- Pudgy Penguins, an Ethereum NFT project, has introduced its PENGU coin on Solana.
- Before the tokens are burnt, eligible participants have eighty-eight days to claim them.
Pudgy Penguins, a well-known non-fungible token project, has introduced its PENGU coin. Eligible participants have 88 days to claim their tokens before they are burned and essentially taken out of circulation.
With a total amount of 88,888,888,888, the PENGU coin is debuting on the Solana network, with compatibility for Ethereum and Abstract Chain to follow. The Ethereum network serves as the foundation for Pudgy Penguins NFTs.
On Tuesday, claims for owners of Pudgy Penguins, Lil Pudgys, Rogs, and SBTs went online at 8 a.m. ET. The CEO of the project’s sponsor, Igloo, Luca Netz, revealed on X that trading on centralized cryptocurrency exchanges like Binance, Bybit, and OKX will come next. In the Pudgy Penguins ecosystem, rogs are uncommon and collectible things, while soulbound tokens, or SBTs, are non-transferable tokens that are distributed to symbolize participation, accomplishments, or identities. For the core collections, claims are linked to the NFTs themselves; for SBTs, a snapshot was collected on December 8.
Prior to the launch, Netz advised users to make sure they had at least $10 in SOL in their Solana wallet to cover the gas costs of submitting claims. They also mentioned that users of the Pudgy Penguins ecosystem would have to link both their Solana and Ethereum wallets in order to submit a claim, so desktop wallets would be the best option.
During the claiming process, users can create a global name that connects their Pudgy Penguin to their wallet, the team revealed on its official Discord channel. This makes it possible for other projects to airdrop tokens to holders on Solana and Ethereum.
PENGU tokens can also be earned by owners of Pudgy Toys, which are tangible plush toys based on the Pudgy Penguins NFT collection and sold online and at Walmart and Target. There have been some unverified rumors that the QR code within their packaging has been taken in advance. Nevertheless, Igloo’s Ethereum Layer 2 Abstract Chain, which is presently on testnet, serves as the foundation for the toys, which are linked to the Pudgy World metaverse. A PENGU bridge through LayerZero will be available after the mainnet launches, allowing toy customers to get their tokens at that time, Netz clarified.
The team stated on Discord that almost 7 million wallets, including users who have interacted with multiple protocols and members of numerous communities, are eligible to receive PENGU coins in addition to the Pudgy Penguins community.
The NFT ranks are climbed by pudgy penguins
The anticipated token launch was initially revealed by Pudgy Penguins on December 5. The millions of Pudgy Penguin enthusiasts and the hundreds of millions of non-crypto people who view and share the figure on a daily basis now have the chance to identify with the character thanks to PENGU.
Regarding PENGU’s tokenomics, the Pudgy Penguins community will receive 25.9% of the supply, with the remaining 24.12% going to other communities and new “Huddle” members. The firm will keep 11.48% of the PENGU supply under the same terms, and 17.8% are reserved for present and prospective team members with a one-year cliff and a three-year vesting period.
Pudgy Penguins, one of the most well-liked NFT collections in the industry, was introduced in 2021. With a market valuation of $1.2 billion, it recently overtook Bored Ape Yacht Club to take second place among NFT collections, trailing only CryptoPunks’ $1.6 billion. This information comes from CoinGecko.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
