Beginner's Guide to Airdrops — How Blue Allows Everyone to Receive 500U + Basic Income (Textbook-Level Airdrop Distribution) -- Expected TGE on December 10th

After Hyperliquid tore apart the valuation system of the derivatives track, the market realized that DEXs are gradually encroaching on the CEX market. This is not alarmist; the current FDV of $Hype has reached $14.85 billion, while $OKB is only $18.4 billion.
DEXs have begun to touch the huge cake of CEXs. It's important to know the ratio of CEX contract trading to spot trading volume. Uniswap has only captured a portion of the spot trading market, while derivatives, which are several times larger than spot trading volume, could give rise to multiple projects at the level of Uni. The potential here is enormous.
Currently, many Perps (derivatives) DEXs on various public chains have not yet issued tokens, which undoubtedly presents a huge wealth opportunity for those of us looking to grab airdrops. What if another Hyperliquid comes out and gives a $3,000 airdrop?
Therefore, when we are grabbing airdrops, if we want to maximize our returns, we need to conduct research before participating in airdrops. Recently, Bluefin announced its airdrop distribution, which has many aspects worth learning from. After reading it, we will understand why some people who have not interacted can still receive airdrops, and we can also figure out how to maintain our wallets without being "witch-hunted."
This article is mainly divided into the following three parts:

• Bluefin Airdrop Analysis
• Blue Price Analysis
• What returns can we expect if we enter now (estimated TGE on 12/10, at the latest by Friday)

1. A Must-Read for Everyone - Bluefin Airdrop Analysis
(1) Airdrop Everyone Can Get from Bluefin
At the end of November, Bluefin announced the airdrop query and released the tokenomics. Social media was flooded with Bluefin posts. Unlike Hyperliquid, where only a few people received airdrops, basically everyone has points (1:1 token exchange) regardless of whether they have interacted with Bluefin. This article captures the airdrop for users in different languages.
Airdrop query address:
https://trade.bluefin.io/airdrop

$blue OTC price query:
https://app.aevo.xyz/perpetual/blue
The above points can be exchanged 1:1 for $blue tokens. Based on a pre-market price of $0.35 for $blue, the average wallet holds about $1,200, while low-tier users hold around $200 to $500, with airdrop returns exceeding those of Jupiter, Aptos, and Jito.

https://dune.com/cryptokoryo/history-of-airdrops
Seeing so many people posting about Bluefin on Twitter, I found that many said they had not made any trades on the Bluefin platform but still had 200-500 points, which necessitates studying Bluefin's airdrop distribution.
(2) Bluefin Airdrop Distribution Analysis (Not Just 17%)

• Token Symbol: BLUE
• Max Supply: 1,000,000,000 tokens
• Airdrop Distribution: 19.68%
• Initial Circulation: 150,385,000 tokens, accounting for 15.04% of total supply
• Unlock Mechanism: Investment institutions and teams unlock over 3 years, including a 1-year lock-up period. Ecosystem and community unlock over 5 years, with TGE unlocking airdrop rewards, liquidity reserves, and listing funds.

$blue airdrop distribution:
https://learn.bluefin.io/bluefin/bluefin-airdrop/bluefin-airdrop-explained
From the above, we can see that $blue airdrop is divided into two parts:
First Part: Confirmed Additional Airdrops

1. Early community supporters of Bluefin, including: Trader Alliance, Firefly Pioneers, Ambassadors, League Holders (many have gold cards with 500 points)
2. Users from SUI ecosystem partners, including: AlphaFi, Suilend, Cetus, Scallop, Turbos, FlowX, DoubleUp, 7k, FUD, Deepbook, AAA, Aftermath, Bucket, Typus, Navi, Hop, Suiplay
3. Users from other ecosystem partners, including: Jupiter, Aerodrome, Wormhole, Pyth, Elixir
4. NFT community partners, including: Pudgy Penguins, MadLads, Azuki, Prime Machin
   Unlock Rules:

• 50% released at TGE
• 25% released 1 month after TGE
• 25% released 2 months after TGE

From the above, it can be seen that Bluefin not only airdrops to its early users but also allocates airdrops to holders of leading projects in the Sui ecosystem and to NFT holders across different chains. This indicates that Bluefin is generous and hopes that most projects in the ecosystem can hold tokens. Therefore, we can align our wallet maintenance with these assets.
Second Part: Bluefin Cumulative Interaction Rewards (Historical Rewards)
As a DEX, the more users trade, the more rewards they naturally earn, so this part of the airdrop distribution is the largest, accounting for 13.19%;

• Points earned from interactions on Bluefin and Sui rewards (contract trading, referral rewards, spot LP pools, stablecoin pools)
• Rewards are still accumulating and have not yet been snapshot.

