Disclaimer: Please note that the numbers in this article are a subject to change and could vary when Solbridge launches.
Now that we went over the validators and their functions, it is important to discuss the token details. But before we move on, there is some good news for the APYS holders. They will be able to get free BRDG tokens (more on that later).
So, why do we need the BRDG token? BRDG token’s main function is to add new blockchains and tokens to Solbridge. There will be a certain amount of blockchains and tokens available at release. Solbridge will support every blockchain APYSwap bridged to so far, namely BSC, HECO, Solana and Matic. We will also share the details about the available tokens soon.
Turning back to the use case scenarios, new blockchains would be required to purchase and stake BRDG tokens to join the bridge. Blockchains would have to stake 50,000 BRDG to join Solbridge. Token teams would have to stake 10,000 BRDG to join Solbridge. In addition, they would be required to pay the set-up fee of 2,000 BRDG once and monthly subscription fee (3,000 BRDG) to use Solbridge services.
At launch, transfers will be confirmed by a single validator. In autumn, we will start introducing decentralized validators, who will be responsible for verifying the transactions. To join, a validator would have to stake 10,000 BRDG tokens. In the long run, validators will be rewarded from transfer fees. One important thing to remember is that to join or leave the Solbridge validators would have to pay an additional 1,000 BRDG tokens in processing fees.
Users will be able to transfer tokens across numbers of different supported blockchains by paying transfer fees. At launch, users will be required to pay 0.01 SOL to complete the transfer, but as the decentralized validators roll out this number will change. Transfer fees will be split between validators (70%) and the BRDG token stakers (30%). Received funds will be used to buy back BRDG and provide the rewards. Thus, the more users join Solbridge, the more rewards validators will get, thereby incentivizing participation in the ecosystem as the project grows.
So, how does one receive a BRDG token, you may ask? First of all, 10% of BRDG tokens will be allocated to APYS holders. As we have previously mentioned, there was a snapshot at the end of May. Users will be issued 1 BRDG tokens for every 2 APYS they held at the time of snapshot. These tokens will be subject to 6 months lock-in period with 12 months linear unlock.
In addition, APYS holders will be able to stake their APYS to receive the BRDG token. These will be subject to 12 months lock and will be linearly unlocked in the next 24 months after the lock period ends. The reason behind choosing this duration of vesting is the fact that Solbridge is a community-oriented project. Therefore, we would like for every holder to receive BRDG at a fair market price
We hope you found this information useful. Solbridge release is just around the corner, and we invite you to try it out for yourself when it finally launches.
