Backpack will pledge its platform SOL reserves, and all proceeds will be given to lenders

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Blockbeats
16 hours ago
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On May 8, Backpack CEO Armani Ferrante announced that the SOL reserves are about to be staked, "The goal is to provide all staking rewards to all creditors, and ultimately hope to provide returns to all depositors.

Currently, I expect most platforms monitoring our wallet will incorrectly report our TVL (Total Value Locked) data because they are not tracking the amount of staking. Our wallet remains unchanged (though I anticipate more wallets will be added soon to handle capital inflows). In the next week, we will update the website and mobile application to prepare for the first distribution. Once ready, we will release more announcements."

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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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