Bluefin is a decentralized perpetual futures exchange (Perpetual DEX) built on the Sui ecosystem. Its ambition is to become the premier derivatives platform on Sui, offering users a superior trading experience, fast transaction speeds, and low fees.
Table Content:
According to DefiLlama, Bluefin has processed over $30 billion in trading volume, capturing 72% of the market share on Sui and reaching a Total Value Locked (TVL) of $31 million.
The Bluefin trading interface.
Bluefin’s Product Suite
Currently, Bluefin’s primary offering is its perpetual futures exchange. It employs an order-book model, similar to centralized exchanges (CEXs) like Binance and OKX. Buy and sell orders are displayed in a list format, not determined by an algorithm. This allows users to trade at precise price points with minimal slippage.
However, the order-book model requires significant user activity and liquidity to function effectively. Without sufficient volume, traders may experience slow execution, unfilled orders, or increased slippage.
According to the project team, the latest version of Bluefin eliminates gas fees for trading. However, traders still incur taker/maker fees (ranging from 0.01% to 0.035%) and funding rates (which vary depending on the asset and are paid every 8 hours).
Bluefin also offers trading rewards to incentivize platform participation. Higher trading volume translates to greater rewards, and users have the opportunity to earn BLUE token airdrops.
Bluefin’s Key Advantages
Bluefin offers several key advantages:
- Low Trading Fees: Beyond the elimination of network fees, Bluefin’s other fees are comparatively lower than many Perpetual DEXs.
- Strong Backing: Bluefin is among the few Sui projects supported by Sui Foundation, Wintermute, and Polychain Capital.
- Enhanced Security: Bluefin has partnered with Pyth Network to ensure accurate and consistent price feeds for its listed assets.
Exploring the BLUE Token
BLUE Token Key Metrics
- Token Name: Bluefin
- Ticker: BLUE
- Blockchain: Sui
- Token Type: Utility, Governance
- Total Supply: 1,000,000,000 BLUE
BLUE Token Allocation
- User Incentive: 32.5%
- Strategic Participant: 28%
- Core Contributor: 20%
- Protocol Development: 8.5%
- Treasury: 6.5%
- Liquidity Reserve: 4.5%
BLUE token allocation breakdown.
BLUE Token Vesting Schedule
- Strategic Participant: 1-year lockup, followed by linear vesting over 24 months.
- Core Contributor: 1-year lockup, followed by linear vesting over 24 months.
- Protocol Development: 33.33% at TGE, followed by linear vesting over 2 years.
- Treasury: 3-month lockup, followed by linear vesting over 36 months.
- Liquidity Reserve: 100% at TGE.
The Team, Investors, and Partners Behind Bluefin
The Bluefin Team
Bluefin is led by a team of experienced cryptocurrency professionals:
- Rabeel Jawaid (Co-Founder): Also a member of YPO (Young Presidents’ Organization).
- Zabi Mohebzada (Co-Founder): Currently maintains a limited online presence.
- Yameen Malik (Co-Founder): Former engineer at SOFY AI and Symantec.
- Ahmad Jawaid (Co-Founder & CTO): Previously worked at startups like Tarjimly and Incorta.
The team behind Bluefin.
Investors and Partners
Bluefin has raised over $29.2 million in funding:
- May 13, 2021: $6.4 million Seed round from Three Arrows Capital, HTX Ventures, and Polychain Capital.
- September 14, 2021: $22.8 million from Polychain Capital, DeFiance Capital, CMS Holdings, and others.
- June 27, 2024: Funding from Flow Trader (amount undisclosed).
Bluefin’s strategic partners include Suilend, Wintermute, and Elixir.
Similar Projects
- Blitz: A Perpetual DEX on the Blast network.
- LogX: A Perpetual DEX integrated with various Layer-2 solutions like Arbitrum and Optimism.
