Binance-Backed Project Launches Its Own Coin: Here Are the Airdrop Details
Liquid retaking infrastructure platform and rollup solution Puffer Finance has announced the launch of its new governance token. The company also shared important details about the upcoming airdrop. The airdrop request process will begin on October 14, 2024 and continue until January 14, 2025.
Puffer Finance plans to supply a total of 1 billion tokens, of which 102.3 million will be released in the first phase. According to the distribution plan, 40 percent will be allocated to ecosystem and community initiatives, 13 percent to airdrops, 1 percent for Ethereum core development, 20 percent to early contributors and advisors, and 26 percent to investors.
The project aims to distribute 7.5 percent of the total supply, or 75 million tokens, in its first season airdrop campaign launched under the name “Crunchy Carrot Quest.” According to snapshot data taken on October 1, another 5.5 percent will be distributed in the second season, which is currently underway.
PUFFER token in community governance
Puffer tokens will be used to enable the community to participate in governance decisions on issues such as the protocol’s parameters, fees, and security measures. Token holders will be able to stake their tokens to obtain PUFFER, a governance token that provides voting rights.
Puffer Finance initially started as a liquid staking protocol with Puffer LST and eventually launched a liquid retaking service on EigenLayer. The total locked value on the platform exceeds $1.3 billion. The company is also developing a rollup solution called UniFi, which aims to use Ethereum validators for transaction sequencing, and a pre-approval service called UniFi AVS, which is being developed to speed up rollups.
Puffer Finance closed an $18 million Series A funding round led by Brevan Howard Digital and Electric Capital in April.
Stay tuned for new information.
