Original title: (A Quick Overview of Binance HODLer 5th Airdrop Project Pudgy Penguins (PENGU))
Original source: Jinse Finance
On December 16, 2024, Binance announced that the Binance HODLer airdrop is now live for the 5th project Pudgy Penguins (PENGU), an NFT (non-fungible token) collection built on Ethereum.
From December 9, 2024, 08:00 to December 13, 2024, 07:59 (UTC+8), users who use BNB to purchase the regular and/or savings products on the Earn platform will receive airdrop allocation. HODLer airdrop information is expected to go live within twelve hours, and the new tokens will be distributed to users' spot wallets one hour before trading begins.
Binance will list PENGU on December 17, 2024, at 22:00 (UTC+8), and open trading pairs against USDT, BNB, FDUSD, and TRY. The seed tag trading rules apply.
I. PENGU HODLer Airdrop Details
· Token name: Pudgy Penguins (PENGU)
· Current total supply of the token: 88,888,888,888 PENGU
· Maximum token supply: 88,888,888,888 PENGU
· Total amount of HODLer airdrop tokens: 2,666,666,666.64 PENGU (3% of the maximum token supply)
· Circulating supply before listing on Binance: 623,125,000 PENGU
· Smart contract details: Solana, 2zMMhcVQEXDtdE6vsFS7S7D5oUodfJHE8vd1gnBouauv
· BNB holding cap: Individual user's average BNB holding / Total average BNB holding * 100% ≤ 4%, (if holding ratio exceeds 4%, the BNB holding ratio will be calculated at 4%)
II. Introduction to the Pudgy Penguins Project
What is PENGU, the Pudgy Penguins token?
PENGU is the native cryptocurrency token launched by Pudgy Penguins, a popular NFT project aimed at expanding its influence in the blockchain ecosystem. PENGU is released on the Solana blockchain, intended to drive community engagement and support broader project goals.
Key points
· PENGU is the official token of the Pudgy Penguins NFT series, which consists of 8,888 unique cute penguin cartoon images.
· The Pudgy Penguins NFT series was first launched on the Ethereum blockchain and has developed into one of the largest NFT projects by market cap. It recently surpassed BAYC to become the second-largest NFT project by market cap.
· PENGU will launch on the Solana blockchain, aiming to expand the project's community and attract new users. There are plans for multi-chain deployment, extending to other blockchain networks including Ethereum and Abstract.
Pudgy Penguins, one of the largest NFT series based on the Ethereum blockchain, will launch a native token – PENGU. While Pudgy Penguins is not the first major NFT project to launch a native token, it has withstood the test during the 'NFT winter' and ultimately became the second-largest NFT project by market cap after CryptoPunks.
II. What Makes the PENGU Token Unique
1. Short preparation period
Despite rumors about Pudgy Penguins launching a token circulating for years, the official announcement was not made until December 5, stating that PENGU will officially launch in 2024.
Typically, airdrops related to assets or ecosystems have a long preparation period (months or even years) and strong signals indicating the token's launch, or they lock airdrop eligibility by announcing a snapshot date. However, PENGU did not take such a route.
This has sparked a strong response in the NFT market:
• The floor price of Pudgy Penguins has risen from about 16 ETH (approximately $61k) to 23 ETH (approximately $83k).
• The floor price of Lil Pudgies (its sub-series) has risen from about 1.7 ETH (approximately $6.5k) to 2.5 ETH (approximately $9k).
Data source date (December 10)
III. Token Positioning
Is PENGU a meme coin, a utility token, or a cultural token?
It seems that all three aspects are present, and in the future, it may take on more roles. Currently, it is described as the official token of Pudgy Penguins, serving this NFT project positioned as the 'face of cryptocurrency.'
Although calling itself the 'face of cryptocurrency' is a subjective statement, Pudgy Penguins does have a solid foundation to support this claim:
• 34 billion GIF views: Nearly everyone has seen a GIF of Pudgy Penguins;
• 1.6 million Instagram followers: content is cute and resonates;
• 522,000 TikTok main account followers, and 1.1 million Pudgy Kindness account followers;
• Over 1.5 million Pudgy toys sold globally, available at retailers like Walmart, Target, and Amazon.
For those who have not ventured into cryptocurrency, PENGU provides a new way for Pudgy Penguins fans to establish a deeper connection with characters, brands, and intellectual property (IP), beyond just purchasing toys or interacting with content.
This aligns with my earlier point that 'cryptocurrencies are a better stock.' Holding PENGU tokens can be seen as a new way to become an owner or stakeholder of the Pudgy Penguins brand, similar to the significance of purchasing company shares.
For some, this is an investment; for others, it is a way to express fandom; or both. Additionally, as the brand grows, the token's utility may further expand.
IV. Token Economics
Pudgy Penguins presents its tokenomics in a novel and engaging way, rather than the traditional 20-page white paper and pie charts.
This cute style embodies the brand characteristics of Pudgy Penguins.
• Total supply: 88,888,888,888 (8.89 billion), a tribute to the original Pudgy Penguins series of 8,888 NFTs;
• Claim period: 88 days.
Two of the distribution details are particularly striking:
1. Other communities:
About 24% of the tokens will be allocated to 'other communities,' comparable to the allocation for Pudgy holder communities (around 26%).
On the surface, this seems unfair to the Pudgy community, but the distribution range explains this decision:
• Pudgy holder distribution will cover approximately 15,000 wallets;
• The allocation for other communities is aimed at approximately 5 million wallets.
This sharply contrasts with the analysis by 6th Man Ventures on token design and distribution, which found that large-scale airdrops often perform worse than airdrops focused on core users.
Original link
