Bluefin (BLUE): Surfing the Currents of Cross-Chain Trade
When it comes to decentralized trading, one of the biggest challenges is to create an exchange that’s both complex and convenient. Many sites that offer high-end crypto features end up being too overwhelming and confusing for users to work with. Bluefin hopes to solve this problem by creating a system that's intuitive for both experts and novices. Can it succeed at its dream of creating a user-focused, decentralized spot exchange for trading all sorts of assets? Explore this guide to see how Bluefin works and learn whether it's likely to be successful.
Key Takeaways:
Bluefin is a decentralized exchange designed for both novice and professional traders.
Looking to trade Bluefin tokens? Bybit now offers the BLUEUSDT Perpetual contract.
What Is Bluefin?
Bluefin is a decentralized exchange (DEX) designed for use by both novice and professional traders. It uses an order book–based system, and is built on the Sui blockchain. Bluefin hopes to distinguish itself from other DEXs due to its flexibility and convenience.
History of Bluefin
Bluefin was founded in 2020 by brothers Rabeel and Ahmad Jawaid. Ahmad was initially a software engineer at Incorta, while Rabeel was an investment analyst at Optimus Capital, Inc. Eventually, both brothers realized they could take their interests and expertise and apply them to the world of crypto.
In the years since the Jawaid brothers first started working on their exchange, Bluefin has grown rapidly. It's hired numerous employees who have studied at top schools, such as UC Berkeley and the University of Pennsylvania. Bluefin has also acquired funding from Polychain, SIG, Brevan Howard Digital and Tower Research Capital, and has partnered with the Sui Foundation.
What Does Bluefin Aim to Achieve?
Bluefin's creators aim to completely redefine the user experience for DEXs, having noticed that many of them have struggled to onboard new users. Bluefin plans to mimic the seamless, fast experience of centralized exchanges (CEXs) while staying true to its decentralized roots. In order to do so, Bluefin is prioritizing software-based interfaces that make its blockchain-based system intuitive for Web 2.0 users.
At the same time, Bluefin wants to incorporate the best that web3 has to offer. Thus, it aims to be a DEX that features transparent, accessible governance. By focusing on blockchain features like scalability and decentralization, Bluefin believes it can create a system that protects users' rights, provides excellent execution prices and appeals to the broadest audience possible.
How Does Bluefin Work?
Bluefin is a central limit order book (CLOB) system. This type of exchange consists of a central system that has a list of all customer orders, and matches customer bids and offers to pair buyers and sellers in the most efficient way possible. CLOB-based systems offer many benefits, including the best execution prices and complete transparency.
However, CLOB-based systems often have some downsides for decentralized derivatives trading. They can be a little slow at times, and can lead to market manipulation. Therefore, Bluefin has implemented a hybrid on-chain/off-chain mechanism. Its order book can store and match orders off-chain to speedily handle transactions, and the orders are then moved to an on-chain engine for verification and settlement.
Features of Bluefin
Bluefin prides itself on offering a variety of services to users. The following are the primary ways you can use Bluefin to manage your major assets.
Swap
Swapping tokens lets people convert one style of token to another. Bluefin's Swap offers real-time pricing, so users can get the ideal execution prices. It also provides a wide range of token pairs, so users have plenty to choose from.
Perps
Bluefin Perps is the site's perpetual futures trading system. It allows users to trade certain protocols even before their token generation events go live. Bluefin only allows perpetuals for carefully vetted protocols. Therefore, users don't have to be as concerned about rug pulls and other scams.
Pools
Bluefin's liquidity pools are a way to help its DEX run more smoothly. Users can choose to temporarily lend their major assets to liquidity pools, so there's always a supply of liquid tokens available to execute trades. Liquidity providers earn rewards in exchange for their participation.
Rewards
Bluefin has a rewards program that gives people both Blue Points and Sui tokens for participating in the Bluefin ecosystem. Reward points are determined based on the weekly amount of fees a user pays.
