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Pudgy Penguins will launch its official native token this year. The token is called PENGU and has a token supply of over 88 billion tokens.
The viral ethereum (eth) non-fungible token collection featuring a cartoon penguin is set to launch its official PENGU token, which will list on Solana (SOL) in 2024. However, the official <a target="_blank" rel="nofollow" href="https://x.com/pudgypenguins/status/1864851993094664602″ target=”_blank”>advertisement en x did not mention a specific release date, the title did specify that it will be released within this year.
“Pudgy Penguins was an early pioneer of crypto culture and continues to be a driving force behind the mass adoption of crypto assets. “The release of PENGU marks the beginning of a prophecy that has been years in the making,” wrote the Pudgy Penguin story.
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According to the post, PENGU will prepare a total supply of over 88 billion tokens on the Solana blockchain. The Igloo Inc-backed nft collection plans to allocate 25.9% of the tokens to the Pudgy community and 24.12% to other communities, including around 5 million potential new members of the group.
Additionally, approximately 11.48% of the token supply will be allocated to the company, while 17.8% will go to current and future team members. Combined, this means that almost 30% of the PENGU token supply will go to the company and team members.
However, tokens allocated to the company and its team members are subject to a one-year cliff period and a three-year lock-up period. This means that token holders will not be able to sell or transfer any PENGU tokens until one year has passed; The tokens will then be released gradually over a three-year period.
Aside from team members and the community, 12.35% of the total token supply will go towards maintaining token liquidity, 4% will be allocated to the public good, and 4% to proliferation.
The announcement also mentioned that 0.35% of the tokens will go to FTT (FTT) holders, which are traders who still hold the native FTX utility token.
Launched in 2021, Pudgy Penguins is a collection of 8,888 nfts with a total volume of 389,742 eth according to open sea. In addition to earning a unique penguin icon, each nft holder also receives access to experiences, events, and intellectual property licensing opportunities from Pudgy Penguin, among others.
