- What is Penguin Finance?
- What is PEFI token?
- How does Penguin Finance work?
- Detailed information about PEFI
- PEFI Price Today
- PEFI Token Metrics
- PEFI Token Allocation
- PEFI Token Sale
- PEFI Token Release Schedule
- PEFI Token Use Case
- How to get PEFI Token
- How to buy PEFI Token
- How to store PEFI
- Project Roadmap
- Team, Investors, and Partners
- Similar Projects
- Is PEFI a good investment?
In this article, I will introduce you to Penguin Finance, including the following information:
- What is Penguin Finance and the PEFI token? How does it work?
- Specific details about PEFI token and it’s tokenomic including its up-to-date price, key metrics, distribution and use cases.
- How to get a PEFI? Where to store it?
- Penguin Finance’s roadmap and updates & details about team, investors and partners.
What is Penguin Finance?
Penguin Finance is a DeFi project developed on the basis of the Avalanche C - Chain network. In the early stage, the development team focused mainly on Yield Farming products based on Pangolin’s liquidity pool, one of the first Avalanche-based AMM DEX. In the future, Penguin Finance’s Yield Farming can operate on other AMM DEX like Trader Joe or Lydia.
Penguin Finance is currently in its early stages of development and the project will grow stronger in the DeFi segment with applications such as the Prediction market, NFT + DeFi.
What is PEFI token?
PEFI serves as a utility token, PEFI holders can stake their tokens to receive staking rewards and fees collected by applications within the Penguin Finance Ecosystem.
How does Penguin Finance work?
Penguin, at the moment, is quite confident that they are providing a more attractive incentive level than the common ground. Besides the ordinary LP stake, Penguin Finance also has Auto-compound, which is a high-performance yield farm utility for the user.
The Deflation Token mechanism is also a bright spot in the way the project works. With the project focusing quite strongly on having a more attractive incentive than other projects, having a deflation mechanism is a wise choice to keep the token price stable. Specifically, if users unstake from the pool early, it will result in a penalty fee and this penalty token will be burned, which is very effective in keeping the project's TVL stable.
The project has bright spots from quite innovative products such as Prediction Market, Competition and NFTs. With the NFTs trend showing signs of heating up recently, plus Penguin Finance aims to combine DeFi + NFTs, this is also a notable highlight of the project.
Detailed information about PEFI
PEFI Price Today
Currently, you can track the price of PEFI on Coin98 Markets: https://markets.coin98.com/currencies/penguin-finance
Coin98 Markets is a website that helps users to get updates of the real-time prices, as well as view the detailed information of a Token Metric from any project. More specifically, you can access the home page or the community page of a project, or filter the coins/tokens by Market Cap, Trading Volume, etc.
PEFI Token Metrics
- Token Name: Penguin Finance Token.
- Ticker: PEFI.
- Blockchain: Avalanche C - Chain.
- Token Standard: ARC - 20.
- Contract: 0xe896CDeaAC9615145c0cA09C8Cd5C25bced6384c
- Token type: Utility.
- Total Supply: 21,000,000 PEFI.
- Circulating Supply: 6,836,761 PEFI.
PEFI Token Allocation
Yield farming and staking are the core user-attracting activities of the project; therefore allocating 50% of the total supply for the incentive bonus is an understandable decision.
Another large part of PEFI's allocation is for airdrops to reach more users. According to the project's plan, 25% of the total supply will be distributed in several small key strategic distributions within a time span of 3 years.
This is a relatively reasonable approach, dividing the distributions and the time frame is long enough to help protect the token price from a supply shock.
PEFI Token Sale
In the token allocation of the project, there is no part used for presale activities.
PEFI Token Release Schedule
PEFI Token Use Case
PEFI is the project's Token and has the following Utilities:
- Governance: PEFI holders will have the right to take part in regulating the project
- Staking: When Staking PEFI, you also receive a part of the revenue from the platform. In addition, the xPEFI received when staking also helps you to participate in other features of the platform (Currently Penguin Emperor).
- Reward: Tokens are also used as Rewards for Penguin Finance Pool Farms.
How to get PEFI Token
You can get PEFI Token by:
- Joining Farming pools or Stake PEFI to receive PEFI as a reward.
- Joining Penguin’s features to receive Airdrop from the project.
How to buy PEFI Token
Step 1: Connect Coin98 Extension Wallet.
Step 2: Select Pangolin.
Step 3: Choose the trading pair:
- Search PEFI.
- If the result does not come up, you can paste the contract of PEFI into the search box: 0xe896CDeaAC9615145c0cA09C8Cd5C25bced6384c
Step 4: Adjust the amount you want to swap.
Step 5: Adjust the gas fee, then click Approve.
