United

Connext Network

Million

Synthetix

Noah

San Francisco, United States, September 14th, 2023, Chainwire 
The Connext token (<a href="https://www.coingecko.com/en/coins/connext" rel="nofollow noopener" target="_blank">$NEXT</a>) distribution, hosted by Tokensoft, reached a record ~1,000,000 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. 
<h1 id="strong-the-technology-strong">The Technology</h1> 
Founded in 2017, <a href="https://connext.network/" rel="nofollow noopener" target="_blank">Connext Network</a> is a premier cross-chain messaging protocol described as “The HTTP of Web3.” Connext uses <a href="https://ethereum-magicians.org/t/erc-7281-sovereign-bridged-tokens/14979" rel="nofollow noopener" target="_blank">ERC-7281</a> (colloquially, <a href="https://www.connext.network/xerc20" rel="nofollow noopener" target="_blank">xERC20</a>) 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 <a href="https://twitter.com/LayneHaber" rel="nofollow noopener" target="_blank">Layne Haber</a> and <a href="https://twitter.com/arjunbhuptani" rel="nofollow noopener" target="_blank">Arjun Bhuptani</a>, makes tokens “first-class citizens” within crypto ecosystems and allows token creators to create “native xERC20 tokens on each chain, &amp; stop relying on bridge-managed tokens.” 
Within xERC20 token contracts, “bridges are subsequently granted permission to mint those tokens within set rate constraints.” 
Tokensoft, a leading token launch and distributions platform, has helped more than 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, this means that Tokensoft can now provide support for projects to perform natively cross-chain token distributions. 
“We’re excited to offer this groundbreaking distribution technology to our clients,” said Tokensoft founder <a href="https://twitter.com/masonic_tweets" rel="nofollow noopener" target="_blank">Mason Borda</a>. “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.” 
<h1 id="strong-the-scale-strong">The Scale</h1> 
With more than 900,000 registrations, the $NEXT token distributions 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 were able to claim instantaneously on the blockchain of choice — this has resulted in more than <a href="https://twitter.com/ConnextNetwork/status/1699819720042832148" rel="nofollow noopener" target="_blank">23,000 users claiming the $NEXT token</a> across multiple chains and more than 40% of eligible wallets claiming within a matter of a few days. 
<img src="https://cryptocdn.fra1.cdn.digitaloceanspaces.com/sites/8/S-rk5QWmlebylH4GA8DIQIqNVOzw0iXiLz8YzGrdl6qztDPpmV_1694715447kaT3d0US2z.jpeg"> 
Source: Eman-Raz <a href="https://flipsidecrypto.xyz/Eman-Raz/q/AiY-Mq3jprAn/clim-over-time" rel="nofollow noopener" target="_blank">Dashboard on Flipside Crypto</a> 
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.” 
<img src="https://cryptocdn.fra1.cdn.digitaloceanspaces.com/sites/8/FA_TqB6PWIDXWbKtazyFK2RNz7s9yKESnsCDqosn_BcVQCffum_1694715447ruQ07y73DA.jpeg"> 
Tokensoft’s <a href="https://api.tokensoft.io/" rel="nofollow noopener" target="_blank">Distributor API</a> Uptime 
<h1 id="strong-what-s-next-strong">What’s Next</h1> 
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.” 
About Tokensoft 
Tokensoft is a leading launch and distributions platform. Since 2017, Tokensoft has helped more than 100 projects run hundreds of token events and raise more than $1 billion. Projects and companies interested in working with Tokensoft are encouraged to <a href="https://form.typeform.com/to/XiG85ybu" rel="nofollow noopener" target="_blank">reach out here</a>. 
Twitter: <a href="https://twitter.com/tokensoftinc" rel="nofollow noopener" target="_blank">https://twitter.com/tokensoftinc</a> 
Telegram: <a href="https://t.me/tokensoft" rel="nofollow noopener" target="_blank">https://t.me/tokensoft</a> 
Web: <a href="https://tokensoft.com/" rel="nofollow noopener" target="_blank">https://www.tokensoft.com/</a> 
<h5>Contact</h5> 
Noah Walker noah@tokensoft.io

Tokensoft and Connext Host World’s First Cross-Chain Distribution, Attract ~1 Million Registrants

Table of Contents

CryptoTicker ENG

Other articles published on Sep 14, 2023

Stacks Price Forecast 2023: Can STX Price Skyrocket Soon?

Unity’s Fee Policy Controversy An In-depth Analysis

How to strike a balance between blockchain transparency and privacy: Nansen CEO

XRP and Solana Show Strength, Crypto Market Falls: Following Concerns Over FTX Sell-Off

SOL Outshines ETH and May Continue to Rise in the Upcoming Days

BTC price targets $27K as Bitcoin bulls shrug at PPI inflation surprise

Join our free newsletter for daily crypto updates!