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deBridge Announces Launch of $DBR Governance Token

source-logo  blockchainreporter.net 21 May 2024 16:09, UTC

Today, deBridge has announced $DBR, its governance token. It is an important step towards the deeper decentralization of the DeFi space. Founded in 2021, deBridge has quickly become one of the world’s leading DeFi bridges, transferring $2.35 billion for 385,000 users while exhibiting perfect security and uptime.

1/ Introducing $DBR

The next step in becoming the bridge that DeFi deserves 💜

Everything you need to know about the deBridge token 🧵 pic.twitter.com/NcGsLUBDp8

— deBridge (@deBridgeFinance) May 21, 2024

DBR Token to empowering Stakeholders in deBridge Ecosystem

The DBR token launch also correlates with the ethos of ensuring that the benefits of the deBridge are divided between three stakeholders, such as the team, the partners, and the public. In order to implement DBR, deBridge plans to decentralize governance and transition decision-making powers to a DAO over time. This strategic move is aimed at decentralizing governance power so that no actor can wield undue influence over decisions and without regard to the effect on the society.

DBR, an ERC20 token implemented on the Solana blockchain, will be introduced with a circulating supply of 10 billion tokens. The DBR token will allow holders to stake their coins in order to vote on protocol parameters or any other decision. Another essential aspect of the project is that the DAO will be charged with the management of the Project Treasury and Ecosystem Reserves, and its role will grow over time.

Once the delegated staking and slashing module is activated, the DBR tokens can be staked to contribute to the deBridge validators. Locking up DBR will help to mitigate the risks that may encompass things like validator unavailability, censorship, and malicious collusion.

deBridge Allocates 20% of DBR Supply for Launch and Community

The release of the DBR token also takes place at the time of an upcoming vote on the Jupiter LFG launchpad. Jupiter community will vote on whether deBridge will launch its DBR token crowd sale on the Jupiter base on a liquidity pool. If approved, the integration will give deBridge three months to launch on LFG.

DeBridge also aims to invest 20% of the DBR supply in the launch and community; the initial total circulating supply will be 1.8 billion DBR tokens. The rest of the token distribution is as follows: ecosystem support 26%, core contributors 20%, strategic partners 17%, deBridge Foundation 15%, and validators 2%. This staking approach is designed to contribute to the continued evolution and expansion of the decentralized deBridge protocol, further solidifying its standing in the DeFi space.