Backpack announced on X that it will distribute 25% of its tokens on TGE day, with 24% going to users who earn points and 1% to the MadLads community. Backpack CEO Armani Ferrante added in the same post: “As the Token Generation Event (TGE) approaches, we will gradually reveal the token economic model. It’s not yet certain whether the term ‘token’ is appropriate to describe our TGE. It will be a token in form, but its core will be completely different from the current model – the distribution mechanism will be different, the use cases will be different, and even the functional design will be different. In fact, the differences are so significant that it may need a completely new name – we’ll discuss that another day.”