Bridge
Bluefin's integrated Wormhole bridge makes it easier for users to move major assets between chains. In addition to cross-chain transfers, bridging also makes it easier to transfer funds between wallets.
Bluefin Road Map
Bluefin has spent several years setting up its exchange system and attracting users. Next on the Bluefin road map are plans to further enhance its technology. In the near future, the team hopes to allow users to sync their accounts with Google for one-click sign-in. Bluefin is also working on mobile trading and one-click, cross-chain transfers for ecosystem assets.
In the long run, Bluefin aims to add more decentralization to its system. It plans to implement a node network that can maintain the order book in a trustless environment. Bluefin also hopes to launch a decentralized autonomous organization (DAO) that’s capable of independently making decisions for its platform.
BLUE Airdrop
The Bluefin Airdrop is an event designed to encourage and reward community engagement. Bluefin plans to distribute almost 20% of its crypto token to Bluefin community users. Participants can collect points for the airdrop based on various parameters, such as the duration of their time spent on Bluefin and the number of programs they've participated in.
Interested participants can visit the Airdrop portal to check their eligibility and claim their tokens. Registration for the Bluefin airdrop began in late 2024 and will run through February 2025.
BLUE Tokenomics
Bluefin hopes that the BLUE token will be its first step toward true decentralization. Intended to be used as a governance token, BLUE will help manage user incentives and proposal votes. BLUE tokens have a maximum supply of 1 billion and an initial circulating supply of 150.385 million. The Sui-based token will unlock on a five-year schedule that eventually allows the circulating supply to reach 1 billion as well. All of the tokens will be distributed according to the following design:
User incentives: 32.5%
Strategic participants: 28%
Core contributors: 20%
Protocol development: 8.5%
Treasury: 6.5%
Liquidity reserve: 4.5%
BLUE Price Prediction
Since BLUE first appeared on exchanges, it's experienced some impressive price growth. BLUE tokens initially retailed for around $0.20, reaching an all-time high of $0.8567 by Dec 15, 2024. After the excitement of a sudden price peak, BLUE’s price then stabilized between $0.40–$0.50. Currently, many CoinMarketCap users report bullish sentiment, with Bluefin’s market cap at around $52 million. Many believe that BLUE may be undervalued, and could rise in price soon.
How much will Bluefin crypto prices increase? CoinCodex's data analysis suggests BLUE’s price may more than double within a month, as its trading volume continues to soar to reach at least $1 by January 2025. If BLUE follows a trajectory typical of new cryptos, its price is forecast to keep climbing through March and then stabilize at roughly $1 by the summer of 2025.
Where to Buy BLUE
Looking to trade Bluefin tokens? Bybit now offers the BLUEUSDT Perpetual contract. To get started, you’ll first need to create a Bybit account, then fund it with cryptocurrency and navigate to the BLUEUSDT Perpetual contract trading page.
Is BLUE a Good Investment?
Thanks to big price increases, increasing market cap and respectable trading volume, BLUE tokens are a hot commodity on the market right now. If your investment strategy involves buying up-and-coming tokens and quickly selling them, BLUE could be a good short-term investment.
Whether or not BLUE succeeds in the long run is more closely associated with Bluefin’s performance, as opposed to brief market trends. And even though Bluefin looks like a reliable DEX, it has a lot of competition. If the site fails to become the most popular decentralized spot for trading and to further enhance its technology, Bluefin’s crypto could suffer. Therefore, investors need to remain a bit cautious about Bluefin's ecosystem assets. Carefully research both market conditions and Bluefin news before purchasing, and try to avoid overextending yourself financially.
Closing Thoughts
Bluefin aims to revolutionize the DEX industry by offering an unparalleled user experience and the best execution prices. However, with so many other similar exchanges being created, Bluefin will have to work hard to distinguish itself in the decentralized derivatives trading market. Only time will tell whether the Bluefin team can deliver on all its promises and capture the attention of DeFi traders.
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