The Sui ecosystem is gaining attention from the cryptocurrency community, especially as the SUI token has seen strong growth since October 2023. Among these, the Bluefin project has garnered special interest, accounting for up to 70% of the total trading volume on the Sui blockchain. So, what makes Bluefin special? Let’s explore this derivative project on Sui using the order book mechanism through the article below on Tonraffles!
Table of Contents
What is bluefin
Bluefin is a comprehensive decentralized orderbook-based exchange platform, utilizing the Layer 1 Sui blockchain infrastructure to support both new users and traders. The platform focuses on security, transparency, and redefining user experiences in on-chain trading platforms.
Moreover, Bluefin is backed by support from Polychain Capital, SIG, Brevan Howard Digital, Tower Research, and other leading firms. The project aims to achieve transaction speeds in just a few seconds (anticipated to be completed by Q3 2024).
With its scalable and flexible design, Bluefin aims to foster market innovation and development while benefiting traders through features such as no custody requirements, easy accessibility, transparency, and providing real value to users.
Furthermore, with the upcoming Bluefin v2 update, the project will introduce special features like eliminating the need for wallets, utilizing sub-accounts, developing cross-chain asset signing systems, and enhancing overall performance.
Special Features of Bluefin
Enhanced Performance
Bluefin provides a trading experience within one second for users, with transactions completed on-chain and displayed immediately on their interface. This is supported by two key features of Bluefin v2: optimistic trade confirmation and on-chain finality.
Because Sui does not need to process transactions in order, it allows projects to execute transactions in parallel without being constrained by users and other Dapps. Thus, Bluefin’s on-chain transaction throughput is very high.
Moreover, to support enhanced performance, Bluefin has developed an off-chain orderbook layer using the optimistic confirmation model to execute trades in approximately 30 milliseconds. This helps ensure ultimate consistency with smart contracts.
Using Account Abstraction
To further advance the elimination of the need for non-custodial wallets for users by making on-chain interactions invisible to them, Bluefin has developed Wallet Abstraction technology compatible with Google accounts. This represents a significant milestone for decentralized finance, enabling users to experience trading more easily and securely.
Enhanced Security Measures
Bluefin strengthens security through a non-custodial design, transparency with on-chain custody mechanisms, and no centralized risk. Additionally, the project employs decentralized validators, enabling transactions without centralized orderbooks. Moreover, with collaborations with Trail of Bits for auditing, Guardrail for threat monitoring, and Immunifi for bug bounty programs, the project commits to maximizing safety for users.
Features of Bluefin
Pro: The project supports transaction efficiency for derivatives exchanges with standardized regulations and minimal barriers.
Aggregator: Bluefin optimizes prices for users based on transaction speed.
Spot: Spot trading on Bluefin is globally expanded, user-friendly, and accessible with cross-chain liquidity.
Infrastructure: The project is supported by decentralized finance technology.
Fundamental Information about the BLUE Token
Technical Specifications of the BLUE Token
Token Information
- Token Name: Bluefin
- Ticker Symbol: BLUE
- Blockchain: Sui
- Contract: Updating
- Total Supply: 1,000,000,000 SUI
- Initial Circulating Supply: 116,000,000 SUI
Allocation of BLUE Tokens
- Ecosystem Development: 52%
- User Rewards: 32.5%
- Protocol Development: 8.5%
- Reserve: 6.5%
- Liquidity Provision: 4.5%
- Strategic Partners: 28%
- Key Contributors: 20%
Vesting Schedule of BLUE Token:
- Tokens held by investors and the development team will be distributed over 3 years.
- Initially, tokens will be locked for 1 year after the Token Generation Event (TGE), followed by equal distribution over the next 24 months.
- Tokens allocated for the ecosystem and community will be distributed over 5 years through reward mechanisms, liquidity provision, and market release.
Utility of BLUE Token:
Currently, specific details about the utility of the BLUE token have not been disclosed by Bluefin. Updates will be provided once the project releases more information.
Buying/Selling BLUE Token:
Specific details regarding the listing of the BLUE token have not been disclosed by Bluefin. Updates will be provided once the project releases more information.
development roadmap for Bluefin
- Current Market Position:
- Bluefin is leading the DeFi market on Sui, capturing approximately 70% of the ecosystem’s trading volume.
- The project has attracted over 26,800 registrants and 11 liquidity providers.
- Upcoming Plans:
- Wallet Abstraction Development: Introducing Wallet Abstraction technology to enhance non-custodial user interactions.
- User Experience Optimization: Implementing a “1-click, 1-min bridging” mechanism to streamline user experience.
- Transaction Speed: Aiming for transaction speeds of approximately 390 milliseconds.
- Mobile Application: Launching a mobile application for enhanced accessibility.
- Liquidity Pools: Developing liquidity pools for stablecoins and DAO.
- BLUE Token Issuance: Planning for the issuance of BLUE tokens as part of project expansion.
This roadmap outlines Bluefin’s strategic initiatives aimed at enhancing usability, speed, and ecosystem expansion in the coming phases.
Investors in the Bluefin Project
Investors in the Bluefin project include Wintermute, Amber Group, Polychain Capital, Susquehanna, Cumberland DRW, Brevan Howard Digital, and other leading investors. These entities support the development of Bluefin, highlighting significant backing from prominent names in the industry.
Note: The information in this article should not be considered investment advice. Tonraffles will not be responsible for any investment decisions you make.
