Puffer Finance, a re-staking protocol for Ethereum, has announced the launch of its native token, PUFFER, with a total supply of 1 billion.
The project, which also gave the good news of an airdrop as well as the PUFFER token, announced the details.
Accordingly, the airdrop request period will begin on October 14, 2024 and end on January 14, 2025.
PUFFER will start with a total token supply of 1 billion, and 102.3 million units will initially enter circulation.
Stating that the airdrops will be distributed in two periods, the team explained the rates for the PUFFER tokens to be distributed as follows:
“40% of the distribution is reserved for the ecosystem and community, 13% for airdrops, 1% for Ethereum core developers, 20% for early adopters and advisors, and 26% for investors.”
The project added that 7.5% of the supply (75 million tokens) will be allocated for the first season of the “Crunchy Carrot Quest” airdrop campaign, while 5.5% of the tokens will be allocated for the second season, according to the snapshot taken on October 1.
Along with the Puffer token, there will also be another token called PUFFER, which determines the voting rates of users. vePUFFER will be based on a voting mechanism that allows users to stake.
Puffer raised $18 million in a Series A funding round co-led by Brevan Howard Digital and Electric Capital in April. That round also saw the participation of major names such as Coinbase Ventures and Kraken Ventures. Puffer also received investment from Binance’s investment arm Binance Labs in 2024.
*This is not investment advice.
