PANews reported on February 9th that Backpack CEO Armani Ferrante stated that a guiding principle in Backpack's token economics is that insider "selling to retail" is impossible: no founder, executive, employee, or venture capitalist should profit from the tokens before the product reaches "escape velocity." For Backpack, "reaching escape velocity" means listing in the US. The listing may be quick, it may not be so quick, or it may not even be possible. Regardless, they will do everything in their power to achieve it.
All "team allocations" are held in the "company vault," which is on Backpack's balance sheet—locked up for at least a year after the IPO. The team holds company equity, while the company holds the majority of the token supply. The team can only receive any returns from the project once the company goes public (or another type of equity exit event occurs).
Previously , Backpack announced its token economics: 25% of TGE was released, with 24% allocated to token holders.
