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Cross-Chain Service DeBridge to Issue Governance Token, Completes Activity Snapshot
The cross-chain service is popularly used to transfer funds between the Ethereum, Base and Solana blockchains, among others.
Updated Jul 24, 2024, 12:00 p.m. Published Jul 24, 2024, 12:00 p.m.
- Cross-chain transfer service deBridge is set to issue a governance token, DBR, on the Solana blockchain. The token will reward users based on their past activity and fees paid.
- DBR token holders will be able to vote on future strategies and implementations of the deBridge protocol.
Cross-chain transfer service deBridge plans to issue a governance token, DBR, on the Solana blockchain in the coming month, the project’s head of marketing told CoinDesk in a release on Wednesday.
Allocations will depend on points earned by users in the past several months based on the fees paid to the protocol and funds moved through it since April. DeBridge took a snapshot at 21:00 UTC on July 23. Snapshots are a record of a blockchain at a particular time and are used by projects to gauge usage and reward users.
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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, it has recorded over 2.3 million transactions and $2 billion in bridged volume, which generated 1.4 billion points for users.
Once released, DBR will join the rising cohort of bridge tokens that are cumulatively worth over $2.2 billion as of Wednesday.
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