June 27, 2024
Bluefin, a decentralized orderbook exchange, is set to introduce its governance token in July, having amassed a total of $17 million in funding since its establishment in 2020. Bluefin intends to utilize the funds to broaden its scope beyond perpetual trading and cultivate a decentralized financial ecosystem.
Project | Total Raise | Category |
---|---|---|
Bluefin | $17M | Trading |
Bluefin positions itself as a premier derivatives exchange within the Sui network, boasting over 70% market share with its perpetual trading product. The forthcoming token, BLUE, is expected to facilitate the decentralization of decision-making processes and provide incentives for users and contributors.
The $BLUE token will have a cap of 1 billion and an initial circulating supply of 116 million. Both investors and the Bluefin team will be subject to a three-year vesting period, with a lockup that will end one year after the initial launch next month. The plan also includes allocating 32.5% of the token for user incentives, which will encompass airdrops, trading rewards, liquidity provisions, and future expansion efforts.
Additionally, the DEX is contemplating the initiation of an aggregator for trading spot digital assets and “Bluefin Pro,” which will facilitate cross-margin trading and expedited executions.
About Bluefin
Bluefin is a self-custodial and transparent protocol that allows users to trade perpetuals on-chain with performance and security. It is backed by notable entities such as Polychain, SIG, DRW, and Alliance.
Bluefin operates as an orderbook-based derivatives exchange, utilizing the most innovative decentralized infrastructure to support both first-time users and professional traders. The platform is recognized for its user-friendly interface and robust security measures. The current version of the exchange is live and accessible.
Website: https://bluefin.io/
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