The popular NFT project Pudgy Penguins has officially launched its PENGU token on the Solana blockchain. The project has announced that eligible participants can claim their tokens within a window of 88 days before they are burned and removed from circulation. The PENGU token marks a significant expansion for the Pudgy Penguins ecosystem, offering a new utility for holders of its NFTs and other related assets.

Details and Claim Process

Pudgy Penguins' PENGU token is launching on the Solana blockchain, with additional compatibility with Ethereum and Abstract Chain expected in the future. The total supply of the PENGU token is set at 88,888,888,888. The claim period officially began at 8 a.m. ET on Tuesday, offering holders of Pudgy Penguins, Lil Pudgys, Rogs, and Soulbound Tokens (SBTs) the opportunity to claim their tokens.

In a tweet, Luca Netz, the CEO of Igloo (the company behind the Pudgy Penguins project), confirmed the claim launch. Trading for the PENGU token on centralized exchanges, including Binance, Bybit, and OKX, will follow. The claim process is tied to the ownership of NFTs within the core collections, and SBTs, which are non-transferable tokens representing achievements or participation, were included through a snapshot taken on December 8.

Pudgy Penguin Key Art 1

Eligibility and Requirements

To claim the PENGU token, participants must ensure their Solana wallet contains at least $10 worth of SOL to cover the gas fees. Holders will need to connect both their Solana and Ethereum wallets to facilitate the claim. The team has recommended using desktop wallets to ensure the process runs smoothly.

During the claim process, participants will be able to link a universal name that connects their Pudgy Penguins NFT to their wallet. This feature will allow other projects to airdrop tokens to holders across both Ethereum and Solana networks.

Additionally, holders of Pudgy Toys, the physical plushies inspired by the Pudgy Penguins NFT collection, are also eligible for PENGU tokens. These toys, which are sold at retailers like Walmart and Target, are linked to the Pudgy World metaverse. While the toys currently reside on the Igloo Ethereum Layer 2 Abstract Chain, once the mainnet goes live, a PENGU token bridge will enable toy buyers to claim their tokens through LayerZero.

Pudgy Penguin Key Art 2

Tokenomics and Distribution of PENGU

Pudgy Penguins has outlined the tokenomics for the PENGU token, with the majority of the supply allocated to the Pudgy Penguins community and other supporters. Specifically, 25.9% of the total supply is allocated to the Pudgy Penguins community, while 24.12% is reserved for other communities and new "Huddle" members. Approximately 17.8% of the supply is set aside for team members, subject to a one-year cliff and a three-year vesting period. The company itself will retain 11.48% of the PENGU supply under similar conditions.

Tokenomics and Distribution

Pudgy Penguins' Rise in the NFT Space

Launched in 2021, Pudgy Penguins has quickly become one of the most popular NFT collections, gaining significant traction within the NFT and broader cryptocurrency markets. The project recently surpassed the Bored Ape Yacht Club (BAYC) in market capitalization, becoming the second-largest NFT collection with a market cap of $1.2 billion, just behind CryptoPunks, which currently holds a market cap of $1.6 billion.

This rise in value and popularity highlights the ongoing success of the Pudgy Penguins brand, both within the NFT space and in the broader public consciousness. According to the Pudgy Penguins team, the launch of the PENGU token gives the millions of Pudgy Penguin fans and the broader public an opportunity to become more closely aligned with the brand.

Additionally, the brand is venturing into gaming through collaborations with industry leaders. Its recent partnership with Mythical Games will bring "Pudgy Party," a Fall Guys-inspired mobile game, to life. These initiatives aim to combine digital engagement with physical products, creating a bridge between the virtual and real worlds.

Pudgy Party Mobile Game

Final Thoughts

The launch of the PENGU token represents a major step forward for the Pudgy Penguins project, as it expands its ecosystem beyond Ethereum, with future compatibility with other networks. The 88-day claim period introduces a sense of urgency for eligible participants to secure their tokens before they are burned.  For those looking to participate, it is important to ensure that the necessary wallets are connected and funded, as the 88-day claim window is a limited opportunity.

Disclaimer: The information provided here is for informational purposes only and should not be considered financial advice. It is important to conduct your own research and consult with a qualified financial advisor before making any investment decisions. The views and opinions expressed are those of the author and do not reflect the official policy or position of any financial institution. Always consider your own financial situation, goals, and risk tolerance before taking any action.