17.12.2024 | PENGU Token will be redeemable at 21:00 on December 18. A quick overview of the Binance HODLer Airdrop project Phase 5: Pudgy Penguins (PENGU)

On December 17, Luca Netz, CEO of the Pudgy Penguins NFT project, announced that the PENGU token will be opened for claiming on December 18 at 8:00 AM EST (9:00 PM Beijing time). All owners of Pudgy Penguins, Lil Pudgys, Rogs, and SBTs can participate, and the claiming period will last for 88 days. Any unclaimed tokens will be permanently locked and burned.

To ensure a smooth claiming process, users should note:

1. They must connect both their Ethereum and Solana wallets, and these two wallets must be on the same device.
2. The Solana wallet balance needs to have at least $10 worth of SOL to pay the gas fees.
3. The project team recommends using a desktop device instead of a mobile device to confirm wallet signing.

Additionally, Pudgy Toys and Pudgy World will be built on the Abstract Chain. After the Abstract mainnet launch, a cross-chain bridge PENGU will be deployed via the LayerZero protocol, allowing Pudgy Toys buyers to also receive the PENGU token. Detailed information will be announced in January 2024.

Binance Information on the PENGU HODLer Airdrop Phase 5

From December 9, 2024 at 08:00 to December 13, 2024 at 07:59 (UTC+8), users who purchase Binance's fixed and flexible investment products using BNB will receive the airdrop allocation. The HODLer airdrop information will be available within 12 hours, and the new token will be distributed to users' spot wallets 1 hour before trading starts.

Binance will list PENGU at 10:00 PM on December 17, 2024 (UTC+8) and open trading pairs with USDT, BNB, FDUSD, and TRY. The "seed" trading rule will be applied.

I. PENGU HODLer Airdrop Details

• Token Name: Pudgy Penguins (PENGU)
• Total Token Supply: 88,888,888,888 PENGU
• Max Supply: 88,888,888,888 PENGU
• Token Amount for HODLer Airdrop: 2,666,666,666.64 PENGU (3% of total supply)
• Pre-Listing Circulating Supply: 623,125,000 PENGU
• Smart Contract Details: Solana, 2zMMhcVQEXDtdE6vsFS7S7D5oUodfJHE8vd1gnBouauv

BNB Holding Limit: User's average holding ratio / Average BNB holding ratio * 100% ≤ 4%

II. Introduction to the Pudgy Penguins Project

What is PENGU, the Pudgy Penguins Token

PENGU is the native cryptocurrency token issued by Pudgy Penguins, a popular NFT project, to expand its influence in the blockchain ecosystem. PENGU is launched on the Solana blockchain, with the goal of driving community engagement and supporting the project's broader objectives.

Key Points

• PENGU is the official token of the Pudgy Penguins NFT collection, which consists of 8,888 unique and adorable cartoon penguin images.
• The Pudgy Penguins NFT collection was initially launched on the Ethereum blockchain and has grown to become one of the largest NFT projects by market capitalization. It has recently surpassed BAYC to become the second-largest NFT project by market cap.
• PENGU will be launched on the Solana blockchain, aiming to expand the project's community and attract new users. The project plans to implement a multi-chain strategy, expanding to other blockchain networks including Ethereum and Abstract.

Pudgy Penguins, one of the largest NFT collections on the Ethereum blockchain, will be launching its native token - PENGU. While Pudgy Penguins is not the first major NFT project to launch its own token, it has weathered the "NFT winter" and become the second-largest NFT project by market value, just behind CryptoPunks.

II. Unique Aspects of the PENGU Token

1. Short Preparation Time

Although rumors about Pudgy Penguins' token launch plans have been circulating for years, the official announcement was only made on December 5, revealing that PENGU will be launched in 2024.

Typically, airdrops related to assets or ecosystems have a longer preparation time (months or even years) and strong signals indicating the token launch, either through announcements of snapshot dates to determine airdrop eligibility. However, PENGU is not following this path.

This has sparked a lively reaction in the NFT market:

• The floor price of Pudgy Penguins has increased from around 16 ETH (about $61,000) to 23 ETH (about $83,000).

• The floor price of Lil Pudgies (a sub-collection) has increased from around 1.7 ETH (about $6,500) to 2.5 ETH (about $9,000).

Data as of December 10

III. Token Positioning

Is PENGU a meme coin, utility token, or cultural token?

It appears to be a combination of all three, and may take on additional roles in the future. Currently, it is described as the official token of the Pudgy Penguins project, serving as a "digital face" for the NFT project.

While the "digital face" claim is a subjective assessment, Pudgy Penguins has a strong foundation to support this positioning:

• 340 million GIF views: Virtually everyone has seen a Pudgy Penguins GIF.

• 1.6 million Instagram followers: Cute content that resonates with the audience.

• 522,000 followers on the main TikTok account and 1.1 million followers on the Pudgy Kindness account.

• Over 1.5 million Pudgy toys sold globally, available at retailers like Walmart, Target, and Amazon.

Airdrop Block Capital Gas Gas Price Max Supply Non-Fungible Token Token Utility Token Primary Network Medium Watcher gas MEME chain USDT BNB Solana TRON Vai Kin ETH SOL FIL HT XEM OP AR ONT meme XNO RON ONG For those who have not yet participated in cryptocurrency, PENGU provides a new way for Pudgy Penguins fans to establish a deeper connection with the characters, brand, and intellectual property (IP), beyond just purchasing toys or interacting with content. This aligns with my previous view of "cryptocurrency as a better stock". Holding the PENGU token can be seen as a new way to become an owner or shareholder of the Pudgy Penguins brand, similar to the meaning of owning company stock. For some, it may be an investment; for others, it may be a way to express their fan identity; or it may be a combination of both. Additionally, as the brand develops, the utility of the token may expand further. IV. Tokenomics Pudgy Penguins has presented its token economic model in a novel and interesting way, rather than a traditional 20-page whitepaper and pie charts. This cute style fully reflects the brand character of Pudgy Penguins. - Total Supply: 88,888,888,888 (88.9 billion), honoring the original Pudgy Penguins collection of 8,888 NFTs. Minting Time: 88 days. Two distribution details are particularly noteworthy: 1. Other Communities: Approximately 24% of the tokens will be allocated to "other communities", which is roughly equivalent to the 26% allocation to the Pudgy holder community. In fact, this may seem unfair to the Pudgy community, but the scale of the allocation explains this decision: • The Pudgy holder allocation will cover around 15,000 wallets; • The other community allocation will reach around 5 million wallets. This contrasts with 6th Man Ventures' analysis on token design and distribution, which found that large-scale airdrops tend to perform worse than airdrops focused on core users.