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Bluefin is a decentralized order-book Derivative exchange built on the Sui blockchain. Bluefin's goal is to become the leading Derivative project with high trading performance , low fees , high security and optimal user experience .
Before moving to Sui in 2023, Bluefin deployed on Arbitrum and processed billions of dollars in transactions in 2022 alone. After releasing V2 on Sui in September 2023, Bluefin quickly took over the market share, contributing to 70% of the total volume across the entire Sui ecosystem .
How does Bluefin work?
Bluefin implements an off-chain orderbook mechanism that combines optimistic confirmation and on-chain finality, achieving transaction finality in approximately 30 milliseconds . Thanks to Sui's parallel architecture, Bluefin takes full advantage of parallel processing to significantly improve performance.
Additionally, Bluefin also implements Account Abstraction , allowing users to transact without a traditional non-custodial wallet – a “one-touch transaction” experience with a Google account and enhanced security mechanisms.
Products in the Bluefin ecosystem
1. Bluefin Exchange
- Decentralized Derivative exchange with order-book mechanism similar to CEX exchanges like Binance or OKX.
- Free Gas Price, maker/taker fees ranging from 0.01% – 0.035% and funding fees every 8 hours.
- Supports up to 20x leverage with USDC collateral (Wormhole, native coming soon).
- Separate interface for Spot and Perps , allowing easy switching between the two trading modes.
2. Stable Pools
- Stablecoin Staking product to receive attractive APY and BLUE reward points.
- Officially launched from May 15, 2024 .
3. Pre-Launch Markets
- Trade perpetual contracts before project official launch.
- Use 4-hour EMA Medium price instead of oracle, reducing the risk of price manipulation.
4. CLMM – Concentrated Liquidity Market Maker
- Provide concentrated liquidation within specific price ranges.
- Optimize Capital efficiency, reduce slippage, integrate directly with Derivative platforms.
- Get rewards from BLUE, Sui and other ecosystem rewards.
Bluefin's Outstanding Features
- High transaction performance : Transactions complete on-chain in seconds thanks to Sui's off-chain orderbook and parallel architecture.
- Free Gas Price & competitive trading fees : More attractive than many other Perpetual DEX platforms.
- Friendly interface : Supports Google account, no complicated wallet required.
- Security Collaboration : Audited by Trail of Bits, using Guardrail monitoring system and bug bounty program from Immunefi.
- Backed by leading funds : Including Polychain Capital, Wintermute, SIG, Brevan Howard Digital…
Here is an extensive update to the Bluefin project's Tokenomics section, incorporating all the new content you provided:
Overview of BLUE Token and tokenomics
Token Metrics
- Token name: Bluefin
- Token: BLUE
- Blockchain: Sui
- Token standard: Utility, Governance (native on Sui)
- Total Supply: 1,000,000,000 BLUE
- Initial Circulating Supply: 150,385,000 BLUE
- Contract: Updating
Token Allocation
| Category | Proportion | Vesting details |
|---|---|---|
| Ecosystem Growth | 52.0% | Fully unlocked after 5 years |
| → User Incentives | 32.5% | – 19.68% for Airdrop- 12.82% for trading, LP, new ecosystem development |
| → Protocol Development | 8.5% | 1/3 at TGE, the rest unlocked evenly over 2 years |
| → Treasury | 6.5% | 3 month lock, open evenly for 36 months |
| → Liquidity Reserve | 4.5% | Fully unlocked at TGE |
| Strategic | 28.0% | 1 year lock, open evenly in the next 24 months |
| Core Contributors | 20.0% | 1 year lock, open evenly in the next 24 months |
Note : All Token allocated to teams, investors and contributors have a 1-year lock-up period and will be unlocked evenly over the next 2 years, demonstrating the long-term commitment of all parties.
