Backpack Exchange, the Solana-native crypto exchange founded by former FTX and Meta engineers, has signaled that its upcoming token will allow stakers to earn equity in the exchange itself.
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If implemented as described, this would be one of the first times a centralized exchange has offered real ownership stakes to token holders — not just revenue sharing or governance rights, but actual company equity.
The token has not yet launched, and specific terms — staking APY, equity percentages, vesting schedules, or minimum staking requirements — have not been publicly disclosed. What we know comes from Backpack's public signaling that this equity-staking mechanism is core to its tokenomics design.
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The model is intended to align user and platform incentives by making active participants partial owners of the business.
How It Works (What We Know So Far)
Details are still emerging, but here's the general framework Backpack has outlined:
Backpack will release a native token (ticker and launch date TBA).
Users who stake that token on the platform will accumulate equity in Backpack Exchange over time.
This equity would represent real ownership in the company — going beyond the typical "governance token" model seen at most DeFi protocols and exchanges.
The mechanism is designed so that the longer and more actively you participate, the more ownership you earn.
Since the token hasn't launched yet, there is no actionable step to take right now beyond creating a Backpack Exchange account and staying informed. Backpack operates primarily on Solana, so users should expect interactions to occur on that chain, where gas fees are typically fractions of a cent.
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Why This Model Is Different
Most exchange tokens — think BNB, FTT (defunct), or CRO — offer fee discounts, staking rewards, or governance voting. None of them have offered legally recognized equity in the parent company. Backpack's approach, if executed properly, would blur the line between a centralized exchange and a community-owned protocol.
This is a meaningful distinction. Equity means you'd theoretically have a claim on the company's value, not just the token's speculative price. It also means Backpack would need to navigate significant securities law considerations in every jurisdiction it operates.
The Risks
This is an early-stage announcement with no live product yet. The risk profile is substantial:
Regulatory uncertainty — Offering equity to token stakers likely triggers securities regulations in the U.S. and elsewhere. How Backpack structures this legally will be critical. There's no guarantee regulators will approve the model.
No token yet — There's no token to evaluate, no smart contract to audit, and no staking terms to analyze. Everything is pre-launch.
Execution risk — Backpack is a relatively young exchange. While the founding team has strong credentials (ex-FTX, ex-Meta), the exchange's long-term viability and competitive position against Binance, Coinbase, and others is unproven.
Equity ≠ liquidity — Even if you earn equity, it's unclear how or when you could sell it. Private company equity is inherently illiquid unless there's an IPO, acquisition, or secondary market.
Precedent risk — No major exchange has done this before. There's no playbook, which means unexpected legal, technical, or structural issues could emerge.
Timeline
There is no confirmed launch date for the Backpack token or the equity staking program. The exchange has signaled intent but has not published a roadmap with specific milestones. This is a "watch and wait" situation — not something you can participate in today.
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Bottom Line
Backpack's equity staking model is a genuinely novel idea that could reshape how exchanges align with their users — but it's entirely pre-launch with no concrete terms, no token, and significant regulatory questions.
This is one to monitor closely, not to act on yet. It's best suited for users who are already active on Backpack and want to be positioned early if and when the token launches, and worth skipping for anyone who needs clear terms before committing capital.
