The cross-chain protocol Connext will launch the native token NEXT on September 5, distributing it among early adopters of the project. The Block reports this The Block.
The new asset will be available on Polygon, Arbitrum, Optimism and Gnosis Chain.
The network routers will be able to stake NEXT. The latter will also serve as governance token within the DAO.
In particular, NEXT holders will be able to vote on decisions related to ‘fair use of routers’ and support for new networks and assets.
To realize this, Connext partnered with Tokensoft — a company specializing in airdrops. As a result, participants in the distribution will be able to claim coins in any supported network without needing to move assets via cross-chain bridges and paying additional fees.
The xERC20 token standard will be used, enabling transfers of funds between blockchains without ‘slippage’.
Connext introduced NEXT in April 2022, while also announcing the creation of the DAO.
Earlier in February, the cross-chain project introduced the Amarok update.
In June Connext raised $7.5 million in a strategic financing round valuing the company at $250 million.