How to store PEFI
PEFI is a token on Avalanche, so you must first have an Avalanche supported wallet such as Metamask, Julwallet, Avalanche Wallet or more conveniently, the multi-chain wallet.
Step 1: Open Coin98 Wallet and click Receive.
Step 2: Enter PEFI in the search box.
Step 3: Copy the wallet address and send PEFI token to this address.
Until now, the project has not given a specific schedule for their activities, so we can only know that in the second half of the year, the project will try to accomplish the following objectives:
- Igloos & Nests V2.
- Club Penguin.
- Penguin Arena.
- Next-gen NFTs.
- Penguin Finance Merchandise.
- CEX Listings.
- Bridging to other chains & mass onboarding.
- Prediction Markets.
- Penguin DAO Launch.
It can be seen that the project will have significant strategic goals in the near future.
- The first important point is that the launch of special Defi activities such as Club Penguin, Penguin Arena and NFT will help the project stand out and separate itself from other yield farm projects in the market.
- The second thing of interest is that the project begins to expand to other chains. This is good news for the development of the project, if this goal can be achieved, the ability to reach users will be more vital.
Team, Investors, and Partners
Frostbyte (Co-Founder): Penguin Finance's project manager. He is in charge of the hiring process, accounting, and other administrative tasks. He's also involved in the development of both frontend and backend applications.
CryptoBanker (Smart Contract Wizard): A seasoned veteran in Solidity. He's developed several DeFi protocols on Ethereum and has reported several vulnerabilities to top-tier projects. In addition, he's behind Penguin Finance's secure, gas-efficient, and unique contracts.
Optisman (Lead Frontend Developer) manages the development and maintenance of PeFi's websites. He's a top-tier developer with vast experience within decentralized finance.
Peter (Frontend Engineer) has many years of experience within the cryptocurrency space. Specifically, he has been working within the development of superb front-end applications, creating intuitive and classy UI elements, APIs, and more. Peter has enabled penguins to enjoy the best UI on Avalanche.
- Similar projects on Avalanche: Yield Yak, Snowball.
- Similar projects on other chains: Solfarm, Yearn Finance.
Currently, 3 projects in Yield Farming are at the top of projects with the largest TVL in the Avalanche ecosystem. While writing this article, Penguin Finance has ceded its position in the top 5 to Snowball.
Currently, Yield YAK's TVL is 3 times more than the total TVL of Penguin and Snowball combined, showing Yield Yak's superior position. The main reason for this is that currently, the Farming mechanism of Penguin and Snowball can only access the Liquidity Pool on Pangolin (and Pangolin recently lost its leading AMM DEX position to Trader Joe), while Yield Yak has reached out to many other projects in the Avalanche ecosystem.
Is PEFI a good investment?
I hope that you have understood what Penguin Finance is and how Penguin Finance operates with the information mentioned above. This article should give you a deep insight into the project, so there is no financial advice. You should Do Your Own Research before conducting any investment and be responsible for your own fund.
However, Coin98 will provide some notable points about the project to give you the best overview to make your own decisions.
Penguin Finance is in the group of projects with the highest TVL in Avalanche, so when this ecosystem develops, the top projects will surely attract excellent cash flow.
The Yield Farming segment of Penguin Finance has an attractive advantage with the project’s incentive. Moreover, Yield Farming is an essential piece of the next AMM in the DeFi space, so a project specializing in Yield farms like Penguin Finance will have more potential in the long term.
The future of NFT that the project is aiming for, if successful, will be outstanding. The NFT + DeFi model is a breakthrough in the market, which will enormously help to attract users.
When looking for information, it can be seen that the project currently does not have a clear specific plan with their development steps; this is something that we should pay attention to. Now, the project is slightly incompetent to it’s rivals; all of the confidence is based on the potential. However, the potential is also the risk because the outcome will be awful if the project's development process doesn’t go as planned.
Currently, Penguin Finance’s Pool Farms are only used from Pangolin, limiting the farming option and making the project lose competitive advantage to another competitor in this segment on the Avalanche ecosystem, Yield Yak. However, the project's pool farms will soon expand to other DEXs in the Avalanche ecosystem, such as Trader Joe and Lydia
Penguin products are pretty innovative. The successful combination of NFT + DeFi in the short term and opening more Pool Farms from projects other than Pangolin will increase the transaction volume and Fee for the platform. Along with the Deflation mechanism, the Token price will benefit greatly.
You’ve been through an article about Penguin Finance and the PEFItoken. I hope it has helped you in gaining more helpful insight into this project and understanding its potential.
If you want to know more about the PEFI token , please feel free to leave a comment below and join Coin98 Community for further discussions!