Cross-chain interoperability protocol deBridge has launched the first season of its points program in a step towards its upcoming token launch.
deBridge is retroactively handing out points to more than 200,000 existing users who collectively paid $2.3 million in fees based on past activity, the team said. This includes partner projects such as Jupiter, Solflare, Zeta Markets, Banana Gun and Birdeye that have integrated the deBridge protocol into their applications.
“The program rewards past loyalty through multiples on past and future activity, while encouraging and incentivizing new users to experience deBridge’s near-instant settlement, deep liquidity and tight spreads on native bridge transfers,” the team added to it.
Token launch confirmed
deBridge points are designed as part of a growth initiative, with the intention of decentralizing governance power to the community as it moves towards the launch of the deBridge token.
The launch of deBridge’s native token will follow the first season of points. However, the project did not reveal the specific criteria for the program, a date for the proposed token launch, nor how the accumulation of points would be converted into a token allocation when requested by The Block.
In February, Solana decentralized exchange aggregator Jupiter proposed three “OG” Solana projects that could potentially become the next tokens launched on its new LFG launchpad – of which deBridge was highlighted as one of the candidates.
While specific details have yet to be announced, the deBridge token could be launched on Jupiter’s LFG platform after the end of the first season of the points program. However, that will be decided by a vote on the governance of the Jupiter community.
What is theBridge?
deBridge differs from the currently popular bridging model in which users lock a token on one chain and receive an equivalent wrapped item on the other – one of the most common bridge vulnerabilities exploited in the industry.
Instead, deBridge is designed to enable liquidity transfers directly between chains, eliminating the need to tie up assets, reducing complexity and improving transfer efficiency.
deBridge claims to be close to reaching a settlement A volume of $1 billionhas onboarded 112,000 new users in the past three months and collected more than $1.4 million in fees.
