Backpack Exchange Announces TGE Details: 25% of Token Supply to Enter Circulation

TGE Preparations and the Epilogue Process Backpack, the cryptocurrency exchange founded by former FTX employees and currently valued at $1 billion, has accelerated its preparations for its Token Generation Event (TGE).
As the platform prepares to launch its utility token, it is developing strategies specifically aimed at protecting retail investors.
Vault and the Unified Balance System A universal storage system called "Vault" plays a critical role in Backpack's technical infrastructure.
This system will serve as a common balance for all platform products, including spot trading, perpetual futures, and prediction markets.
Users will be able to use their deposits as collateral for margin trading, with all transactions consolidated into a single cross-margined system.
This infrastructure is optimized for professional traders and institutional users seeking capital efficiency.
Tokenomics and Distribution Model According to the platform's tokenomic structure, the total supply is set at 1 billion tokens.
During the TGE, 25% of this supply (250 million tokens) will enter circulation.
The distribution plan is detailed as follows: 240 million tokens allocated to points holders 10 million tokens allocated to Mad Lads NFT holders The remaining 75% is divided equally between the pre-IPO and post-IPO periods.
These tokens will be released gradually based on specific milestones, such as legal approvals, new product launches, and geographic expansion.
CEO Armani Ferrante emphasized that the company team will not receive tokens directly; instead, they will hold equity in the company.
Ferrante stated that this model is designed to prevent insider selling and align the team's long-term success with the platform's performance.
Participation Requirements and Future Vision Users wishing to participate in the TGE and claim tokens must complete KYC (Know Your Customer) verification processes.
Having reached a trading volume exceeding $60 billion in 2024, Backpack aims to build a bridge between traditional finance (TradFi) and the crypto world.
Industry analysts predict that the TGE could take place by the end of March.