There isn't a built-in option that I'm aware of, but if you're an ARC browser user, you can use a boot to adjust the width of the right-side panel
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Is there a way to extend the width of the design panel in Figma? I want to see the name of the colors quickly, without having to hover and wait.
I don't think there is.. Keeping this in mind as a classic example of how design system teams can better set up libraries for Figma users 🧐