• Pudgy Penguins has launched its PENGU token on Solana, with Ethereum and Abstract Chain compatibility to follow
• Eligible participants have 88 days to claim their PENGU tokens before they are burned
• The PENGU token has a total supply of 88,888,888,888, with allocations for the Pudgy Penguins community, other communities, the team, and the company
Ethereum NFT project, Pudgy Penguins, has launched its PENGU token on the Solana network. Eligible participants have a window of 88 days to claim their tokens before they are burned and effectively removed from the supply. The PENGU token is set to have Ethereum and Abstract Chain compatibility in the future.
The Launch and Claiming Process
The token, with a total supply of 88888888888, is based on the Ethereum network. The claiming period went live at 8 am ET on a Tuesday, confirmed by Luca Netz, the CEO of Igloo, the company behind the project.
The claim process requires holders of Pudgy Penguins, Lil Pudgys, Rogs, and SBTs to confirm their tokens. It was also highlighted that the holders needed to ensure their Solana wallet had at least $10 worth of SOL to cover gas fees associated with making their claims.
The Pudgy Penguins Ecosystem
Rogs are rare, collectible items within the Pudgy Penguins ecosystem. In contrast, SBTs or soulbound tokens are non-transferable tokens issued to represent achievements, identity, or participation. Claims are tied to the NFTs themselves for the core collections, while a snapshot for SBTs was taken on Dec 8.
Pudgy Toys and the Pudgy World Metaverse
Pudgy Toys, physical plushies inspired by the Pudgy Penguins NFT collection, are also eligible for PENGU tokens. However, the toys connected to the Pudgy World metaverse are built on Igloo’s Ethereum Layer 2 Abstract Chain, which is currently on the testnet.
The Rise of Pudgy Penguins
Pudgy Penguins first announced the planned token launch on Dec 5. The launch allows the millions of Pudgy Penguin fans and the hundreds of millions of people outside of crypto to align themselves with the character.
PENGU’s tokenomics
Looking at PENGU’s tokenomics, 25.9% of the supply is allocated to the Pudgy Penguins community, while 24.12% will be distributed to other communities and new Huddle members. Some 17.8% are set aside for current and future team members, with the company retaining 11.48% of the PENGU supply under the same conditions.
Conclusion: The Success of Pudgy Penguins
Launched in 2021, Pudgy Penguins has quickly become one of the most popular NFT collections in the space. According to CoinGecko data, it recently surpassed Bored Ape Yacht Club, making it the second-largest NFT collection with a market cap of $1.2 billion, just behind CryptoPunks $1.6 billion.
