Decentralised interchange of orderbooks After raising $17 million in investment since its founding in 2020, Bluefin will introduce its governance token in July. Prior to the token launch, the exchange, which enables users to trade cryptocurrency perpetual swaps on the Sui network, has recently secured an undisclosed amount of financing from trading behemoth Flow Traders.
According to a recent statement from the company, Bluefin plans to use the money raised to move past perpetual trading and create a decentralised financial ecosystem. .. With its perpetual trading product, Bluefin claims to be the top derivatives exchange in the Sui network, holding a market share of more than 70%.
The company plans to decentralise decision-making processes and reward users and contributors with its future coin, BLUE. Our mission is to introduce a robust, user-friendly, and sustainable exchange to the market in order to hasten the adoption of decentralised money. remarked Bluefin co-founder Zabi Mohebzada. After some major centralised platforms (CEXs), including Sam Bankman-Fried’s FTX, collapsed spectacularly, decentralised exchanges, or DEXs, gained popularity during the cryptocurrency winter. Because DEXs are self-executing, they can use automated algorithms to organise user trades of digital assets without the need for human intervention.
Financial products known as perpetual swaps, which are specific to cryptocurrency, are effectively contracts for futures that never expire. A document pertaining to tokenomics that CoinDesk obtained details that the BLUE token would have a 116 million initial circulating supply and a maximum supply of one billion.
Together with a lockup that ends a year after the initial roll-out next month, investors and the Bluefin team will have a three-year vesting period. The whitepaper also states that it intends to set aside 32.5% of the token for user incentives, which will include future growth efforts, trading awards, liquidity provisions, and airdrops.
Along with “Bluefin Pro,” which will enable cross-margin trading and quicker executions, the DEX also intends to launch an aggregator for spot digital asset trading. Big hedge funds including Cumberland DRW, Susquehanna International Group, Tower Research, Brevan Howard Digital, and others contributed money to Bluefin. The exchange reported that it had witnessed monthly revenues above $1 million and trade volume of over $25 billion thus far this year.