Token

Bluefin

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Decentralized crypto exchange Bluefin has unveiled plans to launch its own native token BLUE on the Sui blockchain. 
Bluefin, an orderbook-based derivatives exchange backed by <a href="https://crypto.news/tag/polychain-capital/" target="_blank" rel="noreferrer noopener">Polychain Capital</a>, plans to introduce its own governance token, BLUE, to enable the community to guide the development of its <a href="https://crypto.news/tag/sui/" target="_blank" rel="noreferrer noopener">Sui</a>-based protocol. In a Thursday blog post, Bluefin stated that token holders will be able to “propose and vote on key protocol decisions.” Those interested in submitting a proposal would have to put at least 10,000,000 BLUE in voting power. 
“Voting power will be determined based on the number of tokens you decide to lock into a proposal. The voting process starts with a forum discussion and is then followed by an on-chain vote on the Bluefin Governance portal,” the Bluefin team explained. 
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 BLUE token distribution timeline | Source: Bluefin
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Token distribution details reveal that 52% of BLUE will be allocated for “ecosystem growth,” fully unlocking after five years. This includes 32.5% for user incentives, 8.5% for protocol development, 6.5% for the treasury, and 4.5% for liquidity reserve. 
Another 28% is designated for “strategic participants,” to be distributed among investors via private sales and advisors, with a three-year vesting period. The remaining 20% is allocated for “core distribution,” also with a three-year vesting period. The tokenomics documents also reads that BLUE will have a maximum supply of 1 billion, with an initial circulating supply of 116 million tokens. 
Bluefin says all smart contracts related to the Blue token have been audited by TrailOfBits, reassuring investors that “there has been no security breach on Bluefin since the launch of the protocol.” 
Founded in 2020 by Rabeel Jawaid, Ahmad Jawaid, Nikodem Grzesiak, and Zabi Mohebzada, Bluefin has raised approximately $30 million thus far, according to PitchBook <a href="https://pitchbook.com/profiles/company/465490-72#faqs" target="_blank" rel="">data</a>, with support from investors including Polychain Capital, Brevan Howard Digital, Wintermute, Alliance DAO, and Bixin Ventures among others. 
 Read more: <a href="https://crypto.news/sui-tops-300m-in-defi-tvl-surpasses-bitcoin/"> Sui tops $300m in defi TVL, surpasses Bitcoin </a>

Crypto exchange Bluefin announces plans for native token

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