Orbiter Finance Introduces New Governance Token OBT

Cross-chain bridging protocol Orbiter Finance has announced the upcoming launch of its native governance and staking token OBT. This event is set to coincide with the inauguration of President-elect Donald Trump on Jan. 20.

OBT is an ERC-20 token with a total supply of 10 billion tokens, and it will launch on Ethereum as well as Layer 2 networks Arbitrum and Base next week. At the token generation event, 2.8 billion tokens (28% of the total supply) will be in circulation. On-chain governance for OBT will open in February, and staking mechanisms are expected to be implemented in Q2.

> “This milestone airdrop represents our gratitude to our amazing community that has supported and shaped our journey from the beginning,” said the project, indicating the start of their journey towards decentralization.

Distribution of OBT Tokens

The allocation of OBT includes:
– 40% for the community
– 20% for ecosystem and growth initiatives (2.5% will be unlocked at TGE)
– 15% for the Orbiter team and contributors
– 10% for seed and Series A investors
– 15% for the Orbiter Foundation, with 3.5% unlocked at TGE and the rest vested monthly over 23 months.

Community allocation includes an initial 22% airdrop for eligible users, followed by a 3% monthly airdrop for six months. To qualify, participants must have used the protocol for at least two months since December 2021 and hold at least 40 OPoints as of the snapshot on Jan. 16. This points-based system determines the number of tokens airdrop recipients can claim, focusing on cross-chain transactions.

Eligible Participants for Airdrops

• Whitelists include moderators in Discord, holders of Ace and Expert NFTs, along with winners of offline event initiatives. A second snapshot for NFT holders occurs on Jan. 19.
• Users can claim a maximum of 5,600 OBT on Jan. 20 based on the first snapshot. Ace NFT holders can claim 17,000 OBT per NFT on Jan. 20, while Expert NFT holders can claim 2,300 OBT per NFT on Jan. 23. All users can collect remaining initial rewards on Jan. 25.

Founded in 2021, Orbiter Finance boasts 4.3 million users, has processed over $28 billion, and facilitated more than 35 million transactions within its interoperability network. Further details on the project’s roadmap are expected in February.