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Free TON launches BRIDGE token

Monday 28 June 2021 12:05 CET | News

Blockchain company Free TON has announced cooperating with crypto exchange multi-level turnkey platform Broxus to launch a BRIDGE token to expand its DeFi bridge.

The ‘Free TON Bridge’, developed by Broxus, connects the protocols of the Ethereum blockchain with that of Free TON. Crypto investors can manage and keep their funds in custody using the Free TON Bridge and transfer their funds from one network to another. For this purpose, Free TON is launching a BRIDGE token, which will operate the administrative decentralised autonomous organisation (DAO). Every crypto user who owns BRIDGE receives a voting right for certain administrative decisions that affect the Free TON Bridge. The more currency units, the greater the say, and all users who hold at least 2% of the available amount in circulation are also allowed to submit their own suggestions for changes.

The BRIDGE tokens also allow users to become an active part of network operations themselves. Every user who owns at least 100,000 BRIDGE can become a relay or bridge validator, which are the ‘nodes’ of the network that provide the necessary liquidity for operations to function. A total of 14,000,000 BRIDGE are to be issued, 65% of which are to be made available for four years for farming. 12% will go on pre-sale, another 12% will be distributed to Broxus as an incentive to further develop the network, and the remaining 11% will be used as partnership tokens under the supervision of the Free TON DeFi Alliance. Free TON plans to start managing the associated DAO in mid-July 2021.


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Keywords: product launch, DeFi, Token, blockchain
Categories: Blockchain & Cryptocurrencies | Cryptocurrencies
Countries: World
This article is part of category

Blockchain & Cryptocurrencies