- deBridge has unveiled its governance token.
- The token will be distributed across various groups.
- Holders of the token will be able to participate in various initiatives.
Cross-chain protocol deBridge announced its governance token DBR on Tuesday. It allocated 20% of its total supply to the Genesis community airdrop and other launch-related activities.
Founded in April 2021 after winning the Chainlink Global Hackathon, deBridge brands itself as a high-performance and secure enabler of decentralized transfers of value and arbitrary messages between blockchains. The protocol claimed to have facilitated over $2.3B in transfers across DeFi since its launch.
deBridge’s Governance Token DBR
On May 21, deBridge initiated the process of “handing power over to the community” by launching the ecosystem’s governance token, DBR, which has a total supply of 10 billion.
Sponsored
DBR holders can stake their tokens to participate in DAO governance votes on various matters, including the deployment and upgradeability of smart contracts, the election of active validators, and the minimum consensus thresholds.
deBridge’s DAO will also be in charge of managing the ecosystem’s treasury and reserves and will assume more responsibilities in the future.
“Gradually, as the governance framework matures, the deBridge DAO will also take on more and more responsibilities, including governance and upgradability of the smart contracts,” the statement read.
While deBridge did not specify when it will launch the token, it highlighted DBR’s distribution and hinted at a possible debut via Jupiter’s LFG Launchpad.
DBR Distribution and Possible Launch on Jupiter
Per the statement, deBridge has allocated 20% of DBR’s total supply (2 billion) to Community & Launch initiatives, including an airdrop to Genesis users and projects based on the future snapshot of Season 1 of deBridge points program.
Sponsored
While deBridge’s governance multisig will custody 2.6B DBR (26% of the total supply), core contributors, deBridge Foundation, Strategic Partners, and Validators will get 2 billion DBR (20%), 1.5 billion DBR (15%), 1.7 billion DBR (17%), and 200 million DBR (2%), respectively.
In the meantime, Jupiter’s LFG launchpad will vote on Wednesday to decide if the protocol can leverage Jupiter as a crowd sale venue for DBR.
Stay updated on Hex Trust’s stablecoin debut on Flare:
Hex Trust Debuts Stablecoin USDX Issuance on Flare Network
Read about the recent influx of crypto tokens:
Crypto Token Tsunami: 1M New Projects Added in April
