The Filecoin protocol, Glif, is preparing to launch a native token, with 100 million of them allocated for airdrop to eligible users.
Glif announces an upcoming massive airdrop
Glif, the largest DeFi liquidity platform on the Filecoin network, is preparing to launch the native token GLIF, with 100 million tokens allocated for airdrop to eligible users.
The total supply of GLIF will be 1 billion tokens, with 10% - equivalent to 100 million tokens - reserved for the airdrop, according to the project's announcement. These tokens will be distributed at a 1:1 ratio to owners with at least 1 point, and any unused tokens will be returned to the community rewards pool. Airdrop recipients will have immediate access to 25% of the tokens, while the remaining 75% will be vested over 180 days, similar to the block reward structure of the Filecoin network. The unvested tokens will still be counted towards voting rights in governance.
The project has issued over 82 million GLIF points and plans to issue more before the Token Generation Event (TGE), with a total expected point count of up to 100 million, according to Jonathan Schwartz, the founder and CEO of Glif. Although there is no official TGE date yet, the TGE is expected to take place by the end of this year or early next year. When the airdrop claim process begins, users will have 12 months to claim their tokens.
"GLIF is the first governance token of a DeFi protocol worth over $100 million, serving as the foundation for the Filecoin network, similar to how Lido is for Ethereum or Jito is for Solana," Schwartz shared.
Glif operates as a liquidity platform on the Filecoin network, allowing FIL holders to earn rewards by lending FIL to Filecoin storage providers for mining. It is the largest protocol in the Filecoin ecosystem with a total TVL of over $124 million, according to data from Filfox and defillama.
Details on the GLIF token distribution
The 10% GLIF airdrop comes from the 35% allocated for "community development", while the remaining 250 million tokens will be used for further community development activities. The allocation and use of these tokens will be decided by GLIF holders through the governance process.
The second-largest allocation is for core contributors, accounting for 29.35% of the total supply, or 293.5 million tokens. These tokens will be locked for one year and then gradually distributed over the following 36 months, meaning all of these tokens will be fully circulating after 48 months from the TGE.
The next allocation is for "ecosystem development", accounting for 20% of the total supply, or 200 million tokens. This allocation is intended to expand the GLIF and Filecoin ecosystem by providing tokens to strategic partners to develop core or complementary services for the GLIF protocol. Of this, 25% will be available immediately, while the remaining 75% will be vested over three years.
The final allocation is for investors, accounting for 15.65% of the total supply, or 156.5 million tokens. These tokens will have a one-year cliff, followed by a 12-month vesting period, and all will be fully circulating by the end of the 24th month after the TGE.
Glif is backed by investors including Multicoin Capital, Big Brain Holdings, and Protocol Labs. The project raised $4.5 million in a seed funding round earlier this year.
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The article The largest Filecoin protocol, Glif, is about to airdrop 100 million tokens first appeared on CoinMoi.
