FreeTON set to launch groundbreaking Bridge DAO at the end of October
DeFi developer Broxus has announced that their planned FreeTON Bridge DAO will be activated at the end of October. The DAO will boost second-layer ecosystem development, including expansion of the FreeTON Bridge’s multichain structure.
Bridges in DeFi act as links between different independent blockchains. This can be crucial given how fractured the industry is and the benefits of being able to transfer assets easily from one chain to another and back again. Broxus’ FreeTON Bridge is a multi-network, second-layer solution that links the FreeTON blockchain with that of Ethereum, Polygon, Fantom, Binance Smart Chain and more.
The FreeTON Bridge is powered by the innovative FreeTON blockchain which features unparalleled transaction speeds (less than a minute) and very low transaction fees (less than $0.4). The unique value of the Bridge lies in its ability to open up those low costs and transaction speeds to users of slower and more cost-heavy networks.
For example, if a user wanted to transfer the liquidity they had on Ethereum to the Polygon network, they could use the FreeTON Bridge to do that quickly and at practically no cost. As a second-layer solution, the FreeTON blockchain offers a level of financial mobility that makes it invaluable, especially for users with assets on older networks like Ethereum.
In what constitutes a first for the industry, the Bridge will be introducing support for a variety of different blockchain networks at the same time, providing users with a valuable tool in the fractured world of decentralized finance. At the same time, the FreeTON Bridge will also transition to a DAO (Decentralized Autonomous Organization) governance structure, in which decisions will be made according to community consensus.
The Bridge DAO is able to operate thanks to BRIDGE tokens. You can buy BRIDGE tokens on TON Swap, the FreeTON powered DEX. In the FreeTON Bridge economy, BRIDGE tokens act in the role of governance tokens. There has been a total of 14 million BRIDGE tokens issued with no plans for further issuances.
BRIDGE tokens provide the means for the FreeTON Bridge to function by generating the necessary liquidity and opening up its governing structure to users. Any user who wants to participate in Bridge governance just has to hold a certain number of BRIDGE tokens.
While there is a minimum amount of tokens necessary for participation, there are expanded governance roles in the ecosystem that are available to those who have more tokens. If you acquire 2% of the total amount of BRIDGE tokens, you can enter governing proposals of your own for the community to vote upon. And if you have at least 100k BRIDGE tokens you will be eligible to become a Relay.
Bridge DAO unique in DeFi
The FreeTON Bridge DAO offers a number of unique features that will both stimulate growth for the FreeTON network and benefit members of the DeFi community at large.
– The Bridge DAO will lead to the decentralization of Bridge management. As decentralization advances, the Bridge will become stronger and more resistant to attacks. This will have the effect of increasing trust in the network and with greater trust will come an influx of more capital.
– As the first DAO on the FreeTON network, the Bridge will operate as a paradigm maker. The DAO contracts will serve as a benchmark for other projects on the network and will lead to the creation of other DAOs and more users getting involved with the FreeTON network.
– It further solidifies the BRIDGE token by putting the weight of a formal business behind it. Thanks to the DAO, the Bridge will begin to manage reserves that will generate cash flow, the beneficiaries of which will be the holders of BRIDGE tokens. Thus, the Bridge DAO will, for the first time in the history of FreeTON, provide the network with a token supported by a real business model and granting exposure to value creation.
– The technology underlying the Bridge DAO allows participants to manage Ethereum contracts from the FreeTON blockchain and vice versa. This will broaden the user base substantially and allow for liquidity to flow from larger chains, where it is expensive to move, to FreeTON, where it is cheap, and back again.
– The Bridge DAO will allow the FreeTON Bridge’s multichain structure, in which it is possible to switch from FreeTON to Binance Smart Chain, Polygon, etc. and vice versa, to expand and truly flourish. The enhanced interconnectivity will lead to an influx of new funds from other networks and help solve the microtransaction problem in which users cannot withdraw funds from FreeTON without paying exorbitant gas prices on Ethereum.
FreeTON is a fast, secure and scalable network with near-zero fees, which can process up to a million transactions per second thanks to its unique dynamic sharding technology. As a development built off of the Durov brothers’ original TON concept, the FreeTON blockchain is designed to facilitate the widespread adoption of decentralized solutions by lowering the price and complexity entrance thresholds. The ecosystem features a number of products, including TON Swap Decentralized Exchange, the main DeFi ecosystem wallet Crystal wallet and bridges with other blockchains.