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The DeBridge protocol designed the DBR token to decentralize governance power to the community through the use of the DAO.
Key Notes
The mainstream adoption of defragmented blockchains has given rise to the deBridge platform over the years.The Solana-based DBR tokens will play a crucial role in the governance of the DAO, thus decentralizing deBridge protocol.In a bid to enhance long-term governance decentralization, deBridge Foundation has announced the conclusion of the DBR token sale on Jupiter’s LFG platform. With the bootstrapping of the DBR tokens closed, the deBridge Foundation announced that users wait until Thursday, October 17, to claim and start trading the tokens.
According to on-chain data, the LFG vault for the deBridge token sale managed to raise $2.87 million in Circle’s USDC USDC $1.00 24h volatility: 0.1% Market cap: $34.91 B Vol. 24h: $6.37 B . The company had, however, set the maximum hard cap for the Jupiter LFG vault at about $5 million.
The deBridge token sale involved 1,714 unique participants, representing around 5.5 percent of the platform’s users who were whitelisted.
Out of the 200 million DBR tokens that were distributed through Jupiter’s LFG, 50 percent were made available at the token generation event (TGE), and the remaining 50 percent is expected to be unlocked in the next six months.
The deBridge Foundation closed the token sale with a base price of about $0.025.
DBR's LFG Vault has closed.
A huge thank you and congratulations to everyone who participated.
Next stop, DBR. In 24 hours. pic.twitter.com/5k9dVobtnH
— deBridge Foundation (@deBridgeFdn) October 16, 2024
The deBridge Foundation Token Gets Ecosystem’s Support
The launch of the deBridge token will play a crucial role in the democratization of the cross-chain interoperability and liquidity transfer protocol in the near term. As a result, the Solana-based token has received significant support from the web3 space including CEX listings.
For instance, HTX, MEXC, Bitget, BitMEX, and Crypto.com exchanges have all announced plans to list the DBR tokens, with trading expected to kickstart on October 17.
On the MEXC crypto exchange, the DBR token will be listed in the innovation zone against the Tether USDT USDT $1.00 24h volatility: 0.0% Market cap: $119.82 B Vol. 24h: $55.96 B pair. KuCoin crypto exchange will also be listing the DBR token under the USDT pair by tomorrow.
Notably, the DBR token will have a total supply of about a billion tokens, out of which 20 percent of the total supply has been set aside for the community. Around 1.8 billion DBR tokens will be available for circulating supply, while 26 percent of the total supply has been set aside for ecosystem support.
The core contributor will receive a total of 20 percent of the total supply of DBR tokens. The strategic partners will receive 17 percent of the total supply, as the deBridge Foundation will receive 15 percent of the DBR tokens in existence. The remaining 2 percent of the DBR total supply has been set aside for the validators.
Market Picture
The deBridge protocol currently supports 15 blockchains led by Solana, Ethereum, BSC, Avalanche, Gmosis, Base, Linea, and the Arbitrum (ARB) network among others. With 11 validators, the deBridge protocol has attracted more than 551k unique users over time.
The launch of the DBR token will play a crucial role in the mainstream adoption of the deBridge protocol over the years. Moreover, the deBridge network has facilitated users with a seamless platform to transfer digital assets across different chains over the years.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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