The famous NFT project Pudgy Penguins has just launched the PENGU token, with a 88-day window for eligible participants to receive tokens before they are burned and removed from supply.

The PENGU token is deployed on the Solana network, with compatibility with Ethereum and the Abstract Chain expected to launch later, and has a total supply of 88,888,888,888 tokens. The current Pudgy Penguins NFTs are based on the Ethereum network.

Token reception began at 8 PM today (December 17), for holders of Pudgy Penguins, Lil Pudgys, Rogs, and SBTs. Luca Netz, CEO of Igloo, the company behind the project, confirmed this information on X before the launch, and added that transactions will soon take place on centralized cryptocurrency exchanges such as Binance, Bybit, and OKX.

Rogs are rare collectible items in the Pudgy Penguins ecosystem, while SBTs (soulbound tokens) are non-transferable tokens issued to represent achievements, identity, or participation. The token receiving is tied to NFTs in the main collection, and a snapshot for SBTs was taken on December 8.

You can check your wallet to see if you received an airdrop here.

Netz advised participants to ensure their Solana wallet has at least 10 USD SOL to cover gas fees related to receiving tokens. He also emphasized that holders in the Pudgy Penguins ecosystem need to connect both Solana and Ethereum wallets to receive tokens, and that a desktop wallet will be the most suitable option.

The development team explained on the official Discord channel that participants can create a common name, linking their Pudgy Penguin to a wallet during the token receiving process. This will allow other projects to airdrop tokens to holders on both Ethereum and Solana.

Holders of Pudgy Toys, plush toys inspired by the Pudgy Penguins NFT collection, sold at Walmart and Target stores as well as online, are also eligible to receive PENGU tokens.

However, there are some unconfirmed reports that the QR code inside the packaging was stolen before the launch. These toys, connected to the Pudgy World metaverse, are built on Igloo's Layer 2 Abstract Chain of Ethereum and are currently in the testnet phase. When the mainnet goes live, the PENGU bridge via LayerZero will also be operational, allowing toy buyers to receive tokens, Netz explained.

The development team stated on Discord that besides the Pudgy Penguins community, around 7 million other wallets are also eligible to receive PENGU tokens, including users who have interacted with various protocols and members of other communities. If you are a regular Web3 user, check your wallet to see if you are lucky.

Pudgy Penguins rise in the NFT world

Pudgy Penguins first announced plans to launch the token on December 5. “With PENGU, millions of Pudgy Penguin fans and hundreds of millions of people outside the cryptocurrency field who see and share Pudgy Penguin every day finally have the opportunity to engage with this character,” the project stated at that time.

Regarding the tokenomics of PENGU, 25.9% of the supply is allocated to the Pudgy Penguins community, while 24.12% will be distributed to other communities and new members of the 'Huddle'. About 17.8% is reserved for current and future team members with a one-year cliff and a three-year vesting period, and the company will retain 11.48% of the PENGU supply under the same conditions.

Launched in 2021, Pudgy Penguins has become one of the most popular NFT collections in the field. According to CoinGecko data, the project recently surpassed the Bored Ape Yacht Club to become the second-largest NFT collection, with a market cap of 1.2 billion USD, only behind CryptoPunks at 1.6 billion USD.



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