Orbiter Finance has officially unveiled its native governance and staking token, OBT, with plans for an initial airdrop set for Jan. 20.
Orbiter Finance has officially unveiled its native governance and staking token, OBT, with plans for an initial airdrop set for Jan. 20, coinciding with the U.S. Inauguration Day of President-elect Donald Trump. The OBT token, an ERC-20 asset, will have a total supply of 10 billion tokens and will be launched on Ethereum, Arbitrum, and Base.
The initial circulating supply of OBT will be 2.8 billion tokens, representing 28% of the total supply. The project aims to decentralize governance, with on-chain governance expected to commence in February. The staking mechanism for OBT is slated for rollout in the second quarter of 2024.
In a detailed distribution plan, 40% of the total OBT supply has been allocated for community use, while 20% is designated for ecosystem and growth initiatives, with 2.5% becoming available at the Token Generation Event (TGE).
The Orbiter team and contributors will receive 15%, and seed and Series A investors are allocated 10%. The remaining 15% will support the Orbiter Foundation's vision for interconnected blockchain networks, with 3.5% accessible at TGE and the rest vested over 23 months.
Eligible users for the airdrop must have engaged with the Orbiter protocol for at least two months since December 2021 and possess a minimum of 40 OPoints. A snapshot for eligibility was taken on Jan. 16.
The airdrop includes an initial distribution of 22% of the community allocation, followed by monthly distributions of 3% for six months.
Additional airdrop allocations will be available for moderators of the Orbiter Discord, holders of Ace and Expert NFTs, and participants in offline events. Each user can claim a maximum of 5,600 OBT on Jan. 20, with further claims for NFT holders scheduled for subsequent dates.
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