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Author: Yogita Khatri, The Block; Compilation: Deng Tong, Bitchain Vision
Glif, a liquidity leasing platform on Filecoin and the network’s largest DeFi protocol, is about to launch its native token, GLIF, and airdrop 100 million tokens to qualifying users.
Glif said on Tuesday that the total supply of GLIF tokens is 1 billion, with 10% of which (i.e. 100 million tokens) are used for airdrops.These tokens will be distributed to GLIF points holders with at least 1 point in a 1:1 ratio, and any unused tokens will be returned to the community reward pool.Glif said airdrop receivers can get 25% of the tokens immediately, while the remaining 75% will be linearly attributable within 180 days, similar to the block reward structure of the Filecoin network.Unattended tokens will still be included in the governance voting weight.
Glif founder and CEO Jonathan Schwartz noted that so far, Glif has issued more than 82 million GLIF points and plans to make the last allocation ahead of the Token Generation Event (TGE), bringing the potential total to 100 million.While a TGE date has not been determined, Glif’s goal is to be at the end of this year or early next year, Schwartz said.Once the airdrop collection window is opened, it will remain open for 12 months.
“GLIF is the first governance token for the DeFi protocol worth over $100 million, and it is the foundation of the Filecoin network, just like Lido is to Ethereum or Jito to Solana,” Schwartz said.
Glif operates as a liquidity leasing platform in the Filecoin network, enabling FIL holders to receive rewards by lending their FIL to Filecoin storage providers for storage mining.It is the largest protocol in the Filecoin ecosystem with a total lockdown value of over $124 million, according to Filmox and DefiLlama.
Glif also announced the establishment of the GLIF Foundation, an ownerless entity that will represent the GLIF DAO and be managed by GLIF token holders.
GLIF Token Allocation Details
10% of GLIF airdrops come from a wider 35% “community growth” allocation, with the remaining 250 million tokens retained for additional community growth efforts.GLIF token holders will decide on the remaining 25% allocation and use through the governance process, allowing the community to set priorities and manage future allocations, Glif said.
After the community growth allocation, the next largest allocation is the core contributor token allocation, accounting for 29.35% of the total supply, totaling 293.5 million tokens.Glif said the Core Contributor Tokens have a cliff period of one year followed by a 36-month linear vesting period, meaning that all Core Contributor Tokens will be in circulation at the end of the 48th month after TGE.
The next allocation is for “ecosystem development”, accounting for 20% of the total supply, or 200 million.The allocation aims to expand the GLIF and Filecoin ecosystem from a builder and practical perspective, developing core or complementary services to the GLIF protocol by providing tokens to strategic partners.Glif said 25% of these tokens will be available immediately and the remaining 75% will be vested within three years.
The last distribution is for investors, accounting for 15.65% of the total supply, or 156.5 million tokens.Glif said the investor token has a “cliff period” for one year followed by a 12-month linear vesting period, meaning that all investor tokens will be distributed at the end of the 24th month after TGE.
Glif is backed by investors including Multicoin Capital, Big Brain Holdings and Protocol Labs.The project raised $4.5 million in a seed round earlier this year.
