Oct 30, 2024
6thTrade
Glif, Filecoin’s premier liquid leasing platform and largest decentralized finance (DeFi) protocol, is launching its native GLIF token—and it’s bringing a windfall with it. Out of a total supply of 1 billion GLIF tokens, a significant 10% (100 million tokens) will be airdropped to loyal users. If you’re already engaged with Glif, you could be part of this distribution.
The Airdrop Details
On Tuesday, Glif shared that GLIF points holders with at least one point will receive GLIF tokens on a 1:1 basis. If there are unused airdrop tokens, they’ll be rerouted to Glif’s community rewards pool, ensuring ongoing benefits for token holders. To make the launch even more user-friendly, 25% of the tokens will be available immediately upon claim, with the remaining 75% distributed linearly over 180 days. This staggered vesting structure aligns with Filecoin’s own reward system, providing a steady growth path for holders.
With over 82 million GLIF points already issued and one final point allocation pending, Glif’s final tally is expected to hit the full 100 million mark just ahead of the token generation event (TGE). While the exact TGE date isn’t yet set, CEO Jonathan Schwartz shared they’re aiming for late this year or early next. Plus, once the claim window opens, recipients will have a full year to access their tokens.
GLIF: DeFi’s First Governance Token for Filecoin
In Schwartz’s words, GLIF marks a milestone as “the first governance token for a $100 million+ DeFi protocol that’s foundational to the Filecoin network—much like Lido is for Ethereum or Jito is for Solana.” Glif enables FIL holders to lend their assets to storage providers, fueling Filecoin’s storage mining while allowing lenders to earn rewards.
With a hefty $124 million in total value locked (TVL), Glif dominates the Filecoin ecosystem. Its new governance framework will be under the oversight of the GLIF Foundation, a DAO (decentralized autonomous organization) managed by GLIF token holders, putting control of the platform’s future firmly in the community’s hands.
How GLIF Tokens Will Be Allocated
Community Growth (35% of Total Supply)
The airdrop represents just a slice of Glif’s vision for community growth, tapping into a broader 35% community allocation (350 million tokens). Of these, 250 million will go towards further community initiatives, while token holders will decide how best to use this reserve through governance votes.
Core Contributors (29.35% of Total Supply)
Core contributors will receive 293.5 million tokens, with a cliff period of one year. Following the cliff, their tokens will vest evenly over the next three years. This ensures a long-term alignment between contributors and the platform’s success, with full circulation expected by month 48 after the TGE.
Ecosystem Development (20% of Total Supply)
To fuel growth in the GLIF and Filecoin ecosystems, 200 million tokens will be allocated for ecosystem development, supporting partnerships with key builders and developers. Initial access to 25% of these tokens will be unlocked immediately, with the remainder vested over three years, encouraging steady ecosystem expansion.
Investors (15.65% of Total Supply)
Backing from major investors like Multicoin Capital, Big Brain Holdings, and Protocol Labs is also represented in the token allocation. With 156.5 million tokens dedicated to early supporters, these tokens are subject to a one-year cliff and a 12-month linear vesting, bringing all investor tokens into circulation by month 24.
A Big Year for Glif and Filecoin’s DeFi Ecosystem
This is just the beginning for Glif as it moves to cement its role as a foundational DeFi pillar on Filecoin. The GLIF token launch and airdrop will empower its rapidly growing community, setting the stage for a vibrant ecosystem built around decentralized governance and engagement. With the new GLIF DAO at the helm and a community-driven allocation strategy, Glif is poised for a promising future in decentralized finance on Filecoin’s network.
As the airdrop date approaches, keep an eye on Glif for more updates and the final countdown to the TGE—this could be a watershed moment for Filecoin’s DeFi space and an exciting opportunity for those already part of the Glif ecosystem. $FIL
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