After Hyperliquid tore open the valuation system of the derivatives track, the market realized that DEX is gradually eroding the CEX market. This is not alarmist, $Hype's current FDV has reached 14.85 billion US dollars, while $OKB is only 18.4 billion US dollars.
DEX has begun to touch the huge pie of CEX. We need to know what the ratio of CEX contract trading to spot trading volume is. Uniswap has only divided part of the spot trading market, and its derivatives are several times the size of spot trading. How many Uni-level projects will emerge in the middle? The imagination space is very large.
Currently, many Perps (derivatives) DEXs of various public chains have not yet issued coins. This is undoubtedly a huge wealth opportunity for us who are looking for airdrops. What if there is another Hyperliquid airdrop for 3000U?
Therefore, when we are taking advantage of airdrops, if we want to maximize our profits, we have to do investment research before taking advantage of them. It just so happens that Bluefin recently announced an airdrop allocation announcement, which contains a lot of things worth learning. After reading it, we will know why some people can get airdrops without any interaction, and we can also figure out how to maintain our wallets and avoid being witched.
This article is mainly divided into the following three parts:
- Bluefin Airdrop Analysis
- Blue Price Analysis
- What benefits can we get from entering the market now (estimated TGE on 12/10, or Friday at the latest)
1. Everyone should read it - Bluefin airdrop analysis
1. Bluefin: Everyone gets the airdrop
At the end of November, Bluefin announced an airdrop inquiry and released the token economics. Social media was flooded with Bluefin. Unlike Hyperliquid, where only a few people received the airdrop, basically everyone has points (1:1 exchangeable for tokens), regardless of whether you have interacted with Bluefin or not. This article captures the airdrops for users of different languages.
Airdrop query address:
$blue OTC price inquiry:
The above points can be exchanged for $blue tokens at a 1:1 ratio. Based on the pre-market price of $blue of 0.35, the average amount per wallet is around 1,200U, and the amount for low-income users is around 200–500U. The airdrop income exceeds that of Jupiter, Aptos, and Jito.
After seeing so many people posting pictures about Bluefin on Twitter, I found that many people said that they had not made any transactions on the Bluefin platform, but still had 200 to 500 points. This made them have to learn about Bluefin's airdrop distribution.
(II) Analysis of Bluefin airdrop allocation (not 17%)
- Token symbol: BLUE
- Maximum supply: 1,000,000,000
- Airdrop Allocation: 19.68%
- Initial circulation: 150,385,000, accounting for 15.04% of the total supply
- Unlocking mechanism: Investment institutions and teams will be unlocked in 3 years, including a 1-year lock-up period. Ecosystem and community will be unlocked in 5 years, and TGE will unlock airdrop rewards, liquidity reserves, and listing funds.
$blue airdrop allocation:
From the above, we can see that the $blue airdrop is divided into two parts:
Part 1: Confirmed Additional Airdrops
1. Bluefin’s early community supporters, including: Trader Alliance, Firefly Pioneers, Ambassadors, League Holders (many of whom have gold cards with 500 points)
2. SUI ecosystem partner users, including: AlphaFi, Suilend, Cetus, Scallop, Turbos, FlowX, DoubleUp, 7k, FUD, Deepbook, AAA, Aftermath, Bucket, Typus, Navi, Hop, Suiplay
3. Other ecosystem partners include: Jupiter, Aerodrome, Wormhole, Pyth, Elixir
4. NFT community partners, including: Pudgy Penguins, MadLads, Azuki, Prime Machin
Unlocking rules :
- Release 50% at TGE
- TGE releases 25% after 1 month
- TGE releases 25% after 2 months
From the above, we can see that Bluefin not only distributes airdrops to its early users, but also distributes airdrops to the leading project holders in the Sui ecosystem and NFT holders on different chains, so it is best to take a look. This shows that Bluefin is not stingy, and they hope that most projects in the ecosystem can hold tokens. Then we know that when we raise a wallet in the future, we can hold positions based on these assets.
Part 2: Bluefin Historical Rewards
As a DEX, the more transactions users make, the more revenue they earn, so this part of the airdrop is the largest, accounting for 13.19%;
- Interact with Bluefin to get points and Sui rewards (contract transactions, referral rewards, spot LP pool, stablecoin pool)
- Currently, rewards are still being accumulated and no snapshot has been taken.
Unlock method:
- 80% released at TGE
- TGE releases 10% after 1 month
- TGE releases 10% after 2 months
Summary of Bluefin’s airdrop distribution
Due to the huge number of participants, I had always thought that Bluefin would be like many other airdrops, where no one who did not participate would be given anything, 20% would be released to the airdropped users, and then locked for 6 months.
Unexpectedly, the first announcement said that 17% would be distributed, and later it was updated to 19.68%. The lock-up was only symbolically for 2 months, and 80% of the quota was released to users who actually interacted. Calculated based on the pre-market price of 0.35, excluding the interaction cost, it means that everyone has a lot of profit space.
It is now basically certain that those who have checked their points have all received the airdrop, and those who have not checked their points can seize the time to trade before the token is issued because there is no snapshot yet;
- Bluefin Registration Link:
Now the airdrop can be checked, and it is estimated that the airdrop will be issued soon. So after we get the airdrop, should we sell it directly or keep it for a while?
