ChainCatcher reported that according to CoinDesk, the decentralized order book exchange Bluefin has received a total of $17 million in financing since its establishment in 2020 and will launch its governance token in July. The exchange allows users to trade cryptocurrency perpetual contracts on the Sui network. Before the token was released, the exchange also recently received an undisclosed amount of investment from trading giant Flow Traders. Bluefin said in a statement that the company will use the proceeds to expand its business beyond perpetual contract trading and develop a decentralized financial ecosystem.
According to Bluefin’s token economics, the maximum supply of BLUE tokens is 1 billion, with an initial circulation of 116 million. Investors and the Bluefin team will have a three-year vesting period, with the lockup period expiring one year after the initial launch next month. The company also plans to use 32.5% of the tokens for user incentives, including airdrops, trading rewards, liquidity provision and future growth plans, the document said. The DEX also plans to launch an aggregator for trading spot digital assets and “Bluefin Pro,” which will provide cross-margin trading and faster execution.
Bluefin, which has raised funding from major hedge funds including Brevan Howard Digital, Tower Research, Cumberland DRW and Susquehanna International Group, said it has seen more than $25 billion in trading volume so far this year and more than $1 million in monthly revenue.
