Behind Hyperliquid’s Ten-Billion-Dollar Market Value, Why Can Bluefin Make a Stunning Rise in the Sui Ecosystem?

Recently, the cryptocurrency market has ushered in the altcoin season. The last one lasted for 88 days, and this time we’ve already reaped rewards just one week after it started. Last Friday, Bitcoin experienced a pullback, but altcoins remained surprisingly resilient. Meanwhile, after the Token Generation Event (TGE), the price of Hyperliquid’s tokens climbed and its market value exceeded $10 billion. The price of Sui’s native coin on the Sui public chain also hit new highs. Bluefin on Sui chose this time for its TGE and thus gained an advantageous position. The following is the detailed information about Bluefin:
I. Business
Bluefin is a decentralized exchange that focuses on futures and spot trading and is able to provide a high-performance trading experience. Its futures trading accounts for over 85% of the Sui ecosystem market. It supports pre-market trading and futures trading for projects within the Sui ecosystem. The spot automated market maker trading has achieved a trading volume of $130 million just two weeks after its launch. It has also built the infrastructure for meme trading and aims to become the meme trading center of the Sui ecosystem. Since its launch in September 2023, the total trading volume has exceeded $38 billion, with over 72,000 users and a total locked value (TVL) of $32.54 million.
II. Fundamental Aspects
Bluefin was developed by a European and American team. Its founders graduated from prestigious universities such as the University of Pennsylvania and the University of California, Berkeley. It has received support from top institutions including Polychain, Brevan Howard, SIG, Tower Research, and Wintermute. There have been no security issues in the past three years. It has full-time internal security engineers and also cooperates with four top security companies, namely Trail of Bits, PeckShield, Halborn, and Halborn.
III. Token Economics
52% of Bluefin’s tokens are used for the growth of the ecosystem. 20% are allocated to core contributors (with no unlocking in the first year and linear unlocking in the following two years). 28% are given to strategic partners (top venture capital firms and market makers, with no unlocking in the first year and linear unlocking in the following two years).
The uses of the tokens for ecosystem growth are as follows: 32.5% are used for user incentives (unlocking over 5 years, with airdrops accounting for 19.68% and 12.82% for subsequent incentives), 8.5% are used for protocol development (with 1/3 unlocked at the TGE and the rest unlocked within 2 years), 6.5% are put into the treasury (with linear unlocking over 36 months starting 3 months later), and 4.5% are used as liquidity reserves (unlocked at the TGE and used for market making on centralized exchanges and DeFi liquidity).
The project team has allocated 19.68% of the airdrops to users, including early community supporters (15.82%), users of SUI ecosystem partners (1.67%), users of Solana and EVM partners (1.4%), and NFT community partners (0.79%). Users can link their wallets of Sui, EVM, Base, and SOL to check. The query link is http://trade.bluefin.io/airdrop. This design rewards early users, takes into account users from multiple ecosystems, is conducive to attracting new users, and also ensures the long-term binding of the team, partners, and the protocol.
IV. Participation Methods
The second part of Bluefin’s airdrop, the "Historical Rewards", is still accumulating. Users can obtain points and Sui rewards through interacting with Bluefin in the following ways:
Futures Trading Mining: Users can obtain SUI rewards and Blue points based on trading fees. Users who have traded and earned on Bluefin this year will receive a 20% bonus on points. It is suitable for users who trade mainstream cryptocurrencies and those within the Sui ecosystem.

Stablecoin Pool: Users can deposit wUSDC to provide liquidity for market makers and obtain SUI and Blue points. The Annual Percentage Rate (APR) changes dynamically. There are time limits for withdrawals, and interest and points will continue to be calculated during the redemption period.
Spot Liquidity Pool: By providing spot liquidity, users can obtain SUI and Blue points, and funds can be withdrawn at any time.
Participation link: https://trade.bluefin.io