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The firm also announced an airdrop that is set to distribute a portion of the tokens to early adopters and other eligible participants within the DeFi space.
Key Notes
Puffer's airdrop campaign allocates 13% of tokens to the community.Governance tokens give users voting power in protocol decisions via vePUFFER.The liquid restaking and rollup platform Puffer Finance has officially launched its governance token $PUFFER. In the announcement detailing the release, the company says the move builds on its foundation of trust and transparency, bringing exciting new opportunities for community engagement and decision-making.
Additionally, the firm also announced an airdrop that is set to distribute a portion of the tokens to early adopters and other eligible participants within the DeFi space.
Puffer Finance Shares Token Details amid Airdrop Campaign
Speaking about PUFFER’s tokenomics, the platform revealed that the total token supply is capped at 1 billion. That is, with an initial circulation of 102.3 million. Of this, it intends to distribute 40% towards ecosystem and community initiatives. It will also allocate 20% for early contributors and advisors, while 26% goes for investors.
Puffer has also earmarked 1% for Ethereum core development. While seemingly small, this allocation may be sufficient enough to prove the platform’s commitment to the Ethereum network.
The airdrop process will begin on October 14, 2024, and run through to January 14, 2025. This is to allow participants enough time to claim their tokens and engage more with the platform’s governance ecosystem.
Notably, Puffer Finance already recorded a reasonable amount of success with its first airdrop campaign season, dubbed the “Crunchy Carrot Quest.” The airdrop made 75 million tokens (about 7.5% of the total supply) available and has already garnered attention following a snapshot taken on October 1.
As the latest announcements suggest, the second airdrop season is near. As a fact, it may even be underway, as Puffer already allocated an additional 5.5% of the total token supply. Essentially, this means that Puffer has set aside 13% of its tokens for community airdrops.
Governance and Staking Utility
It is worth mentioning that the introduction of $PUFFER is not just about community rewards. Puffer sees it as an opportunity for the platform to make a bold statement, especially in the area of decentralized governance.
About the power of the PUFFER token holders, part of the official statement reads:
“The $PUFFER token will empower our community to participate in key decisions, guiding Puffer’s future and keeping Ethereum’s core principles at the heart of everything we do.”
According to the platform, the governance process will be based on a vote escrow mechanism. This allows users to stake their Puffer tokens in exchange for vePUFFER tokens, the token that gives voting power within the ecosystem.
Notably, Puffer Finance began its rise to prominence with its liquid staking token, Puffer LST. That was before expanding to liquid restaking services via EigenLayer.
Now, however, it has revealed further plans, all aimed at bringing more participants into its growing ecosystem.
The platform is currently developing UniFi, a rollup solution for transaction sequencing. It is also working on UniFi AVS, a pre-confirmation service designed to speed up rollups.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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Mayowa is a crypto enthusiast/writer whose conversational character is quite evident in his style of writing. He strongly believes in the potential of digital assets and takes every opportunity to reiterate this. He's a reader, a researcher, an astute speaker, and also a budding entrepreneur. Away from crypto however, Mayowa's fancied distractions include soccer or discussing world politics.
