Connext Announces NEXT Token Airdrop for Users

Cross-chain bridge Connext has announced the release of its NEXT token on 05/09, following a delay of more than a year from the original plan. The project will airdrop tokens to users across ecosystems such as Polygon, Arbitrum, Optimism, and Gnosis Chain.

Key Details:

• Token Launch: NEXT token will be an xERC20 token on Ethereum, with a total supply of 1 billion NEXT. The snapshot for the airdrop was taken on 01/08/2023, with user points calculated based on activities such as token swaps, liquidity provision, asset bridging, and community participation.
• Governance and Staking: NEXT will allow Routers (similar to validators) to stake and participate in network governance through Connext DAO. Routers will also earn transaction fees by securing the network.
• Token Distribution: Detailed tokenomics were shared, indicating the allocation and purpose of NEXT tokens.

CEO Statement:

• Arjun Bhuptani: "NEXT tokens will initially be used for Connext DAO governance. Proposals and community developments will be governed by this token, including support for new chains and assets, adjusting Router coefficients, and direct token-related activities like staking."
• Future Vision: The team aims for a "non-governance" structure in the long term, where the Connext council will not be able to alter core contract parameters. This system will have many parameters automatically decided by code, reducing human intervention.

Additional Announcements:

• Cross-chain Airdrop as a Service: Connext will partner with Tokensoft to introduce a service allowing recipients to claim airdrops across multiple chains without needing to bridge assets, thus saving on gas fees. This service will be used for the upcoming NEXT airdrop.
• xERC20 Technology: The airdrop will utilize Connext's new xERC20 token technology, enabling seamless asset transfers between chains without price slippage.
• Recent Funding: In June 2023, Connext raised $7.5 million in a Strategic round, valuing the company at $250 million.

Project Achievements:

• Transactions and Volume: Connext has processed over 1.2 million transactions across various blockchains, reaching a total volume of $1.6 billion.

The release of the NEXT token marks a significant milestone for Connext, providing users with governance capabilities and enhancing cross-chain interactions. The upcoming airdrop and partnership with Tokensoft highlight Connext's commitment to innovation and user engagement in the DeFi space.