 is imminent. It's one of the leaders in Sui DeFi.){kind=link}
The DeFi sector in crypto keeps attracting users and protocols. It offers you a trading experience without middlepersons. Sui is seeing an increase in its DeFi activities. It now ranks among the top 20 of all chains. One of the protocols that stands out is Bluefin. It’s a DEX with an orderbook for derivatives.
So, we’re going to take a closer look at Bluefin.
What Is Bluefin?
Bluefin is a DEX on the Sui blockchain. It uses an orderbook for its trades. That means that it looks like a CEX but has all the other features of a DEX. For example, there’s no need for KYC. Their main feature is derivatives, especially perps. Bluefin is also available on the new mobile Sui Wallet app.
These perps allow you to speculate on the future price of an underlying asset. For example, crypto assets. This has two advantages.
- You don’t need to own the assets.
- There’s no expiration date.
Bluefin started out on Arbitrum. However, Arbitrum couldn’t deliver the speed that the protocol expected and needed. So, by late 2023 it left Arbitrum and joined Sui with its v2. Among others, it integrated sponsored transactions and zkLogin. These are two Sui-specific features.
- Sponsored transactions allow a sponsor to cover gas fees. That way, the user doesn’t have to pay them.
- The zkLogin feature makes onboarding easier. For instance, you can use your Google or Apple credentials to onboard.
Bluefin launched on Sui in September 2023. In December, it already logged $3.2 billion in trading volume. During 2023, the platform generated a $2.1 billion volume on Arbitrum. So, this switch proved to be successful. On Sui, transactions were now finalized in 30 milliseconds. They reached settlement in 550 milliseconds. With the new Mysticeti upgrade in the pipeline, this will even become faster. Mysticeti is Sui’s new consensus algorithm.
On DeFiLlama we can find Bluefin back in 9th spot for TVL on Sui. Currently, there’s almost $26 million in TVL. Check the Bluefin metrics on OpenBlock in the picture below.
Source: OpenBlock
Bluefin Features
It’s also worthwhile looking a bit deeper into some of Bluefin’s features. For example,
- Logging in — With the zkLogin you can use Google to log in. However, that’s not all. It also allows you to start trading without a wallet. Bluefin’s goal is to drop any use of Web3 wallets. The zk tech protects your data privacy.
- Wormhole integration — This makes depositing from other chains easy. You can also deposit fiat or straight from a CEX.
1/ Today, we double down on our integration with @Wormhole. In the spirit of growing cross-chain communities, we’re excited to have the Wormhole community involved in the upcoming launch of the Bluefin token!
Enter the Bluehole: https://t.co/HuWK0BZr1m pic.twitter.com/735WN0YlYz
— Bluefin (@bluefinapp) June 21, 2024
$BLUE TGE (Token Generation Event)
Towards the end of July 2024, we expect the $BLUE token TGE. This includes a $BLUE airdrop of 13%. There will be a total of 1 billion $BLUE and 116 million are released at TGE.
If you want to get a share of the airdrop, you need to hurry up. There are a few ways to get a share and be part of the TGE.
- Trade mining — You earn points by trading on the platform. These points are part of your airdrop allocation.
- Trading level league — The more you trade, the higher your trading level will be. This increases your airdrop share.
- Buy $BLUE on exchanges that will list the token. However, $BLUE is not available to US residents.
The $BLUE allocation is,
- 52% to ecosystem growth. This includes the airdrop and post-launch activities.
- 28.0% goes to strategic participants.
- 20.0% is for the core contributors.
There’s a 3-year vesting period for the team and investors with a 1-year cliff. The vesting for the ecosystem and the community is a 5-year period. However, part of this will be available at launch.
Source: Bluefin Foundation
Conclusion
Bluefin is a perps DEX with an orderbook on Sui. It’s one of the leading DeFi platforms on Sui. It offers fast transactions with low trading fees. Their TGE is coming up towards the end of July 2024, which includes an airdrop. This is a TGE to keep an eye out for. Perps are trending in DeFi, and Bluefin is the leader on Sui for this.
Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment and informational purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the writer/reviewers, and their risk tolerance may be different from yours.
We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments, so please do your due diligence. This post was sponsored by BlueFin.
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