Crypto exchange Bluefin announces plans for native token

Bluefin, an orderbook-based derivatives exchange supported by Polychain Capital, is set to launch its governance token, BLUE, to allow the community to influence the development of its Sui-based protocol. According to a blog post on Thursday, BLUE token holders will have the power to propose and vote on major protocol decisions. Proposals will require at least 10,000,000 BLUE for voting power.

The voting process begins with a forum discussion, followed by an on-chain vote on the Bluefin Governance portal. BLUE's token distribution includes 52% allocated for "ecosystem growth," which will fully vest over five years. This allocation comprises 32.5% for user incentives, 8.5% for protocol development, 6.5% for the treasury, and 4.5% for a liquidity reserve.

Another 28% of the tokens are set aside for "strategic participants," including investors and advisors, with a three-year vesting period. The remaining 20% is earmarked for "core distribution," also with a three-year vesting period. BLUE will have a total supply of 1 billion tokens, with an initial circulating supply of 116 million.

Bluefin assures investors that all BLUE-related smart contracts have been audited by TrailOfBits, confirming there have been no security breaches since the protocol's launch.

Founded in 2020 by Rabeel Jawaid, Ahmad Jawaid, Nikodem Grzesiak, and Zabi Mohebzada, Bluefin has raised around $30 million, with backing from Polychain Capital, Brevan Howard Digital, Wintermute, Alliance DAO, and Bixin Ventures, among others.

Source - https://crypto.news/crypto-exchange-bluefin-announces-plans-for-native-token/