Backpack plans 1B token: 25% at launch, 37.5% on milestones, 375M post-IPO unlocks

Backpack said on Monday it will launch a token with a 1 billion supply, starting with 25% available and further unlocks tied to milestones and a post-IPO schedule. CEO Armani Ferrante wrote that no founders, staff or investors will receive allocations, aiming to make insider "dumping on retail" impossible.