DEX Bluefin to Launch BLUE Token: 1 Billion Maximum Supply, 32.5% for User Incentives
Decentralized order book exchange Bluefin, which has received a total of $17 million in funding since its inception in 2020, will reportedly launch its governing token in July. The exchange, which allows users to trade cryptocurrency perpetual contracts on the Sui network, also recently secured an undisclosed amount of investment from trading giant Flow Traders ahead of the token's release. Bluefin said in a statement that it will use the proceeds to expand beyond perpetual contract trading and develop a decentralized financial ecosystem.
According to Bluefin's token economics, the maximum supply of BLUE tokens is 1 billion, with an initial float of 116 million. Investors and the Bluefin team will have a three-year vesting period, with a lock-up expiring one year after the initial launch next month. The company also plans to use 32.5 percent of the tokens for user incentives, including airdrops, trading rewards, liquidity supply and future growth programs, the filing said. DEX also plans to launch an aggregator for trading spot digital assets and " Bluefin Pro," which will offer cross-margin trading and faster execution.
Bluefin has raised money from large hedge funds such as Brevan Howard Digital, Tower Research, Cumberland DRW and Susquehanna International Group. The exchange says it has traded more than $25 billion in volume so far this year and generates more than $1 million in monthly revenue.
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