Tokensoft’s Connext NEXT launch boosts token transfers with record-breaking 1 million registrations Tokensoft’s Connext NEXT launch boosts token transfers with record-breaking 1 million registrations
Tokensoft leveraged Connext's parameters to identify eligible participants for the distribution.
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Updated: Sep. 14, 2023 at 5:31 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Tokensoft’s distribution of the newly-released Connext NEXT token attracted nearly 1 million registrations in less than a month after it went live, according to a press statement shared with CryptoSlate.
What is Connext NEXT?
Connext employs the ERC-7281, often referred to as xERC20, to facilitate frictionless cross-blockchain token transfers in a permissionless fashion. Notably, its NEXT token leverages this cutting-edge technology, elevating it to a “first-class citizen” status within the ecosystem.
According to the press statement, the technology empowers token creators to mint native xERC20 tokens on each blockchain rather than relying on bridge-managed tokens. When developers opt for xERC20, bridges are automatically granted the authority to mint tokens according to predefined rate standards.
On the other hand, Tokensoft is a platform with a proven track record of facilitating fundraising for over 100 projects and has amassed more than $1 billion in capital since its launch.
With its strategic partnership with Connext, Tokensoft is gearing up to provide comprehensive support for projects looking to execute natively cross-chain token distributions, further expanding the possibilities within the emerging industry.
Record-breaking registrations
With around 1 million registrations in under a month, NEXT’s token distribution stands as one of the most substantial in crypto history. The initiative, launched on August 17, saw a continuous influx of registrations until Sept. 5, with a peak of 30,000 registrations per hour on the busiest day.
Tokensoft co-founder Mason Borda celebrated this achievement, noting that this registration pace surpassed their previous platform record of 28,000 users per hour set back in 2017 during the Synthetix campaign.
Following registration, Tokensoft leveraged Connext’s parameters to identify eligible participants for the distribution. This process successfully qualified over 23,000 users across multiple blockchains, with 40% already claiming their tokens. The number of qualified users continued to grow as participants engaged in on-chain quests.
In addition to the registration success, Borda commended the robust uptime and security infrastructure upheld by both Tokensoft and Connext.
Posted In: Tokens
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
