According to Coindesk, the decentralized exchange Bluefin announced that it will launch its governance token BLUE in July. Since its establishment in 2020, Bluefin has received a total of US$17 million in financing and received an undisclosed investment from Flow Traders before the token was released.
Bluefin said that BLUE tokens will be used to decentralize decision-making and incentivize users and contributors. The total supply of tokens is 1 billion, and the initial circulation is 116 million. Tokens for investors and teams will have a three-year vesting period and will be unlocked one year after launch. In addition, 32.5% of the tokens will be used for user incentives, including airdrops, trading rewards, and liquidity provision.
Bluefin plans to use the funding to expand its business, develop a decentralized financial ecosystem, and launch a spot trading aggregator and "Bluefin Pro" that provides cross-margin trading and faster execution. As of this year, Bluefin's trading volume has exceeded $25 billion and its monthly revenue has exceeded $1 million.
