coindesk.com
deBridge's governance token, DBR, launched with an airdrop distributed to nearly half a million early users and community members.
The token, based on Solana, has an initial circulation of 1.8 billion out of a maximum 10 billion supply. Recipients can claim their tokens in two phases, with a penalty for early full withdrawal.
Trading for DBR began at $0.03 per token, aiming for a fully diluted valuation of $300 million.
The governance token of cross-chain crypto platform deBridge (DBR) went live earlier Thursday with an airdrop to 491,286 early users and loyal community members across DeFi.
DBR is an SPL token on Solana with an initial circulation of 1.8 billion and maximum supply of 10 billion. All airdrop recipients have the option to claim 50% at the token generation event (TGE), 50% six months later, or 80% at TGE minus a 20% penalty.
An airdrop is the automatic distribution of tokens to a wallet, usually based on interaction with a project or meeting certain metrics such as trading volumes or number of trades placed.
All strategic partners and core contributors are locked until six months after TGE, when vesting begins (20% unlocked, remainder vested quarterly for 3 years). Trading has opened at $0.03/DBR (at a $300M fully diluted valuation) both onchain in a DBR/USDC Meteora pool - a decentralized exchange on Solana.
DBR will allow holders to vote on future strategies and implementations of the deBridge protocol. The project has tentative plans to introduce staking features in the future.
Staking typically involves users locking up their tokens on a protocol or blockchain in exchange for a cut of fees. Cross-chain services allow users to transfer tokens between different blockchains, allowing for funds to be utilized on networks where they weren’t originally supported.
Data shows that deBridge is widely used to transfer funds between Ethereum, Arbitrum, Solana and Base, among other blockchains. Since April 2023, it has recorded over $3.3 billion in bridged volume between Solana and Ethereum networks alone, bagging the platform millions of dollars in revenues.