San Francisco, United States, September 14th, 2023, Chainwire
The Connext token ($NEXT) distribution, hosted by Tokensoft, reached a record ~1 Million registrants within a few days.
The $NEXT token distribution represents the world’s first natively cross-chain token distribution.
This represents unprecedented security, increased functionality, and trust-less, cross-chain token distributions. The technology and scale of the $NEXT distribution sets a precedent for what’s possible on the blockchain.
Founded in 2017, Connext Network is a premier cross-chain messaging protocol described as “The HTTP of Web3”. Connext uses ERC-7281 (colloquially, xERC20) to enable tokens to transfer seamlessly across blockchains in a permission-less manner. The $NEXT token itself is built utilizing this new xERC20 token standard.
The xERC20 token standard, authored by Connext founders Layne Haber and Arjun Bhuptani, makes tokens “first-class citizens” within crypto ecosystems and allows token creators to create “native xERC20 tokens on each chain, & stop relying on bridge-managed tokens.”
Within xERC20 token contracts, “bridges are granted permission to mint those tokens within set rate constraints.”
Tokensoft, a leading token launch and distribution platform, has helped over 100 projects raise more than $1 billion since its founding in 2017. Tokensoft’s recent collaboration with Connext leverages and integrates Connext’s technology and support for the xERC20 standard. Starting with the $NEXT token, Tokensoft can now support projects to perform natively cross-chain token distributions.
“We’re excited to offer this groundbreaking distribution technology to our clients,” said Tokensoft founder Mason Borda. “A lot of projects and tokens are multi-chain or cross-chain — but these capabilities are not native to the underlying infrastructure; which introduces adoption and technical challenges. Tokensoft’s integration of Connext fixes this and it broadens our capabilities as we support projects throughout a token’s lifecycle.”
With over 900,000 registrations, the $NEXT token distribution represents one of the largest token distribution events in crypto history.
Participants began registering on 17 August, 2023 and continued to do so through 05 September, 2023. At one point, registrations peaked at more than 30,000 users per hour. “This registration velocity broke a long-standing platform record,” said Borda. “Our previous throughput record was 28,000 users per hour with Synthetix in 2017 — we were excited to see that record broken by Connext’s community.”
Following the registration period, Tokensoft implemented Connext’s access list of qualified users for the distribution event. Users increased and qualified for their token distributions by undertaking a series of on-chain quests.
When the $NEXT distribution went live, users could claim instantaneously on the blockchain of choice — this has resulted in more than 23,000 users claiming the $NEXT token across multiple chains and more than 40% of eligible wallets claiming within a few days.
Connext Network and Tokensoft’s infrastructure proved to be robust both in terms of uptime and security. “We were extremely pleased to see that even a sophisticated attack could not compromise our smart contracts or infrastructure,” said Borda. “Our uptime and security remained strong.”
With the launch of the $NEXT token, future projects can now look to Connext’s technology and the Tokensoft platform for battle-tested and natively cross-chain distribution support.
Tokensoft’s Distributor API maintained its uptime.
“Tokensoft’s integration with Connext Network — and distribution of the $NEXT token — sets a new paradigm for projects,” said Borda. “Native, cross-chain tokens enable inclusive, global communities.”
Tokensoft is a leading launch and distribution platform. Since 2017, Tokensoft has helped over 100 projects run hundreds of token events and raise more than $1 billion. Projects and companies interested in working with Tokensoft are encouraged to reach out here.