Backpack to unlock 25% of token supply at TGE

Cryptocurrency exchange Backpack announced via its official X account that it will unlock 25% of its total supply at its upcoming Token Generation Event (TGE). Of this initial unlock, 24% will be allocated to points holders and 1% to holders of Mad Lads NFTs. Backpack CEO Armani Ferrante said the company will release its tokenomics in stages as the TGE approaches. He added that the token will be distinct from existing tokens in its distribution, utility, and functionality, suggesting it may even require a new name. The launch date for the token has not yet been disclosed.