Decentralized Exchange Bluefin to Roll Out Token After Securing $17M in Total Funding

As a seasoned crypto investor with a keen interest in decentralized finance (DeFi) and derivatives exchanges, I’m excited about the upcoming launch of Bluefin’s governance token, BLUE. The exchange’s strong market position, innovative features, and strategic partnerships make it an attractive investment opportunity for me.

As a crypto investor, I’m excited to share that decentralized orderbook exchange Bluefin is set to debut its governance token next month in July. Since its inception in 2020, this innovative platform has successfully raised a total of $17 million in funding.

The crypto perpetual swap trading platform, known as “The Exchange,” which operates on the Sui network, has recently secured an unannounced investment from renowned trading firm Flow Traders prior to its token reveal. According to Bluefin, the received funds will be utilized for broadening the platform’s offerings beyond perpetual trading and building a decentralized financial infrastructure. (Source: CoinDesk)

Bluefin positions itself as a top derivatives platform within the Sui network, holding approximately 70% of the market share through its popular perpetual trading product. In the future, Bluefin intends to release its native token, BLUE, which aims to promote decentralized decision-making and reward users and contributors.

“Bluefin’s goal is to speed up the use of decentralized finance by introducing an exchange that is both sustainable, robust, and simple for users to navigate.” – Zabi Mohebzada, co-founder of Bluefin.

During the crypto winter, decentralized exchanges (DEXs) gained significant popularity as some large centralized platforms (CEXs), like FTX led by Sam Bankman-Fried, suffered major collapses. DEXs operate on a self-executing basis, enabling users to trade digital assets without human intervention through automated algorithms.

In simpler terms, perpetual swaps are distinctive financial instruments in the crypto world, functioning similarly to futures contracts but without a set expiry date.

According to a tokenomics document obtained by CoinDesk, the maximum supply of BLUE tokens will be capped at 1 billion, with an initial circulating supply of 116 million. During the next month’s initial roll-out, investors and Bluefin’s team will have vesting periods lasting three years, which include a lockup that will expire one year after the launch. The document also indicates that 32.5% of the tokens are earmarked for user incentives, including airdrops, trading rewards, liquidity provisions, and future growth initiatives.

The Decentralized Exchange (DEX) intends to launch two new initiatives. First, it will establish an aggregator for buying and selling immediate digital assets. This platform, named “Bluefin Pro,” will provide cross-margin trading and swifter transaction execution as added benefits.

As a crypto investor, I’ve noticed some significant fundraisings in the industry lately. Bluefin, for instance, managed to secure investments from prominent hedge funds such as Brevan Howard Digital, Tower Research, Cumberland DRW, and Susquehanna International Group. These esteemed institutions have recognized the potential in Bluefin’s offerings.