2. Blue Price Analysis
The early Perps (derivatives) DEX did not join hands with Uniswap, which does spot trading, to impact the CEX trading system, which caused the on-chain derivatives to be in a very embarrassing situation. Early dydx, Perpetual, and GMX failed to reverse the trend of decline.
From the success of Hyperliquid, we can see that the ceiling of the derivatives market has been opened. The derivatives market is large enough to accommodate multiple projects worth tens of billions or hundreds of billions of yuan. With the leading project, there will inevitably be a second dragon, and it depends on who will compete for it.
Among the top ten Perps (derivatives) DEXs in terms of trading volume in the above figure, only Bluefin has not yet issued a token. This article starts with Bluefin, so let’s combine the projects that have issued tokens: Dydx, GMX, Jupiter, Drift, Hyperliquid, and SynFutures, which opened on December 6, to see how much Bluefin’s valuation can reach?
We collected data from platforms such as app.artemis.xyz and defillama.com and found that Bluefin’s data is basically the same as SynFutures, which was just launched on Base.
The over-the-counter (pre-market) price of $blue is 0.35u. It is estimated that the FDV will reach 400 million US dollars after the launch. It is conservatively estimated that the token will rise to around 0.41-0.85.
From a fundamental perspective
Bluefin is the only Sui project that supports both Perps and Spot. It is the DEX with the largest transaction volume in the Sui ecosystem, mainly manifested in:
- Cumulative transaction volume exceeded 39 billion US dollars, ranking first in Sui network
- This year's fee income has reached 9.5 million US dollars, far ahead in the ecosystem
- Derivatives trading accounts for more than 85% of Sui network contract trading volume , and its market dominance is solid
- The newly launched Spot AMM has been online for only two weeks and has quickly captured the market, with an average of more than 2,000 new users per day.
From the project background, it was established in 2020 and has raised a total of over US$20 million. Investors include Polychain, Brevan Howard Digital, Tower Research, Cumberland DRW, SIG and other top global institutions.
The strong development momentum of SUI makes me feel that this is a public chain that likes to support leaders. For example, SUI once launched a project - Cetus. When the coin was issued, its TVL was only 31.52 million US dollars and its FDV was only 120 million US dollars. The data in all aspects were less than Bluefin , but it later rose by 400%.
It should be noted that Cetus issued coins in a bear market (May 2024), and now Bluefin’s issuance of coins coincides with the bull market. In addition, SUI likes to empower leading projects. Bluefin is the only project on SUI that supports both Perps and Spot, so there is a lot of room for imagination.
What other capabilities does Bluefin have?
Bluefin has currently built a complete meme trading infrastructure and is expected to become the meme trading center of the Sui ecosystem and is regarded as the next Jupiter.
Bluefin is the only Sui project that has deep collaborations with top Solana projects such as Jupiter and Pyth, and will launch exclusive products on Sui in conjunction with Pyth next year.
As a product benchmarked against Jupiter, it has integrated contract trading, aggregators and LP pools, covering on-chain market-making functions. It will deploy RWA narratives on a large scale in 2025 and is expected to become a one-stop, all-round on-chain trading platform.
After reading the above analysis, I believe everyone has made their own decision whether to sell after receiving the airdrop.
So what should we do for those of you who haven’t received any airdrops yet?
3. What benefits can we get from entering the market now?
Many users at home and abroad have seen showing off their blue points. Do you think that since you have not participated before, you will have nothing to do with the token distribution?
Actually not. You can continue to participate before TGE, estimated to be on 12/10 (Friday at the latest)
There are currently five tasks that can be done (the first three are long-term tasks)
1. Bluefin Perps Transaction Mining
- Get SUI rewards and Blue points based on transaction fees
- Users who have traded and earned on Bluefin this year will receive a 20% bonus on their points.
The tutorial is as follows:
2. Bluefin Stable Pool
• Deposit wUSDC, get SUI and Blue points, APR changes dynamically, almost zero risk
• Take out rules:
- Submit redemption application before 9pm on Monday → Deposit will be credited to your account at 9pm on Wednesday
- Submit after 9pm on Monday → Receive next Wednesday
- Interest and points will continue to be calculated during the redemption period
3. Bluefin Spot LP Pool
• Provide spot liquidity, earn SUI and Blue points, the income is very good
• Funds can be withdrawn at any time
4. Gate cooperative mission
5. Wallet joint activities
Summarize
I have been writing about Bluefin for half a year. The exposure has been fully raised. Those with strong execution should not miss it. Therefore, most people have airdrops of 200-1000u. This article is an explanation for everyone's hard work for a year. If you get the airdrop but don't know when to sell it, you can refer to SynFutures, which has just been launched. This is a derivative project on BASE. The FDV has reached more than 400 million US dollars. The first goal of Bluefin's launch is 400 million FDV, which is equivalent to 0.4u/blue, which is easy to achieve. Bluefin is benchmarked against Jupiter (FDV 13.4 billion US dollars). As the leading project on SUI, Bluefin will usher in a leapfrog growth as the Sui ecosystem catches up with Solana.
