TechFlow news, according to CoinDesk, decentralized exchange Bluefin announced it will launch its governance token BLUE in July. Since its founding in 2020, Bluefin has raised a total of $17 million and secured an undisclosed investment from Flow Traders ahead of the token launch.
Bluefin stated that the BLUE token will be used for decentralized decision-making and to incentivize users and contributors. The total token supply will be 1 billion, with an initial circulating supply of 116 million. Tokens allocated to investors and the team will have a three-year vesting period, unlocking one year after launch. Additionally, 32.5% of the tokens will be allocated to user incentives, including airdrops, trading rewards, and liquidity provision.
Bluefin plans to use the funding to expand its operations, develop its decentralized finance ecosystem, and launch a spot trading aggregator and "Bluefin Pro," which offers cross-margin trading and faster execution speeds. As of this year, Bluefin has achieved over $25 billion in trading volume and monthly revenue exceeding $1 million.
