Quick take:
About 25.9% of the token supply will be allocated to the Pudgy Penguins community, while other communities will receive 24.12%.
Approximately 17.8% will be held by the team and will have a 1-year lock-up period plus 3-year linear vesting.
The project partners will receive 11.48% under the same conditions set for the team, while 12.35 will be reserved for liquidity support accounts.
Pudgy Penguins has unveiled plans to launch the PENGU token by the end of the year. The Web3 company said the token will have a total supply of 88,888,888,888 and will be distributed across the company’s stakeholders.
According to the announcement on Friday morning, About 25.9% of the token supply will be allocated to the Pudgy Penguins community, while other communities will receive 24.12%. Additionally, 17.8% will be held by the team and will have a 1-year lock-up period plus 3-year linear vesting.
Elsewhere, the project partners will receive 11.48% under the same conditions set for the team, while 12.35 will be reserved for liquidity support accounts. Promotion and public offering have each been allocated 4%, while 0.35% goes to FTX Token (FTT( holders.
Although the PENGU token will initially launch on Solana, Igloo, the organisation behind the Ethereum-based project said the token will adopt a multi-chain deployment strategy and will be launched on Ethereum and Abstract Chain in the future.
The team believes that Pudgy Penguins has grown over the past three years to become “the face of crypto”.
“Sitting in millions of households worldwide, garnering millions of followers, and amassing over 50 billion views, Pudgy Penguins has cemented itself in the hearts and minds of everyday people and culture,” Pudgy Penguins wrote on X.
The company said the PENGU token gives its community and hundreds of millions of people outside of crypto who see and share the Pudgy Penguin every day “the opportunity to align themselves with the character.”
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