After amassing greater than 50 billion social media views and putting toys on cabinets in Walmart and Goal shops throughout the nation, Ethereum NFT challenge Pudgy Penguins has launched a token.
Information of the deliberate token launch despatched the Pudgy Penguins ground value skyward, breaching $100,000 and turning into the second largest profile image (PFP) challenge in all of NFTs.
“A founder’s job in crypto is to maximise for optimum pleasure,” mentioned Pudgy Penguins IP proprietor Luca Netz in a video interview with crypto persona ThreadGuy.
Now the token is reside as of as we speak, December 17. This is all the things it’s essential find out about PENGU on Solana, the tokenomics, and the way eligible customers can declare it.
What’s PENGU?
PENGU is the Pudgy Penguins ecosystem token that is now reside on the Solana blockchain. It has a complete provide of 88.88 billion PENGU tokens, 25.9% of that are put aside for members of the Pudgy Penguins ecosystem by way of an airdrop declare.
“By launching PENGU on Solana, Pudgy Penguins grows by reaching a completely new viewers,” mentioned Igloo Inc, the Pudgy Penguin mum or dad firm on X (previously referred to as Twitter).
Over the past 3 years, Pudgy Penguins has grow to be the face of crypto.
Sitting in hundreds of thousands of households worldwide, garnering hundreds of thousands of followers, and amassing over 50 billion views, Pudgy Penguins has cemented itself within the hearts and minds of on a regular basis individuals and tradition. pic.twitter.com/Uz2I2K5di1
— Pudgy Penguins (@pudgypenguins) December 6, 2024
Although the token first launched on Solana, it’s going to finally broaden to Ethereum and Summary, the consumer-focused Ethereum layer-2 scaling community being constructed by Igloo Inc.
To Netz, the PENGU token presents the hundreds of thousands of Pudgy Penguin followers all over the world to raised join with the model, suggesting that tokenization at its core is “alignment.”
When is PENGU dropping?
PENGU launched as deliberate on December 17, 2024. Official hyperlinks and declare particulars will solely be shared and introduced from the Pudgy Penguins account on X.
A variety of copycat tokens had been created and traded forward of the launch, making an attempt to dupe buyers into shopping for an asset with the identical or an identical identify. With the official PENGU reside now, although, it must be extra apparent which token is the actual one with regards to shopping for from exchanges.
Who will get the PENGU airdrop?
Greater than 88 billion PENGU tokens have been minted on the Solana blockchain, cut up amongst a handful of holder classes as outlined by the Pudgy Penguins announcement.
Decrypt has reached out to Pudgy Penguins to achieve extra readability on particulars associated to its token distribution. Numbers beneath are estimates based mostly on an informational graphic offered by Pudgy Penguins.
25.9% : Pudgy Neighborhood
The most important allocation of PENGU tokens is reserved for the Pudgy Penguins neighborhood, together with however not restricted to Pudgy Penguins, Lil Pudgys, and Pudgy Rods (aka Rogs) NFT holders.
Homeowners of the primary Pudgy Penguins NFTs reportedly obtained an allocation of simply over 1.7 million PENGU, whereas Lil Pudgy house owners obtained over 188K PENGU, and Pudgy Rod holders obtained between 105K and almost 195K tokens relying on rarity degree.
Venture lead Luca Netz confirmed that no snapshot was taken to seize holders, and as a substitute these holding the property on the time of token technology might be granted entry to PENGU. Unsurprisingly, Pudgy NFT costs plummeted as soon as the token claims opened; any NFTs up on the market have in all probability already been used within the airdrop, and cannot be used once more to say extra PENGU.
24.12% : Different Communities
The following largest bucket of PENGU tokens has been put aside for different communities in Web3 and probably past, with an expectation of buying 5 million new members of the Pudgy Penguin neighborhood, in keeping with the announcement graphic.
Communities that had been supplied the “Elite” position within the Summary Discord are additionally eligible for a PENGU declare, assuming they claimed the position and stuffed out a type within the Discord earlier than the deadline.
The listing contains however just isn’t restricted to the next communities: Plooshies, Doodles, Claynosaurz, Memeland, BoDoggos, Bitcoin Puppets, Nodemonkes, Azuki, Bored Ape Yacht Membership, Mutant Ape Yacht Membership, Wassies, Goblintown, Wonky Stonks, The Plague, Mocaverse, Onchain Gaias, and holders of a minimum of 1 billion Mog Coin (MOG).
Netz additionally indicated that consumers of Pudgy Toys that interacted with its on-line Pudgy World gaming platform and picked up “Pudgy Traits”—or attributes to equip to their digital Penguins—could be eligible for PENGU as properly. Homeowners of Pudgy Toys can acquire entry to Pudgy World by scanning a QR code that got here with their toy. After scanning the code, customers are instructed to “gather the traits and anticipate Summary bridge to go reside,” in keeping with Netz.
17.8%: Pudgy Penguins staff
Pudgy Penguins ecosystem staff, present and former alike, take the third-largest slice of PENGU, receiving almost 18% of the token pursuant to a one-year cliff and a three-year vesting interval. Throughout token distributions, a cliff usually disables the power for a consumer to promote or switch any tokens.
12.35% : Liquidity swimming pools
A portion of the PENGU provide has been put aside to create enough liquidity for lively buying and selling of the token.
11.48%: Firm
Igloo Inc., the Pudgy Penguins mum or dad firm, will obtain 11.48% of the PENGU token, topic to the identical one-year cliff and three-year vest that Pudgy Penguin staff obtained.
4% : Public Good
4 p.c of the PENGU token provide is put aside for public good efforts. Although not formally described, Pudgy Penguins has undertaken public good initiatives over the last yr with its Pudgy Kindness campaigns, sending funds and serving to underappreciated streamers go viral on social media.
4%: Proliferation
One other small share of PENGU is put aside for efforts to broaden the Pudgy Penguins model, probably by way of listings with centralized exchanges or model advertising and marketing efforts.
As a part of the launch on Binance, 3% of the PENGU provide might be airdropped to individuals of Binance’s HODLer program.
0.35%: FTT Holders
The smallest allocation of the PENGU token is put aside for FTT token holders. FTT is the native token of the notorious FTX alternate, which filed for chapter and ceased operations following its November 2022 collapse.
The token noticed a short spike to just about $4 on the day of the PENGU announcement—a virtually one-year value peak—however has since retraced. No official holding standards has been shared right now.
The right way to declare PENGU
Pudgy Penguins has shared declare particulars by way of X, and customers have 88 days to say the token—till March 15, 2025. Any unclaimed PENGU might be completely locked, successfully faraway from the circulating provide.
The place are you able to commerce PENGU?
PENGU went reside for spot buying and selling on the centralized crypto exchanges Binance, OKX, and Bybit, with extra anticipated to hitch the fray. Moreover, customers can commerce PENGU by way of Solana-based decentralized exchanges, or DEXs.
Edited by Andrew Hayward
Editor’s word: This story was initially revealed on December 13, 2024. It was final up to date with new particulars on December 17. This story was initially written by Logan Hitchcock forward of the PENGU launch, however any post-launch updates had been made by Andrew Hayward.
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