Hyperbridge Crowdloan
We’re excited to share that we’ve launched our Polkadot crowdloan for the Hyperbridge Parachain (codename: Nexus) with the ParaId 3367.
Written by
Published on
Do not index
Do not index
We’re excited to share that we’ve launched our Polkadot crowdloan for the Hyperbridge Parachain (codename: Nexus) with the ParaId 3367.
Hyperbridge Nexus
We envision the Hyperbridge parachain on Polkadot as the nexus for secure cross-chain communication. It will be connected at launch to all the networks live currently on the Gargantua v2 testnet: Ethereum, Arbitrum, Optimism, Base, BSC, and the Hyperbridge Messier parachain on Kusama. Hyperbridge is designed to leverage multiple "cores", potentially across several consensus layers, all unified by a single token.
Token Distribution
The initial token distribution is as follows:
.png&optimizer=image&quality=80&width=280)
Tokenomics
The Hyperbridge token, named NAND after the logic gate, aligns well with our vision of a coprocessor. There will be a finite supply of 1 billion NAND tokens. The Hyperbridge NAND token will NOT be inflationary and will instead be deflationary. This is because no incentives will be paid to collators for producing blocks. Hyperbridge’s primary function is not to just produce blocks but instead to relay messages. Relayers are already required to run nodes and as such they can double as collators through Relayer Staking.
It’s important to recall that relayers can operate without staking. However, Hyperbridge will offer a staking mechanism that provides additional rewards. These rewards will come from Hyperbridge's protocol revenue and can be paid out to relayers and their "nominators" who have staked the NAND token.
To be eligible for these rewards, relayers must first be part of the collator set. Gaining admission to this set requires accruing fees greater than a fixed amount while relaying for Hyperbridge. Once admitted, active collators are randomly selected, ensuring every relayer has a fair chance to earn a portion of the protocol revenue.
Token value accrual will be through token buy-backs executed by the Hyperbridge governance, where it can decide to burn it or redirect it towards ecosystem efforts. The token will be used for governance and decision-making about Hyperbridge’s protocol revenue, protocol upgrades, treasury spending, ecosystem efforts and long-term direction.
Polkadot Crowdloan
We've set aside 5% of the token supply for crowdloan contributors. This decision is based on the opportunity cost of staking rewards for 500,000 DOT for 2 years at a price of $12/DOT, giving Hyperbridge a modest FDV of $30m.
Crowdloan contributors have the opportunity to earn over 50m NAND tokens, with the conversion rate being 1 DOT = 100 NAND. The token rewards will be available after a 6-month cliff period with an 18-month linear vesting period. You can contribute to the crowdloan via the Bifrost SALP, Nova Wallet, or the official crowdloan page: hyperbridge.network/crowdloan. If you've already contributed to the crowdloan during the three weeks it has been live, you're entitled to double your rewards. Please refer to the airdrop section below for details.
Relayers & Liquidity incentives
We’ve set aside over 25% of the token supply as incentives for relayers & liquidity providers for Gateway. These incentives will be paid out over a 5 year period on mainnet in order to bootstrap a properly decentralized pool of relayers who serve the applications and users using Hyperbridge. We will have more details out later on the exact mechanism of these incentives.
Airdrop to early supporters
We are dedicating another 5% of the token supply to an airdrop for our earliest supporters. This includes relayers participating in our incentivised testnet, early users of Gargantua v1 & v2 and Aye voters in our first treasury proposal.
Initial Eligibility Criteria
- Contributed to the Hyperbridge Crowdloan before our official announcement today, on 2:45PM GMT+ 1, Thursday March 21, 2024
Please be aware that this eligibility criteria is not set in stone. It is subject to change, and these changes can occur at any time. These modifications to the criteria are based solely on the discretion of the team, who have the authority to make alterations as they see fit to ensure the effectiveness and fairness of the distribution process.
Public Sale
There’ll be an opportunity in the future for anyone from anywhere in the world (except persons who live in and/or are citizens of the United States) to purchase the Hyperbridge NAND token through a public token sale. The details of this will be announced at a later date.
Written by