Unlock Method:

• 80% released at TGE
• 10% released 1 month after TGE
• 10% released 2 months after TGE

Summary of Bluefin's Airdrop Distribution
Due to the large number of participants, I previously thought Bluefin would behave like many other airdrops, giving nothing to those who did not participate, with airdrop users releasing 20% and then locking for 6 months.
Unexpectedly, the first announcement stated a distribution of 17%, which was later updated to 19.68%, and the lock-up was only a symbolic 2 months, with 80% of the allocation released to users who actually interacted. Based on a pre-market price of $0.35, excluding interaction costs, it means that everyone has a significant profit margin.
It can now be confirmed that those who have checked their points will receive an airdrop, while those who have not checked their points can still trade before the token issuance since there has not yet been a snapshot;

• Bluefin registration link:
  https://trade.bluefin.io/referral/v2-i5yp5l

Now the airdrop can be queried, and it is estimated that it won't be long before the airdrop is distributed. After receiving the airdrop, should we sell it immediately or hold it for a while?
2. Blue Price Analysis
Early Perps (derivatives) DEXs did not collaborate with Uniswap to challenge the trading system of CEXs, which has led to on-chain derivatives being in a very awkward position. Early projects like dydx, Perpetual, and GMX have not reversed the declining trend.
From the successful operation of Hyperliquid, it can be seen that the ceiling of the derivatives market has been opened. Derivatives represent a sufficiently large market that can accommodate multiple projects worth billions or even hundreds of billions. With leading projects, there will inevitably be second-tier leaders; it just depends on who competes for them.

https://app.artemis.xyz/sectors
In the top ten trading volume Perps (derivatives) DEXs, only Bluefin has not yet issued tokens. This article starts with Bluefin, so let’s look at the valuation of Bluefin in conjunction with already issued projects: Dydx, GMX, Jupiter, Drift, Hyperliquid, and SynFutures, which will launch on December 6.
We collected data from platforms like app.artemis.xyz and defillama.com and found that Bluefin's data is basically the same as that of SynFutures, which just launched on Base. Currently, the OTC (pre-market) price for $blue is $0.35, and it is estimated that the FDV will reach $400 million after listing, with a conservative estimate that the token will rise to around $0.41 to $0.85.

https://app.openblocklabs.com/app/bluefin/overview

From a Fundamental Perspective
Bluefin is the only Sui project that supports both Perps and Spot, and it is the largest DEX by trading volume in the Sui ecosystem, mainly reflected in:

• Cumulative trading volume exceeding $39 billion, firmly holding the top position in the Sui network
• This year's fee revenue has reached $9.5 million, leading the ecosystem by a wide margin
• Derivatives trading accounts for over 85% of the Sui network's contract trading volume, solidifying its market dominance
• The newly launched Spot AMM has quickly captured the market within just two weeks, with an average of over 2,000 new users daily

From the project background, it was established in 2020 and has raised over $20 million, with investors including top global institutions like Polychain, Brevan Howard Digital, Tower Research, Cumberland DRW, and SIG.

The strong development momentum of SUI makes me feel that this is a public chain that likes to support leading projects. For example, a project called Cetus was launched on SUI, which had a TVL of only $31.52 million and an FDV of $120 million at the time of token issuance, with data in all aspects being less than Bluefin, yet it later surged by 400%.
It is worth noting that Cetus issued its tokens during a bear market (May 2023), while Bluefin's token issuance coincides with a bull market, and SUI likes to empower leading projects. Bluefin is the only project on SUI that supports both Perps and Spot, which presents a large potential.

What Other Empowerments Does Bluefin Have?
Bluefin has currently built a complete meme trading infrastructure and is expected to become the meme trading center of the Sui ecosystem, being seen as the next Jupiter.
Bluefin is the only Sui project that has deep cooperation with top Solana projects (such as Jupiter and Pyth) and will launch exclusive products on Sui in collaboration with Pyth next year.
As a product benchmarked against Jupiter, it has already integrated contract trading, aggregators, and LP pools, covering on-chain market-making functions, and will lay out a large-scale RWA narrative in 2025, aiming to become a one-stop comprehensive on-chain trading platform.
After reviewing the above analysis, whether to sell after receiving the airdrop is a decision everyone can make for themselves.
So what should those who have not received any airdrops do?
3. What Returns Can We Expect If We Enter Now
Many people see users from home and abroad flaunting their blue points and might think that since they did not participate earlier, the token distribution has nothing to do with them.
In fact, this is not the case; you can continue to participate before the TGE, which is estimated to be on 12/10 (at the latest by Friday).
Currently, there are five actions you can take (the first three are long-term tasks):
1. Bluefin Perps Trading Mining

• Earn SUI rewards and Blue points based on trading fees
• Users who have traded on Bluefin this year will receive a 20% points bonus

Tutorial:
https://link.medium.com/9BFCsCC4aPb
2. Bluefin Stable Pool
• Deposit wUSDC to earn SUI and Blue points, with dynamic APR and almost zero risk
• Withdrawal rules:

• Submit redemption requests before 9 PM on Monday → funds arrive by 9 PM on Wednesday
• Submit after 9 PM on Monday → funds arrive the following Wednesday
• Interest and points continue to accumulate during the redemption period

3. Bluefin Spot LP Pool
• Provide spot liquidity to earn SUI and Blue points, with very good returns
• Funds can be withdrawn at any time
4. Gate Collaboration Tasks

https://www.gate.io/zh/web3/tasks/detail?id=158\&network=SUI
5. Wallet Joint Activities

https://x.com/bluefinapp/status/1864715015409844293?s=46
Summary
I have been writing about Bluefin for about half a year now, and its exposure has reached its peak. Those with strong execution should not have missed out, so most people have airdrops of $200 to $1,000. This article serves as a report for everyone after a hard year. If you receive an airdrop and are unsure when to sell, you can refer to the recently launched SynFutures, which is a derivatives project on BASE with an FDV exceeding $400 million. Bluefin's first target after launch is to surpass a $400 million FDV, equivalent to $0.4 per blue, which is very achievable. Bluefin is benchmarked against Jupiter (FDV $13.4 billion), and as a leading project on SUI, Bluefin is expected to catch up with Solana in the Sui ecosystem and experience exponential growth.