Only 42% of $DBR Has Been Claimed - What Does this Mean for deBridge?

Now that the dust has settled on the deBridge TGE, what can holders expect next?

Published: Oct 21, 2024 at 22:07
Edited: Oct 22, 2024 at 18:17

October 17 marked the TGE of one of Solana’s most anticipated Q4 crypto airdrops. After running its Season 1 rewards campaign for the better part of 2024, deBridge, a popular cross-chain bridging protocol, finally launched its native token $DBR.

$DBR has shown remarkable resilience in its first few days of trading, suggesting that the deBridge’s six-month token release schedule for power users is operating as expected.

252M $DBR Claimed

At first glance, recipients have been slow to claim their share of the $DBR airdrop. At press time, only 42.1% of the total Season 1 airdrop allocation has been claimed, with 252M of the designated 600M $DBR tokens entering circulation.

$DBR airdrop

While this figure suggests that $DBR has a low claim rate, it may not take into account delayed $DBR unlocks for power users.

In an attempt to provide a stable token launch, deBridge power user claims are subject to a six-month token unlock schedule.

According to deBridge, 76% of the initial $DBR airdrop has been allocated to the top 10% of wallets. Based on the public distribution document, any wallet claiming over 1,855.5 $DBR, or around $65, will receive half its allocation in April 2025.

23% of Recipients Claim to Centralized Exchanges

One of the unique features implemented into the $DBR TGE (Token Generation Event) allowed users to claim their airdropped tokens directly to centralized exchanges. In theory, claiming tokens to a CEX arguably gives the claimant access to more liquid markets on launch day, which may benefit users wanting to liquidate their airdrop quickly.

According to deBridge co-founder Alex Smirnov, around 23% of recipients opted to claim their tokens to a CEX, suggesting that most users prefer to hold their $DBR in self-custody and incorporate their tokens in DeFi strategies.

$DBR Price Holds Following Launch

While it may still be too early to say, $DBR appears to be holding its value following the launch. Airdrop token launches often suffer volatile price activity, with recipients racing to sell their allocations as quickly as possible.

In the days following the launch, $DBR has found a consistent volume above its launch price. Initially listing on the Meteora DEX at $0.03, $DBR traded as high as $0.038 on October 21st, marking a 26% price increase from launch.

$DBR price

One day before $DBR was listed, 200m $DBR tokens were set aside for the deBridge Alpha Vault token sale. Alpha Vault participants were able to purchase $DBR at a one-off price of $0.025, approximately 16.6% cheaper than the $DBR listing price.

In a bid to attract long-term supporters and reduce initial sell pressure at launch, 50% of purchased Alpha Vault tokens are subject to a six-month unlock period. With $DBR currently trading hands at $0.034, Alpha Vault depositors are currently up 36% on their investment, with half of their allocation still locked.