Connext, a blockchain interoperability project that enables cross-chain transfers, announced the launch of its native altcoin Next on September 5.
The token will be airdropped to the first users of the Connext network on various blockchains including Polygon, Arbitrum, Optimism and Gnosis Chain.
Connext is a cross-chain messaging protocol that allows users to transfer tokens and data between different blockchains without intermediaries. The project claims to have processed more than 1.2 million transactions with a total value of $1.6 billion across multiple chains.
The Next token will serve as the management token for the Connext decentralized autonomous organization (DAO), which will oversee the development and operation of the cryptocurrency network. The token will also enable routers, nodes that facilitate cross-chain transfers, to stake Next tokens and earn fees to secure the network.
Connext CEO Arjun Bhuptani said in his statement on the subject:
Subject to DAO approval and community development, the token can also be used to incorporate co-management operations such as fair router usage and asset/chain support directly into the protocol itself through activities such as staking Next tokens.”
In addition, DeFi platform Alchemix reported that the airdrop rewards of users who used its platform before August 1 will be multiplied by 1.5.
As partners of @ConnextNetwork, we’re excited to share that if you used Alchemix before August 1st & qualify for their airdrop, your score is multiplied by 1.5!
🔗 Check your eligibility at https://t.co/KOInXQDR2V & get ready for the crosschain airdrop on Sept 5th! https://t.co/Jxhwy0CyNN pic.twitter.com/ZPnq9FThF1
— Alchemix (@AlchemixFi) August 17, 2023
*Not investment advice.
