In this article, we’ll discuss information about the Penguin Finance project and PEFI token
Penguin Finance is a DeFi protocol. It was created as a solution to both the high-technicality requirements and exclusion due to high gas fees. Building an innovative set of decentralized applications, financial products, and documentation, the team aims to provide a smooth DeFi experience to its users. Currently, Penguin Finance offers yield-farming, staking, and the Emperor Penguin game to provide plenty of earning opportunities and utility to its native token, PEFI.
Contract address: 0xe896CDeaAC9615145c0cA09C8Cd5C25bced6384c
Chain: Avalanche C-Chain (ERC-20)
Max Supply: 21,000,000 PEFI
Emission Rate: The target long-term emission rate is 1 PEFI/block (considering 1s block times). Given this block speeds will most likely be higher, emission rates will be adjusted to target a set amount of PEFI per week. The initial rate of 6.15 PEFI/block during the Turbo Phase will be lowered gradually over time.
Block Time Explanation
10% of minted PEFI goes to the team’s address as incentives and to hire more developers for further project growth. There are no pre-allocated developer funds.
As longtime users of crypto, we understand that there is an excess of projects and tokens that have no actual utility or long-term value propositions, which is why we’ve come together to excel from the rest.
The $PEFI token is the lifeblood of the Penguin Finance Ecosystem. Penguins are able to stake their tokens to receive both staking rewards and fees that are collected by applications within the Penguin Finance Ecosystem. Rather than being purely speculative, PEFI’s value is derived from the fees that are collected from the protocol’s users and its utility within PeFi, as well as burning mechanisms. PEFI tokens will have a wide arrange of applications ranging from their use in custom yield farming strategies, our upcoming ultra low-fee Prediction Markets, NFTs, and the famed Penguin Arena.
The Penguin Community is always proposing new use cases and additions to the PEFI token whose supply mechanisms have been built with long-term holders in mind. It is against our nature to dilute Early Penguins for the benefit of others, the PEFI token has many built-in burning mechanisms and deflationary implementations to ensure it is continuously appreciating in value for both newcomers and legacy holders.
50% Liquidity Providers & Staking: To reward our fellow Penguins for staking their funds and adding liquidity into the Penguin Ecosystem, half of the supply will be distributed as incentives via the Penguin Igloos (yield farming pools) and the Penguin Nests (staking).
5% Marketing & Community Endowment: In order to ensure PeFi can get to as many people as possible, this allocation will be used for creating competitions such as our recent NFT Artwork Competition and other creative ideas that will drive community engagement, social media exposure, and help support content creators within the Penguin Finance Community. This allocation will allow us to organically grow the project, compensate designers, and community managers.
25% Airdrops: To expand the PeFi Vision and reach as many Penguins as we can around the globe, this allocation will be distributed in several small key strategic distributions within a time span of 3 years to guarantee that they don’t affect $PEFI’s value short-term.
10% Team Allocation: Given PeFi’s mission is to continue pushing out excellent code and features for the coming decade, we will use this allocation to onboard new developers, designers, and marketers into the team and make sure everyone can be a full-time Penguin. This is distributed by the MasterChef rather than being minted beforehand, meaning there is no preallocation.
10% Penguin DAO Treasury: This allocation of the total supply will be held by the Penguin DAO which will be free to use the funds for whatever the Penguin Community sees fit in the future. They may be burnt, distributed, or used for creative proposals that our community will be able to vote on in the future. Given the project is in its early stages and the Penguin DAO isn’t yet live, the funds will not be allocated yet to not make the circulating supply of PEFI appear larger than it really is.
In order to increase $PEFI’s value over time and balance the circulating supply of our token, the token was engineered with several key burning mechanisms in place:
These features reduce the amount of $PEFI to ever be created, making it impossible for circulating supply to ever reach the established hard cap of 21,000,000 PEFI tokens.
An astonishing 25% of the Total PEFI supply will be distributed in a fair fashion by airdropping it to our community and several key projects that will help further the Penguin Mission, both appreciating the value and reach of our token.
We understand that many are concerned given the history of famous projects crashing the price of their token and hurting original HODLers by diluting it through massive airdrops. Given Penguin Finance is a long-term project with a dedicated team of supporters, we aren’t in any rush to airdrop the entire allocation of PEFI. Early Penguins will receive their fair share of PEFI to ensure no Penguin is left behind.
To better protect the holders of our tokens, we have designed a strategic agenda, distributing the 25% airdrop allocation in small key airdrops over a long time frame. Additionally, in the mid-term, depending on the community that’s being targeted, we’re implementing time lock mechanisms and penalties to punish newcomers who plan to dump the token as soon they receive it.
Our number one priority will always be to protect the value of our token and ensure Penguins’ wealth continues to grow alongside the project.
PEFI has been listed on a number of crypto exchanges, unlike other main cryptocurrencies, it cannot be directly purchased with fiats money. However, You can still easily buy this coin by first buying Bitcoin, ETH, USDT, BNB from any large exchanges and then transfer to the exchange that offers to trade this coin, in this guide article we will walk you through in detail the steps to buy PEFI token.
You will have to first buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Binance (BNB)…
We will use Binance Exchange here as it is one of the largest crypto exchanges that accept fiat deposits.
Binance is a popular cryptocurrency exchange which was started in China but then moved their headquarters to the crypto-friendly Island of Malta in the EU. Binance is popular for its crypto to crypto exchange services. Binance exploded onto the scene in the mania of 2017 and has since gone on to become the top crypto exchange in the world.
Once you finished the KYC process. You will be asked to add a payment method. Here you can either choose to provide a credit/debit card or use a bank transfer, and buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Binance (BNB)…
Step by Step Guide : What is Binance | How to Create an account on Binance (Updated 2021)
Next step - Transfer your cryptos to an Altcoin Exchange
Since PEFI is an altcoin we need to transfer our coins to an exchange that PEFI can be traded. Below is a list of exchanges that offers to trade PEFI in various market pairs, head to their websites and register for an account.
Once finished you will then need to make a BTC/ETH/USDT/BNB deposit to the exchange from Binance depending on the available market pairs. After the deposit is confirmed you may then purchase PEFI from the exchange.
The top exchange for trading in PEFI token is currently PEFI
Find more information PEFI
🔺DISCLAIMER: The Information in the post isn’t financial advice, is intended FOR GENERAL INFORMATION PURPOSES ONLY. Trading Cryptocurrency is VERY risky. Make sure you understand these risks and that you are responsible for what you do with your money.
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