Finally, we have entered the altcoin season! The last altcoin season lasted for 88 days, and this time we have just begun to go through a week of abundant harvest. Last Friday, Bitcoin saw a deep correction, but altcoins unexpectedly remained strong. What else could it be if not an altcoin season? Everything familiar is back, and everything may just be beginning.
After the Hyperliquid TGE, the token price has been rising steadily without looking back, breaking through $10 billion. Sui, as the strongest public chain after Solana, has seen its price reach new highs. Hyperliquid @bluefinapp on Sui chose this moment for TGE, seizing the opportunity. Below, I will tell you why Bluefin is worth paying attention to and the current participation methods.
1. Business Introduction
Bluefin is a decentralized exchange focused on contracts and spot trading, providing a high-performance trading experience. Bluefin's contract trading accounts for over 85% of the Sui ecosystem market and also supports pre-market and contract trading for Sui ecosystem projects. The spot automated market maker trading was just launched two weeks ago and has already reached a trading volume of $130 million. Additionally, Bluefin has built a complete meme infrastructure, aiming to become the meme trading center of the Sui ecosystem. As of now, Bluefin integrates contracts, aggregators, and liquidity pools, forming a one-stop on-chain exchange that combines on-chain market making and RWA narrative. Since its launch in September 2023, the total trading volume has exceeded $38 billion, with more than 72,000 users and a total value locked (TVL) of $32.54 million.
2. Fundamental Situation
Bluefin is developed by a team from Europe and the United States, with founders having backgrounds from prestigious universities such as the University of Pennsylvania and Berkeley. It has received support from top institutions such as Polychain, Brevan Howard, SIG, Tower Research, and Wintermute. There have been no security incidents in the past three years, equipped with dedicated internal security engineers and collaborating with four top security companies (Trail of Bits, PeckShield, Halborn, and Halborn).
3. Token Economics
52% of the tokens are allocated for ecosystem growth, 20% for core contributors (with a one-year lock-up, followed by linear unlocking over two years), and 28% for strategic partners (top venture capitalists and market makers, with a one-year lock-up, followed by linear unlocking over two years).
Tokens for ecosystem growth are primarily used for user incentives (32.5%, unlocked over five years, with 19.68% for airdrops and 12.82% for subsequent incentives), protocol development (8.5%, with 1/3 unlocked at TGE and the remaining unlocked over two years), treasury (6.5%, linear unlocking after three months over 36 months), and liquidity reserves (4.5%, unlocked at TGE for CEX market making and DeFi liquidity).
The Bluefin project has a large vision, allocating 19.68% of the airdrop to existing and new users. The first part of the confirmed additional airdrop includes Bluefin early community supporters (15.82%), SUI ecosystem partner users (1.67%), Solana and EVM partner users (1.4%), and NFT community partners (0.79%). Users can link their wallets from Sui, EVM, Base, and SOL to check, and there may be unexpected surprises.
Query link: http://trade.bluefin.io/airdrop
The design of Bluefin's token economics is reasonable, rewarding early users while also considering users from the Sui ecosystem and other active ecosystems, which is conducive to attracting the attention of potential value users. In the future, sufficient token rewards will be reserved to incentivize users to continue using the protocol. Core contributors and strategic partners will have a one-year lock-up period, ensuring long-term binding between the team, partners, and the protocol, which is beneficial for the sustainable development of the protocol and protects the interests of token holders.
4. Participation Methods
The second part of the airdrop Bluefin's cumulative interaction rewards (Historical Rewards) continues to accumulate. Users can earn cumulative points and Sui rewards through interactions on Bluefin.
Currently, there are the following methods
4.1 Bluefin Contract Trading Mining
Earn SUI rewards and Blue points based on trading fees. Users who trade on Bluefin and earn this year will receive a 20% points bonus. Suitable for users who regularly need to trade mainstream cryptocurrencies and Sui ecosystem tokens.
4.2 Bluefin Stablecoin Pool
Deposit wUSDC to provide liquidity for top market makers and earn SUI and Blue points, with dynamic APR. Withdrawals have time limits, and interest and points continue to accrue during redemption periods.
4.3 Bluefin Spot Liquidity Pool
Provide spot liquidity to earn SUI and Blue points, with funds available for withdrawal at any time.
