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Cryptocurrency Exchange Bluefin Announces Plans for Native Token
Decentralized cryptocurrency exchange Bluefin has unveiled plans to launch its native BLUE token on the Sui blockchain.
Bluefin, an order book-based derivatives exchange backed by Capital of the polychainplans to introduce its own governance token, BLUE, to allow the community to guide the development of its Onbased protocol. In a blog post on Thursday, Bluefin said token holders will be able to “propose and vote on key protocol decisions.” Anyone interested in submitting a proposal should put at least 10,000,000 BLUE in voting power.
“Voting power will be determined by the number of tokens you choose to stake a proposal with. The voting process begins with a forum discussion and is then followed by an on-chain vote on the Bluefin Governance portal,” the Bluefin team explained.
BLUE Token Distribution History | Source: Bluefin
Token distribution details reveal that 52% of BLUE will be earmarked for “ecosystem growth,” fully unlocking after five years. This includes 32.5% for user incentives, 8.5% for protocol development, 6.5% for treasury and 4.5% for liquidity reserve.
Another 28% is earmarked for “strategic participants,” to be distributed among investors via private sales and advisors, with a three-year vesting period. The remaining 20% is allocated for “main distribution”, again with a three-year vesting period. The tokenomics documents also state that BLUE will have a maximum supply of 1 billion, with an initial circulating supply of 116 million tokens.
Bluefin says that all smart contracts related to the Blue token have been audited by TrailOfBits, reassuring investors that “there have been no security breaches on Bluefin since the protocol’s launch.”
Founded in 2020 by Rabeel Jawaid, Ahmad Jawaid, Nikodem Grzesiak and Zabi Mohebzada, Bluefin has raised about $30 million so far, according to PitchBook datawith support from investors including Polychain Capital, Brevan Howard Digital, Wintermute, Alliance DAO, and Bixin Ventures, among others.