Glif Announces 100 Million GLIF Token Airdrop

The liquid staking protocol Glif, based on Filecoin, is set to launch its own token, GLIF. The project will distribute 100 million coins among users, reports The Block.

.@TheBlock__ broke the news: https://t.co/Q26VhGEgJK

And on Medium: https://t.co/eU58qIBmXV

— GLIF (@glifio) October 29, 2024

The total issuance of GLIF will be 1 billion tokens, with 10% allocated for the airdrop. The coins will be distributed on a 1:1 basis among all holders of loyalty program points.

Users will receive 25% of their entitled assets immediately, with the remaining 75% unlocking linearly over 180 days. The schedule mirrors the block reward structure in the Filecoin network, the project explained.

Glif’s founder and CEO, Jonathan Schwartz, announced plans to hold a token generation event (TGE) at the end of this year or early next year. Following this, the opportunity to apply for the airdrop will remain open for 12 months.

“GLIF is the first governance token for a DeFi protocol valued at over $100 million, which is foundational to the Filecoin network, similar to Lido on Ethereum or Jito on Solana,” said Schwartz.

The project describes itself as a “liquid leasing” platform, allowing FIL holders to earn income by lending tokens to Filecoin storage providers for mining.

The team also announced the creation of the GLIF Foundation, an ownerless organization that will represent a DAO and be governed by GLIF holders.

According to the project’s tokenomics, funds for the airdrop are allocated from 35% of the token issuance designated for “community growth” incentives. Decisions regarding future distributions from this category will be made by the decentralized organization participants.

Core developers are allocated 29.35% of Glif’s total supply. The assets have a one-year cliff period post-TGE, followed by linear unlocking over 36 months.

20% of the issuance, or 200 million GLIF, is intended for ecosystem development. Of this, 25% will be immediately available, with 75% unlocking over three years.

Investors will receive 15.65% of GLIF with a one-year cliff and a 24-month linear vesting period.

Earlier this year, the project raised $4.5 million in a seed funding round led by Multicoin Capital.