BLUE Token vesting schedule
| Category | Unlock time |
|---|---|
| Liquidity Reserve | 100% at TGE (for MM CEX and DEX) |
| Protocol Development | 33.33% at TGE, the rest open evenly over 24 months |
| Treasury | Starts after 3 months, opens evenly for 36 months |
| Strategic | 12-month lock, open evenly over the next 24 months |
| Core Contributors | 12-month lock, open evenly over the next 24 months |
| Ecosystem & Airdrop | Unlock over 5 years through rewards program |
Utility of BLUE Token
At launch, BLUE Vai as the official governance Token of the Bluefin protocol. In the near future, other utilities will be proposed and voted on by the community through the DAO:
- Administration : Propose and vote on issues such as:
- Transaction fee structure
- Add new assets
- Adjust the incentive program
- Treasury Fund Allocation
- Update governance functions and contracts
- Staking and participating in liquidation pools
- Join Airdrop and reward campaign
BLUE Airdrop information
- Total Airdrop : 19.68% of total BLUE supply
- Recipients :
- User historical points from campaigns (trading, Staking, LP…)
- Bluefin League Community
- Ecosystem partners (Sui, DAO, protocol, KOL)
- Unlock mechanism :
- With historical points: 80% unlocked at TGE, the remaining 20% Chia equally over the next 2 months.
- With new Airdrop : 50% at TGE, 25% every next month for 2 months.
DAO governance mechanism
- Voting mechanism :
- Create Proposal: 10,000,000 BLUE locked required
- Voting period: 4 days
- Quorum: 1,000,000 BLUE must be locked during the voting period
- Timelock: 1 day after successful vote
- Voting issues include :
- Listing new assets
- Staking Reward Distribution
- Change fee schedule
- Adjust transaction campaign parameters
- Update governance contract
Security and auditing
- Audited by : Trail of Bits
- Security Monitoring : Guardrail
- Bug bounty : Implemented through the Immunefi program
- Security Status : No issues since launch
BLUE Token Wallet & Exchange
- Wallets : Sui Wallet, Ethos Wallet…
- Exchange : No official listing announced yet.
Roadmap
- Q3/2023 : Launch Bluefin v2 on Sui.
- Q2/2024 : Airdrop BLUE Token , launch Stable Pools.
- Q3/2024 : Integrate Wallet Abstraction – log in with Google, optimize bridging “1-click, 1-min”.
- Q4/2024 : Mobile app deployment, DAO development and liquidation strategy expansion.
Project Team
- Rabeel Jawaid – Co-Founder, YPO member.
- Zabi Mohebzada – Co-Founder.
- Yameen Malik – Co-Founder, former engineer at Symantec.
- Ahmad Jawaid – CTO, worked at Tarjimly, Incorta…
Investors & Partners
Investor
- Seed Round (May 2021) : 6.4 million USD from Three Arrows Capital, Polychain, Cooperative Ventures.
- Series A (September 2021) : $22.8 million from Polychain, DeFiance Capital, CMS Holdings.
- 6/2024 : Raise Capital from Flow Traders (amount not disclosed).
Strategic Partner
- Sui Foundation, Pyth Network, Suilend, Elixir, Wintermute, Guardrail, Trail of Bits…
Similar projects
| Project | Network | Model |
|---|---|---|
| Blitz | Blast | Perpetual DEX |
| LogX | Arbitrum, OP | Perpetual DEX + Aggregator |
Bluefin Overview
Bluefin is leading the DeFi Derivative movement on Sui , not only due to its market position (70% of Sui Volume ) but also due to its well-thought-out product development strategy and excellent user experience. The combination of a high-performance order-book model, walletless trading mechanism, and a massive Airdrop campaign shows that Bluefin is creating a strong push for the Sui ecosystem amid a gradually recovering market.
Bluefin FAQ
- Does Bluefin require a Web3 wallet to use?
Optional. Bluefin supports Account Abstraction, allowing login via Google account. - What is the use of BLUE Token ?
BLUE is used for trading, Staking, rewards and will be used in ecosystem governance. - Is Bluefin an official Sui project?
Not an “in-house” project, Bluefin is directly supported by the Sui Foundation and many ecosystem partners.
Summary
Bluefin is one of the most potential projects in the Sui ecosystem, converging all the elements: strong products, experienced team, large investment and clear development strategy . Besides, distributing BLUE Token through fair Airdrop programs helps increase trust from the user community.
