Introduction
Jupiter decentralized exchange platform has concluded its 3rd round community voting to select a new project that would be launched on the Solana blockchain. This voting happened over a period of 72 hours between 22nd - 25th May 2024. At the end of the community voting, a brand new project emerged winner - Debridge Finance.
The three projects that competed and were voted for were Divvy.bet, ExchangeArt and deBridge. According to the voting information released by Jupiter exchange, a total of 217,498,625 votes were cast by participating community members. Out of this, deBridge took the highest number of votes. They got 129,238,762 votes and that represents 59% of the total votes.
ExchangeArt and Divvy.bet. shared the remaining votes cast by the community. Divvy.bet came 2nd with 63,910,516 votes which represented 29% of the total votes. The last spot was taken up by ExchangeArt which got 24,346,609 votes and that is 11% of the total votes by the community.
The LFG launchpad by Jupiter implemented some changes from this 3rd round of voting. One of the changes was that the project that got the highest number of votes in each voting round gets listed on Solana. So going by that, a big congratulations to debridge for winning this round. The project would be listed on Solana any moment from now. If you are curious about what deBridge does, then read on to the next section.
deBridge Finance delivers cross-chain liquity
Everyone in the crypto space know that interoperability has been a big issue in blockchain technology. The silioed nature of blockchains make it difficult to conduct transactions such as token swaps across different blockchains. Although there are many projects electing to solve this issue, deBridge approaches with a unique solution.
So Debridge is a decentralized protocol that allows users to conduct cross-chain operations in a seamless fashion. Utilizing the solana blockain, deBridge facilitates swift transactions across major and emerging blockchains, providing the liquidity that encompasses all major supported blockchains. That is not all though.
DeBridge also provides tools and a platform for web3 Dapp developers. This is a unique opportunity to build solutions that would integrate across all blockchains. By building apps with deBridge, developers would have projects that are going to overcome interoperability challenges that are common in the blockchain space. Interestingly, it costs little to nothing to build with deBridge. Below is how the team surmmaried what DeBridge is all about:
deBridge is a high-performance and secure interoperability layer for Web3 that enables decentralized transfers of arbitrary messages and value between blockchains. The validation of cross-chain transactions is performed by a network of independent validators who are elected by and work for deBridge governance. Validators maintain the blockchain infrastructure and each run a deBridge node to sign all transactions that pass through deBridge smart contracts in different blockchains. source
Zero TVL makes deBridge stand out
Decentralized bridging protocols are popular in web3. Across them all, a regular feature is often presented as an indicator of how strong a project it - Total Value locked (TVL). Projects with very high TVL are often touted as the strongest and deserves trust from the community because a lot is at stake. But then, this model has been found to have terrible vulnerabilities.
Often times, big VCs are behind the enormous funding needed to have a high TVL figure. Securing such high profile partnership and funds often is not easy to get by. Even when they come, there are hidden dangers to decentralization that is inherent with single large investments from venture capitals. Such projects are often largely influenced by the large stakes and votes of the big investor. Community votes thus worth less. In essence, the community has little to say in future decision making.
Debridge implements a unique and brand new zero TVL model. Instead of relying on large investments from VCs to post a high figure TVL, deBridge has instead decided against staking of tokens at all. The team works with high number of small investors that are ready to provide liquidity for all operations. In this way, funds are mostly provided by the community and that positions debridge as a strong DAO.
The zero TVL model that debridges implements seems to have paid off. Here is summary of how successful the project has been till date:
deBridge is the first cross-chain infrastructure (we know of) to break even, with protocol profits far exceeding all costs. As of today — the protocol generates ~$23k of daily profits and is just about to cross $1M accumulated revenue in the treasury source
One might wonder how deBridge generates revenue if there is no staking instrument. One of the services that deBridge offers is cross-chain messaging. It allows users to send data across all the major and supported blockchains. This service attracts a fee from users. deBridge thus generates revenue from the fees it collects from its cross-chain messaging application.
Again, DeBridge also charges subscription fees for users conducting swaps across the blockchains. They call it Interoperability-as-a-service. These fees help the protocol to raise and earn funds needed to support the platform.
Take a look below at the number of transactions that happens through deBridge. That is some amazing growth for a project like this. Check the table below:
Finally
DeBridge hopes to continue recording more growth as it creates and enhances its protocol for supporting multi-blocckhain transactions. As a new project soon to be launched on Solana, they need all the love and support from the community. ANd deBridge is running a points accumulation program to reward members that will get involved.Learn more about this and other interesting insight about deBridge from the official channels below.
Note: Thumbnail is from deBridge post on X