Data source: Pudgy Penguins official website, Golden Finance, Twitter Organized by: Golden 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) collectible built on Ethereum.
From December 09, 2024, 08:00 to December 13, 2024, 07:59 (UTC+8), users who purchase fixed and/or flexible products on the BNB earning platform will receive airdrop allocations. HODLer airdrop information is expected to be live within twelve hours, and 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. Seed tag trading rules apply.
I. Details of the PENGU HODLer Airdrop
Token name: Pudgy Penguins (PENGU)
Total current supply of tokens: 88,888,888,888 PENGU
Maximum supply of tokens: 88,888,888,888 PENGU
Total amount of HODLer airdrop tokens: 2,666,666,666.64 PENGU (accounting for 3% of the maximum token supply)
Circulating supply before Binance listing: 623,125,000 PENGU (accounting for 70.22% of the maximum token supply)
Smart contract details: Solana, 2zMMhcVQEXDtdE6vsFS7S7D5oUodfJHE8vd1gnBouauv
BNB holding cap: Individual user BNB average holding amount / Total average BNB holding amount * 100% ≤ 4% (if the holding ratio exceeds 4%, the BNB holding ratio will be calculated at 4%)
II. Introduction to 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, designed to foster community participation and support the project's broader goals.
Key Points
PENGU is the official token of the Pudgy Penguins NFT series, which includes 8,888 unique cute penguin cartoon images.
The Pudgy Penguins NFT series was originally launched on the Ethereum blockchain and has developed into one of the largest NFT projects by market capitalization. It has recently surpassed BAYC to become the second-largest NFT project by market capitalization.
PENGU will be launched on the Solana blockchain, aiming to expand the project's community and attract new users. A multi-chain deployment is planned, extending to other blockchain networks including Ethereum and Abstract.
Pudgy Penguins, one of the largest NFT series based on the Ethereum blockchain, will launch its native token - PENGU. While Pudgy Penguins is not the first major NFT project to launch a native token, it has weathered the 'NFT winter' and ultimately became the second-largest NFT project by market capitalization, after CryptoPunks.
II. The uniqueness of the PENGU token
1. Short preparation cycle
Despite rumors about Pudgy Penguins' plans to launch a token circulating for years, the official announcement was not made until December 5, confirming that PENGU will launch in 2024.
Typically, airdrops related to assets or ecosystems have longer preparation cycles (months or even years) and have strong signals indicating the launch of tokens, or lock airdrop eligibility by announcing snapshot dates. However, PENGU did not take this route.
This sparked a strong reaction 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) rose from about 1.7 ETH (approximately $6.5k) to 2.5 ETH (approximately $9k).
Date of data source (December 10)
III. Positioning of the Token
Is PENGU a meme coin, a utility token, or a cultural token?
It seems that all three roles coexist, and it may take on more roles in the future. Currently, it is described as the official token of Pudgy Penguins, serving this NFT project positioned as a 'cryptocurrency facade.'
Despite the subjective nature of claiming to be a 'cryptocurrency facade,' Pudgy Penguins indeed has solid foundations supporting this statement:
• 34 billion GIF views: almost everyone has seen Pudgy Penguins' GIFs;
• 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 offers a new way for fans of Pudgy Penguins to establish a deeper connection with characters, brands, and intellectual property (IP), beyond just purchasing toys or interacting with content.
This resonates with my earlier point that 'cryptocurrency is a better stock.' Holding PENGU tokens can be seen as a new way to become an owner or stakeholder in the Pudgy Penguins brand, similar to the meaning of buying company shares.
For some, this is an investment; for others, it is a way to express fan identity; or both. Additionally, as the brand grows, the utility of the token may further expand.
IV. Token Economics
Pudgy Penguins showcases its token economic model in a novel and interesting way, rather than the traditional 20-page white paper and pie charts.
This cute style fully embodies the brand characteristics of Pudgy Penguins.
• Total supply: 88,888,888,888 (8.89 billion), paying 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:
Approximately 24% of the tokens will be allocated to 'other communities,' which is comparable to the proportion allocated to Pudgy holders communities (around 26%).
On the surface, this seems unfair to the Pudgy community, but the distribution range explains this decision:
• The distribution for Pudgy holders will cover approximately 15,000 wallets;
• The distribution for other communities is aimed at approximately 5 million wallets.
This contrasts sharply with the analysis from 6th Man Ventures on token design and distribution, which found that large-scale airdrops often perform worse compared to airdrops focused on core users.
