Alisa Davidson
Published: October 11, 2024 at 10:19 am Updated: October 11, 2024 at 10:19 am
Edited and fact-checked: October 11, 2024 at 10:19 am
In Brief
Bitget introduced Puffer Finance on Launchpool, enabling users to lock BGB and USDT to earn PUFFER starting October 14.
Cryptocurrency exchange Bitget announced the launch of Puffer Finance as the latest project on its Launchpool. Eligible participants have an option to lock BGB and USDT to share 2.7 million PUFFER in rewards. The locking period will open at 12:00 UTC on October 14th and will close at 12:00 UTC on October 21st.
For the initial locking pool, the total PUFFER airdrop includes 1.89 million PUFFER tokens. The maximum BGB locking limit for users classified as VIP1-VIP7 is set at 50,000 BGB, while for VIP0, it is 20,000 BGB. The minimum BGB locking limit is 5 BGB.
In the second locking pool, a total of 810,000 PUFFER tokens will be available. Notably, only new users who sign up after 12:00 UTC on October 10th will be eligible to participate. The maximum USDT locking limit for this pool is set at 2,000 USDT, with a minimum limit of 5 USDT.
Tokens from the Launchpool locking pools will be distributed hourly to participants based on the volume of tokens they have locked. Bitget will take hourly snapshots of each participant’s locked volume and allocate the airdrop accordingly. Users will have the flexibility to unlock the tokens from the locking pool at any time.
What Is PUFFER?
Puffer Finance initially launched as a liquid staking protocol with the introduction of the Puffer Liquid Staking Token (LST) and has since expanded to encompass liquid restaking capabilities on EigenLayer.
PUFFER is the forthcoming governance token for Puffer Finance and the UniFi ecosystem. It enables users to participate in key decision-making processes, including fee management and operator selection. By holding PUFFER, community members can earn rewards and engage in governance through a system known as vePUFFER, which promotes long-term participation. The objective is to empower users to influence the future direction of the Puffer ecosystem, thereby enhancing decentralization and fostering innovation within the Ethereum network.
The total supply of PUFFER is set at 1 billion tokens, with an initial circulating supply of 460 million. The distribution plan allocates 40% for ecosystem and community initiatives, 13% for airdrops, 1% for Ethereum core development, 20% for early contributors and advisors, and 26% for investors.
Recently, Puffer Finance announced its intention to conduct a PUFFER airdrop, with the claiming window scheduled to open next week.
Disclaimer
In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.
About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
More articles
Alisa Davidson
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
More articles
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Conclusion:
In conclusion, the introduction of Puffer Finance on Bitget’s Launchpool offers users an exciting opportunity to earn rewards by locking BGB and USDT. With a total of 2.7 million PUFFER tokens up for grabs, participants have the chance to engage in a liquid staking protocol that extends to governance and decision-making processes within the Puffer Finance ecosystem. As the project expands and initiatives like the PUFFER airdrop are announced, users can expect further developments and opportunities to participate in the growth of the Puffer ecosystem.
