Key Points:

  • deBridge will issue its governance token, DBR, on the Solana blockchain within the next month.

  • deBridge governance token distribution will be based on users' past fees and funds transferred, with a snapshot taken on July 23.

  • DBR holders will vote on protocol changes, and staking features are planned to be introduced.

Cross-chain transfer service deBridge announced on Wednesday that its governance token, DBR, will list on the Solana blockchain within a month, the head of the project's marketing told CoinDesk.

Read more: Lazarus Group Tried To Hack The deBridge Finance Network 

deBridge Governance Token Will Be Launch on Solana

The distribution of the deBridge governance token will be based on activity levels of users in the past few months, considering the money that was paid for fees and transferred via the protocol since April. A snapshot for token allocation has been taken on 23 July at 21:00 UTC.

DeBridge is an interoperable cross-chain protocol combining an AMM DEX with a bridge aggregator for the seamless and limitless transfer of assets and information across several chains—right from tokens to NFTs.

In April 2021, the deBridge project was launched in the worldwide Chainlink Hackathon, with the desire to solve urgent problems of transferring assets and data between blockchains by creating blockchains. standards in asset conversion. deBridge then won the Grand Prize, placing first among more than 140 participating teams.

Future Plans Include Staking and Voting Features

The new deBridge governance token will further allow users to have a say in the future of deBridge and, in turn, provide an easy way for cross-chain transactions.

This means voting rights for protocol developments and strategies will be bestowed on DBR holders. Preliminary plans are set for staking features, which would mean users can get rewards by simply locking up their deBridge governance tokens.

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