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deBridge is working to solve the ever present problem of fragmented liquidity across blockchains and is a service which facilitates high-speed bridge transfers of crypto tokens between chains like Solana, Ethereum, Arbitrum and Optimism.
Their claim-to-CEX protocol is a method in which users of deBridge are able to redeem $DBR tokens on the Backpack Exchange (and other exchanges) after October 17th, 2024.
The bridge that moves at lightspeed. Because DeFi doesn't wait.
deBridge
What is deBridge?
deBridge is a crosschain interoperability protocol that makes it easy to communicate with and transfer digital assets between different blockchain networks. It operates on both the Protocol Layer and Infrastructure Layer to ensure transactions are fast and secure.
deBridge connects several leading blockchain and is constantly expanding networks:
- Ethereum
- Arbitrum
- Avalanche
- Solana
- Polygon
- BNB Smart Chain
- Base
The crosschain protocol has several services and tools including:
- dePort
- token bridge designed to transfer assets across different blockchains
- deBridge IaaS (Interoperability-as-a-Service)
- turnkey solution for crosschain interoperability for both EVM and SVM blockchains
- deBridge Liquidity Network
- offchain protocol that facilitates crosschain trades using a network of smart contracts
- deBridge Messaging
- facilitates authenticated crosschain commuications
- deNFT
- yet to be released part of deBridge protocol which will enable NFT transfers across blockchains
- deBridge Hooks
- allow for real-time data transfers across different blockchains
- Development tools
- SDKs, APIs, widgets and plugins which enhance the services described above
The deBridge Foundation plays a similar role for deBridge like the Solana Foundation provides for the Solana ecosystem; organized teams that are dedicated to growing the platforms. Their $DBR TGE (token generation event) is pivotal in the mission to transform deBridge into a community owned protocol.
We believe that our vision for a borderless and frictionless DeFi has won over the community’s heart, with deBridge having settled over $2.35 billion in volume from 385,000 unique users with zero security incidents or downtime since launch.
deBridge introduces DBR
What is the 'claim-to-CEX' protocol?
deBridge's claim-to-CEX protocol is a method in which users of deBridge are able to redeem $DBR ahead of and after the tokens TGE (token generation event). This is a novel solution to token distribution.
After completing this process, DBR will be instantly available in your Backpack Exchange portfolio after October 17th.
How do I Claim DBR on Backpack Exchange?
1) Visit the debridge.foundation website and connect your eligible wallet(s).
2) Select 'Claim off-chain to CEX.'
- If you are in the top 10% of wallets you may will be able to "claim 50% with bonus" or "claim fast with penalty".
- Hover your cursor over the options to see more details.
3) Select 'Claim', choose Backpack and enter your Backpack account address.
4) Select 'Confirm', review the transaction and sign the transaction.
10% of the entire DBR supply is earmarked for the community upon launch and allocated as such:
- LFG Vault: 2% (200 million DBR)
- Jupiter DAO LFG Award: 1% (100 million DBR)
- Meteora Dynamic Pool: 1% (100 million DBR)
- deBridge Points Season 1 Holders: 6% (600 million DBR)
What is $DBR?
$DBR serves as the governance token for the deBridge ecosystem and marks an important milestone for the platform. DBR is primarily used for:
- Governance
- Holders of DBR will propose and vote on important protocol decisions including treasury management, onboarding new blockchains, partnerships and development focus.
- Network security
- Staking DBR with deBridge validators increases slashable collateral which helps protect the protocol from downtime
- Staking rewards
- Stakers earn yields based on staked amounts. This will begin with partnerships who allocate tokens and other rewards in return for staking on their platforms.
As control is passed over to the DAO, the goal is to make deBridge truly unstoppable and sustainable in the long run, making sure that there is no single party that can dominate or make decisions based on their own interests instead of in favor of the whole DAO.
deBridge introduces DBR
The emergence of DBR introduces decentralized community decision making that will influence the future of deBridge. DBR has three main stakeholders: community, core contributions and strategic partners/validators.
- Ticker: DBR
- Circulating Supply: 1,800,000,000 (18% of total supply upon launch)
- Total Supply: 10,000,000,000
The remaining 8.2 billion tokens will be vested quarterly over the next three years.
DBR will hand power over to the community through a thriving governance system
deBridge Foundation
What are deBridge Hooks?
deBridge Hooks allow for real-time data transfers across different blockchains which may have had extended settlement times (up to 15 minutes).
Single transaction executions
deBridge eliminates the need to sign multiple transactions when moving assets from one blockchain to another. Users are no longer required to navigate through several potentially complex steps and wait for confirmations.
This improves the 'success-to-bounce' ratio because there are less steps involved and fewer opportunities for failure during execution. The single transaction architecture leads to more reliable operations and better overall performance.
Programmable actions
deBridge Hooks enable developers to attach on-chain actions to their crosschain orders. When a user initiatives a crosschain transaction they can also specify additional actions that should occur simultaneously.
- For example, if a user transfers funds from Ethereum to Solana, they can program the action to automatically deposit funds directly into a yield pool on platforms like Jupiter.
Hooks also enable Action Triggers which are programmable actions that are triggered when specific conditions or events happen on chain.
- For example, if a user's account health factor drops below a certain threshold on a lending protocol, Hooks can automatically transfer funds from another protocol to prevent liquidation.
Conclusion
By enabling seamless, high-speed transfers of crypto assets across multiple networks, deBridge empowers users and developers alike to navigate the decentralized finance (DeFi) space with ease.
With innovative features like the claim-to-CEX protocol and deBridge Hooks, along with the governance potential of the $DBR token, the platform is set to foster a community-driven ecosystem that prioritizes security and efficiency.
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Disclaimer: This content is presented to you on an “as is” basis for general information and educational purposes only, without representation or warranty of any kind. It should not be construed as financial, legal or other professional advice, nor is it intended to recommend the purchase of any specific product or service. You should seek your own advice from appropriate professional advisors. Where the article is contributed by a third party contributor, please note that those views expressed belong to the third party contributor, and do not necessarily reflect those of Backpack. Please read our full disclaimer for further details. Digital asset prices can be volatile. The value of your investment may go down or up and you may not get back the amount invested. You are solely responsible for your investment decisions and Backpack is not liable for any losses you may incur. This material should not be construed as financial, legal or other professional advice.
