- The native token of Glif, the biggest DeFi protocol on Filecoin, is being introduced.
- Users will receive an airdrop of 100 million GLIF tokens in total.
With 100 million tokens available for airdrop to qualified customers, Glif, a liquid leasing platform on Filecoin and the largest DeFi protocol on the network, is about to introduce its native GLIF currency.
10%, or 100 million tokens, of the 1 billion GLIF token will be available for an airdrop, Glif announced on Tuesday. Any unused tokens will be put back into the community rewards pool. These tokens will be given out 1:1 to GLIF point holders who have at least one point.
In line with the block reward structure of the Filecoin network, airdrop participants will have immediate access to 25% of their tokens, with the remaining 75% vesting linearly over 180 days, according to Glif. Tokens that are not vested will still be taken into account when voting on governance.
Founder and CEO Jonathan Schwartz said that Glif has already distributed more than 82 million GLIF points, with a final distribution scheduled prior to the token generation event (TGE), potentially increasing the total to 100 million. Although there isn’t a specific TGE date yet, Schwartz stated that Glif hopes to do so by the end of this year or the beginning of next year. After it opens, the airdrop claim window will remain open for a full year.
Like Lido for Ethereum or Jito for Solana, GLIF is the first governance token for a $100 million+ DeFi technology that forms the basis of the Filecoin network.
Within the Filecoin network, Glif functions as a liquid leasing platform that allows FIL holders to profit by lending their FIL to Filecoin storage providers for storage mining. Based on data from Filfox and DefiLlama, it is the largest protocol in the Filecoin ecosystem, with approximately $124 million in total value locked.
Additionally, Glif declared the establishment of the GLIF Foundation, an ownerless organization that will act as the GLIF DAO’s representative and be run by holders of GLIF tokens.
Details of the GLIF token allotment
The remaining 250 million tokens are set aside for further community growth initiatives, while the 10% GLIF airdrop is derived from the larger 35% “community growth” allocation. Through the governance process, GLIF token holders will determine how the remaining 25% is distributed and used, giving the community the ability to establish priorities and oversee future distributions.
The token allocation for core contributors, which makes up 29.35% of the entire supply and totals 293.5 million tokens, is the greatest after the community growth allocation. All core contributor tokens will be in circulation by the end of month 48 following the TGE, as they have a one-year cliff and 36 months of linear vesting.
Ecosystem development receives the next allocation, which amounts to 200 million, or 20% of the entire supply. By giving tokens to strategic partners who will develop core or supplementary services for the GLIF protocol, this allocation seeks to grow the GLIF and Filecoin ecosystems from a builder and utility standpoint. Of these tokens, 75% will vest over three years, while 25% will be available right away.
The final distribution, or 156.5 million tokens, or 15.65% of the total supply, is for investors. According to Glif, all investor tokens will be distributed by the end of the 24th month following the TGE, as they have a one-year cliff and a 12-month linear vesting period.
Glif is supported by investors like Protocol Labs, Big Brain Holdings, and Multicoin Capital. Earlier this year, the project garnered $4.5 million in a startup fundraising round.
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.
