Cross-chain bridging protocol Orbiter Finance has introduced its native governance and staking token OBT ahead of a planned launch and initial airdrop that coincides with Inauguration Day for pro-crypto President-elect Donald Trump on Jan. 20.
OBT is an ERC-20 token with a total supply of 10 billion and it's set to launch on Ethereum and the Layer 2 networks Arbitrum and Base next week. Following the token generation event, OBT will have an initial circulating supply of 2.8 billion (28%). Onchain governance is set to open in February, with the token’s staking mechanism planned for Q2.
“This milestone airdrop represents our gratitude to our amazing community that has supported and shaped our journey from the beginning,” the project stated on Friday, marking its first step toward decentralization.
Some 40% of the total OBT supply has been set aside for its community, while a separate 20% is reserved for ecosystem and growth initiatives, of which 2.5% will be unlocked at TGE. In addition, 15% is allocated for the Orbiter team and contributors, and 10% for the project’s seed and Series A round investors.
The remaining 15% will go to the Orbiter Foundation to achieve its “all chains, one hub” vision, with 3.5% of which unlocked at TGE and the rest vested in monthly increments over 23 months.
Of the 40% community allocation, an initial 22% airdrop for eligible Orbiter users will be followed by a 3% airdrop each month for six months. To qualify for the airdrops, participants must have used the Orbiter protocol for at least two months since December 2021 and owned at least 40 OPoints, the project explained, with a snapshot taken on Jan. 16. This points-based system was used to determine the number of tokens airdrop recipients can claim, primarily based on cross-chain transactions utilizing the protocol.
OBT airdrop whitelists are also given to moderators of its Discord, holders of Ace and Expert NFTs and winners of Orbiter’s offline event initiatives. A second snapshot for NFT holders is set for Jan. 19.
Each user can claim a maximum of 5,600 OBT on Jan. 20 based on the first snapshot for OPoints, while Ace NFT holders can claim 17,000 OBT per NFT based on the second snapshot. Expert NFT holders can then claim 2,300 OBT per NFT on Jan. 23, with all users able to claim their remaining initial OBT token rewards on Jan. 25.
Founded in 2021, Orbiter claims to have attracted 4.3 million users, processed more than $28 billion and facilitated over 35 million transactions across the ZK-tech-based interoperability network.
More details on the project’s roadmap are planned for release in February.
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