Author: Yogita Khatri, The Block; Compiler: Deng Tong, Golden Finance
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 eligible users.
Glif said on Tuesday that the total supply of GLIF tokens is 1 billion, of which 10% (or 100 million tokens) are used for airdrops. The tokens will be distributed 1:1 to GLIF point holders with at least 1 point, and any unused tokens will return to the community reward pool. Glif said that airdrop recipients can get 25% of the tokens immediately, while the remaining 75% will be linearly vested within 180 days, which is similar to the block reward structure of the Filecoin network. Unvested tokens will still be counted in governance voting weights.
Jonathan Schwartz, Glif founder and CEO, noted that Glif has issued more than 82 million GLIF points to date, and plans to conduct a final distribution before the token generation event (TGE), bringing the potential total to 100 million. Schwartz said that while a TGE date has not yet been determined, Glif is targeting the end of this year or early next year. Once the airdrop claim window opens, it will remain open for 12 months.
"GLIF is the first governance token for a $100 million+ DeFi protocol, and it is fundamental to the Filecoin network, just like Lido is to Ethereum or Jito is to Solana," said Schwartz.
Glif operates as a liquidity leasing platform in the Filecoin network, enabling FIL holders to earn rewards by lending their FIL to Filecoin storage providers for storage mining. It is the largest protocol in the Filecoin ecosystem, with more than $124 million in total locked value, according to data from Filfox and DefiLlama.
Glif also announced the formation of the GLIF Foundation, an ownerless entity that will represent the GLIF DAO and be governed by GLIF token holders.
GLIF Token Allocation Details
10% of the GLIF airdrop comes from a broader 35% "community growth" allocation, with the remaining 250 million tokens reserved for additional community growth efforts.GLIF token holders will decide on the allocation and use of the remaining 25% through a governance process that allows 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, which is 29.35% of the total supply, totaling 293.5 million tokens. Glif says that the Core Contributor Tokens have a one-year cliff period 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 the TGE.
The next allocation is for “ecosystem development,” which is 20% of the total supply, or 200 million tokens. The allocation is intended to expand the GLIF and Filecoin ecosystem from a builder and utility perspective by providing tokens to strategic partners to develop core or complementary services to the GLIF protocol. Glif said that of those tokens, 25% will be available immediately, while the remaining 75% will vest over three years.
The final allocation is to investors, which represents 15.65% of the total supply, or 156.5 million tokens. Glif said there is a one-year “cliff period” for investor tokens, followed by a 12-month linear vesting period, meaning all investor tokens will be distributed by the end of the 24th month after the 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.