AIRDROP STAKING TOKENS

Filecoin's largest protocol Glif set to airdrop 100 million tokens

theblock.co 29/10/2024 - 19:00 PM

Glif Launches GLIF Token

Glif, a leading liquid leasing platform on Filecoin and its largest DeFi protocol, is set to launch its native GLIF token. A total of 100 million tokens are allocated for an airdrop to eligible users.

Token Distribution

The GLIF token will have a total supply of 1 billion, with 10% (100 million) allocated for the airdrop. These tokens will be distributed 1:1 to GLIF points holders with at least 1 point. Any unused tokens will return to the community rewards pool. Airdrop recipients can access 25% of their tokens immediately, while the remaining 75% will vest linearly over 180 days, similar to the Filecoin network's block reward structure. Notably, unvested tokens will still count toward governance voting weight.

So far, Glif has issued over 82 million GLIF points, with plans for a final allocation before the token generation event (TGE), aiming for a total of 100 million points. Although a specific TGE date is not established, Glif is targeting either late this year or early next year. The airdrop claim window will remain open for 12 months once initiated.

> “GLIF is the first governance token for a $100 million+ DeFi protocol essential to the Filecoin network, akin to Lido for Ethereum or Jito for Solana,” stated Glif founder and CEO, Jonathan Schwartz.

About Glif

As a liquid leasing platform within the Filecoin network, Glif allows FIL holders to earn rewards by lending their FIL to Filecoin storage providers for storage mining. It ranks as the largest protocol in the Filecoin ecosystem, boasting a total value locked exceeding $124 million, according to Filfox and DefiLlama data.

Glif also announced the formation of the GLIF Foundation, a community-driven entity representing the GLIF DAO governed by GLIF token holders.

GLIF Token Allocation Details

The 10% airdrop is part of a broader 35% community growth allocation, with an additional 250 million tokens reserved for further community development. The distribution and utilization of this remaining 25% will be determined through governance processes by GLIF token holders, enabling the community to manage future resource allocations.

Subsequent distributions include:
Core Contributors: 29.35% (293.5 million tokens), with a one-year cliff followed by 36 months of linear vesting.
Ecosystem Development: 20% (200 million tokens), designed to expand GLIF and Filecoin ecosystems, with 25% available initially and 75% vesting over three years.
Investors: 15.65% (156.5 million tokens), featuring a one-year cliff followed by 12 months of linear vesting.

Glif's notable backers include Multicoin Capital, Big Brain Holdings, and Protocol Labs, having raised $4.5 million in seed funding earlier this year.




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