Backpack announces tokenomics: team members do not take tokens, aiming for a U.S. IPO, with the founder saying "Either go big or go home"

Backpack announces the complete tokenomics, emphasizing “User First, Growth Triggered, Long-term Compliance,” creating a token design tied to the team’s destiny.
(Background recap: Mad Lads official announcement: No Backpack airdrop! But included a “Rick Roll” prank, sparking speculation)
(Additional context: Backpack CEO: Solana is entering a new phase of “Financial Infrastructure,” with the speculative NFT games and meme craze in the past)

Table of Contents

• Token Distribution Overview: 25% released immediately, the rest unlocked in phases
• Armani Ferrante’s Three Core Principles
  • Insiders “dump on retail” is impossible
  • Liquidity tokens are exclusive to users, used to trigger growth
  • Incentives for team and investors are fully aligned

Cryptocurrency wallets and exchange platform Backpack published a token distribution chart on the X platform on February 9, 2026. Subsequently, founder and CEO Armani Ferrante posted a detailed explanation of the underlying design philosophy, emphasizing that this mechanism aims to prevent the common issue of “insiders dumping on retail” and to deeply tie token value to actual product growth and long-term regulatory compliance.

In the Backpack tokenomics, we have one guiding principle.

– Insiders “dumping on retail” should be impossible: no founder, executive, employee, or venture investor should receive wealth from the token until the product hits escape velocity.

Of course it begs the question, what… https://t.co/mltBgm5SPu

— Armani Ferrante (@armaniferrante) February 9, 2026

Token Distribution Overview: 25% released immediately, the rest unlocked in phases

Backpack’s total token supply is 1 billion tokens, with the following distribution:

2. 25% at TGE (Token Generation Event) released immediately: totaling 250 million tokens. Of these, 24% (240 million) are allocated to users participating in the points program, and 1% (10 million) are airdropped specifically to MadLads NFT holders.
3. 37.5% Pre-IPO: totaling 375 million tokens, using a “growth-triggered unlock” mechanism. Tokens will be gradually released as key milestones are reached, such as expanding into new regions or launching new products.
4. 37.5% Post-IPO: also 375 million tokens, held in the company treasury and fully locked until at least 1 year after the IPO. This portion serves as a long-term strategic asset held by the company.

Overall, no liquidity tokens are directly allocated to founders, the team, or venture capitalists, emphasizing that “all liquidity tokens are entirely given to users.”

Armani Ferrante’s Three Core Principles

In a detailed reply to an official post, Armani Ferrante clearly outlined three guiding principles:

Insiders “dump on retail” is impossible

Ferrante states that no founders, executives, employees, or VCs can profit directly from tokens before the product reaches “escape velocity” (escape velocity). For Backpack, “escape velocity” is explicitly defined as “completing an IPO in the United States.” He admits that this goal might be achieved quickly, or it might be far off, or never happen at all, but the team is committed to moving in that direction.

Ferrante explains that over the past year, Backpack’s growth has seemed slow because they have been “running with a parachute,” strictly adhering to regulatory requirements and gradually becoming a regulated financial institution. Currently serving about 48% of global regions, this is laying the foundation for future expansion into banking channels, USD accounts, multi-currency payments, securities products, and other TradFi areas.

Liquidity tokens are exclusive to users, used to trigger growth

All tradable tokens are allocated only to users and are tied to product milestones. Each time a new market is opened or a new feature is launched, it triggers token unlocks, attracting new users and expanding the community. Ferrante likens this to how the points mechanism ignited Seasons 1-4.

Incentives for team and investors are fully aligned

The team receives no direct token allocation; all “team shares” are held in the company treasury and locked until at least 1 year after the IPO. The team benefits only through indirect ownership via company equity, while the company holds a large amount of tokens. Only when the company successfully goes public and completes all regulatory and product challenges can the team share in the value. Ferrante summarizes with a phrase: “We either go big, or we go home.”