We are thrilled to bring you an update on the ABR token and the upcoming changes to its utility within the Allbridge ecosystem.
The next milestone for Allbridge Core
Ever since Allbridge Core launched, we have been considering the best ways to integrate ABR with both of our bridging products. At the time of the launch, Core didn’t have any interactions with ABR, which is why, today, we would like to share our vision of ABR’s future and how it ties in with Allbridge Core.
Token burn
Following its launch, Allbridge Core generated nearly $200k from the bridge fees, 20% of which went towards supporting the protocol operations. So far, we’ve accumulated $38k, and we would like to use these funds to introduce deflationary mechanics to ABR. As the first big step, we have burnt 71,834.03 ABR out of the total supply, corresponding to the fees generated.
Expanding the ABR utility
Moving on to additional ABR features, we are considering launching a DAO platform for Allbridge Core and bringing about community involvement in its development. Some of the ideas that we have include voting for the addition of new assets and chains as well as influencing the fee distribution to the liquidity providers.
We have yet to reveal the DAO specifics, but the voting power weight will take into consideration the existing ABR holders. Additionally, we are exploring the possibility of rewarding the most active Core users.
Community feedback
For now, we are curious to hear your feedback on the direction of the ABR changes. We would also like to note that DAO details have not been finalized yet and may be subject to certain changes in the future, depending on your feedback.
Let us know your thoughts on the social channels.
About Allbridge Core
Allbridge Core enables the transfer of value between blockchains by offering cross-chain swaps of native stablecoins. Being messaging protocol agnostic, Allbridge Core connects a variety of EVM and non-EVM networks.
