Cross-chain protocol Connext unveils its own token

The cross-chain interoperability project Connext unveiled its native token NEXT and announced the creation of a DAO.

Happy to announce $NEXT and the Connext contributor program today at @EFDevconnect in Amsterdam.

The future is crosschain!https://t.co/qneh3Z4o1B

0/x

— Connext | Hiring @ DevConnect (@ConnextNetwork) April 20, 2022

According to the statement, the ERC-20 token is intended to promote “good-faith use of the network” and full decentralization.

Connext node operators (the routers) will be able to stake tokens to participate in the network and earn a proportional share of the fees. NEXT will also be used to govern the project’s treasury after the creation of the DAO.

“We believe that the community is the best long-term arbiter of resource allocation for the key participants who move our network forward,” the statement said.

The total supply will be 1 billion NEXT. Token distribution will occur in roughly a month. The team has already created snapshots of user accounts for this purpose.

In addition, NEXT can be earned through the launched Contributor Program. Participants in the initiative will receive rewards for contributing to the project’s development.

The program consists of five categories:

• community leaders;
• developers;
• content creators;
• node operators;
• grant recipients.

Before the token launch under the Contributor Program, points will be accrued. It is planned that they will be converted into NEXT following a vote on the relevant proposal in the DAO.

In 2021, Connext raised $12 million from 1kx and the ConsenSys-affiliated Mesh.