmed by the company's latest
GateNews2h ago
Charles Schwab to Launch Bitcoin and Ethereum Trading, Releases Educational Content on BTC
Charles Schwab plans to expand into crypto, offering Bitcoin education and direct BTC/ETH trading, allowing customers to buy Bitcoin in accounts; analysts call it a major mainstreaming moment.
Schwab announces an expansion into cryptocurrency with Bitcoin education and direct BTC/ETH trading, enabling clients to hold Bitcoin in their accounts; analysts view this as a turning point toward mainstream adoption.
GateNews2h ago
U.S. Indo-Pacific Commander Highlights Bitcoin's Potential as 'Computer Science Tool'
Gate News message, April 21 — Admiral Samuel Paparo, commander of U.S. Indo-Pacific Command, testified before the Senate that Bitcoin demonstrates significant potential as a computer science tool and holds value as an instrument of power projection. Paparo stated that Bitcoin is a tangible reality w
GateNews2h ago
