After amassing higher than 50 billion social media views and putting toys on cupboards in Walmart and Target shops during the country, Ethereum NFT mission Elephantine Penguins has launched a token.
News of the planned token launch despatched the Elephantine Penguins floor impress skyward, breaching $100,000 and turning into the second largest profile image (PFP) mission in all of NFTs.
“A founder’s job in crypto is to maximize for optimum pleasure,” acknowledged Elephantine Penguins IP proprietor Luca Netz in a video interview with crypto persona ThreadGuy.
Now the token is live as of on the novel time, December 17. Here is everything it is vital to study about PENGU on Solana, the tokenomics, and the intention eligible customers can claim it.
What is PENGU?
PENGU is the Elephantine Penguins ecosystem token that’s now live to assert the tale the Solana blockchain. It has a total supply of 88.88 billion PENGU tokens, 25.9% of which could possibly well be field aside for participants of the Elephantine Penguins ecosystem by means of an airdrop claim.
“By launching PENGU on Solana, Elephantine Penguins grows by reaching an totally unique viewers,” acknowledged Igloo Inc, the Elephantine Penguin parent company on X (previously is named Twitter).
Over the final 3 years, Elephantine Penguins has change into the face of crypto.
Sitting in thousands and thousands of households worldwide, garnering thousands and thousands of followers, and amassing over 50 billion views, Elephantine Penguins has cemented itself in the hearts and minds of day to day folks and culture. pic.twitter.com/Uz2I2K5di1
— Elephantine Penguins (@pudgypenguins) December 6, 2024
Even when the token first launched on Solana, it will most likely possibly possibly finally expand to Ethereum and Summary, the patron-centered Ethereum layer-2 scaling network being built by Igloo Inc.
To Netz, the PENGU token presents the thousands and thousands of Elephantine Penguin fans during the sector to higher join with the emblem, suggesting that tokenization at its core is “alignment.”
When is PENGU dropping?
PENGU launched as planned on December 17, 2024. Legitimate hyperlinks and claim microscopic print will only be shared and announced from the Elephantine Penguins story on X.
A collection of copycat tokens had been created and traded ahead of the launch, attempting to dupe traders into purchasing an asset with the same or a same name. With the respectable PENGU live now, even supposing, it have to be extra evident which token is the right one by manner of shopping for from exchanges.
Who will web the PENGU airdrop?
Bigger than 88 billion PENGU tokens had been minted on the Solana blockchain, rupture up amongst a handful of holder classes as outlined by the Elephantine Penguins announcement.
Decrypt has reached out to Elephantine Penguins to make extra readability on microscopic print related to its token distribution. Numbers below are estimates in step with an informational graphic equipped by Elephantine Penguins.
25.9% : Elephantine Neighborhood
The biggest allocation of PENGU tokens is reserved for the Elephantine Penguins crew, including but no longer restricted to Elephantine Penguins, Lil Pudgys, and Elephantine Rods (aka Rogs) NFT holders.
House owners of the predominant Elephantine Penguins NFTs reportedly got an allocation of loyal over 1.7 million PENGU, while Lil Elephantine owners got over 188K PENGU, and Elephantine Rod holders got between 105K and nearly 195K tokens reckoning on rarity stage.
Venture lead Luca Netz confirmed that no snapshot became as soon as taken to snatch holders, and as an replacement these conserving the property on the time of token generation will most likely be granted web entry to to PENGU. Unsurprisingly, Elephantine NFT costs plummeted as soon as the token claims opened; any NFTs up for sale like potentially already been venerable in the airdrop, and could possibly possibly also no longer be venerable but again to claim extra PENGU.
24.12% : Other Communities
The subsequent largest bucket of PENGU tokens has been field aside for a good deal of communities in Web3 and potentially beyond, with an expectation of shopping for five million unique participants of the Elephantine Penguin crew, in step with the announcement graphic.
Communities that had been equipped the “Elite” purpose in the Summary Discord are also eligible for a PENGU claim, assuming they claimed the purpose and stuffed out a create in the Discord earlier than the time restrict.
The list includes but just isn’t any longer restricted to the following communities: Plooshies, Doodles, Claynosaurz, Memeland, BoDoggos, Bitcoin Puppets, Nodemonkes, Azuki, Bored Ape Yacht Club, Mutant Ape Yacht Club, Wassies, Goblintown, Wonky Stonks, The Plague, Mocaverse, Onchain Gaias, and holders of no longer lower than 1 billion Mog Coin (MOG).
Netz also indicated that traders of Elephantine Toys that interacted with its on-line Elephantine World gaming platform and serene “Elephantine Traits”—or attributes to equip to their virtual Penguins—could possibly possibly be eligible for PENGU as successfully. House owners of Elephantine Toys could possibly possibly make web entry to to Elephantine World by scanning a QR code that came with their toy. After scanning the code, customers are suggested to “earn the traits and never sleep for Summary bridge to switch live,” in step with Netz.
17.8%: Elephantine Penguins crew
Elephantine Penguins ecosystem workers, novel and outmoded alike, rob the third-largest nick of PENGU, receiving nearly 18% of the token pursuant to a one-year cliff and a 3-year vesting period. Throughout token distributions, a cliff usually disables the flexibility for a client to promote or switch any tokens.
12.35% : Liquidity swimming pools
A fraction of the PENGU supply has been field aside to construct sufficient liquidity for active trading of the token.
11.forty eight%: Company
Igloo Inc., the Elephantine Penguins parent company, will web 11.forty eight% of the PENGU token, field to the same one-year cliff and three-year vest that Elephantine Penguin workers got.
4% : Public Appropriate
Four percent of the PENGU token supply is decided aside for public right efforts. Even when no longer officially described, Elephantine Penguins has undertaken public right initiatives during the final year with its Elephantine Kindness campaigns, sending funds and helping underappreciated streamers mosey viral on social media.
4%: Proliferation
One other microscopic share of PENGU is decided aside for efforts to expand the Elephantine Penguins label, potentially thru listings with centralized exchanges or label advertising efforts.
As piece of the launch on Binance, 3% of the PENGU supply will most likely be airdropped to contributors of Binance’s HODLer program.
0.35%: FTT Holders
The smallest allocation of the PENGU token is decided aside for FTT token holders. FTT is the native token of the tainted FTX substitute, which filed for financial waste and ceased operations following its November 2022 crumple.
The token seen a transient spike to almost $4 on the day of the PENGU announcement—a nearly one-year impress peak—but has since retraced. No respectable conserving criteria has been shared right this moment.
How to claim PENGU
Elephantine Penguins is web hosting PENGU claims by means of claim.pudgypenguins.com.
Even when customers had been in the starting set given 88 days – except March 15,2025 to claim their PENGU, the crew announced a swap on January 30, 2025, offering customers loyal 5 extra days to claim their PENGU.
On the time of the announcement, 85% of PENGU had already been claimed. Any unclaimed tokens will most likely be burned.
The claim period for the $PENGU claim will live in 5 days.
There could be 15% of the total supply level-headed unclaimed.
All unclaimed $PENGU will most likely be burnt. pic.twitter.com/hAYZ0jLoWU
— Elephantine Penguins (@pudgypenguins) January 30, 2025
The set are you able to trade PENGU?
PENGU went live for field trading on the centralized crypto exchanges Binance, OKX, and Bybit, with extra anticipated to affix the fray. Moreover, customers can trade PENGU by means of Solana-essentially essentially based decentralized exchanges, or DEXs.
Edited by Andrew Hayward
Editor’s show: This story became as soon as in the starting set printed on December 13, 2024. It became as soon as final up up to now with unique microscopic print on January 31, 2025.
