Pudgy Penguins Expands to Solana with New Token Launch

Pudgy Penguins, a prominent NFT project, announced its upcoming cryptocurrency, PENGU, launching this month on Solana (with other networks to follow).

What’s the Scoop?

• The project positions Pengu as a way for fans and the general public to align with the Pudgy Penguins brand.
• Pengu has a total supply of 88.8 billion tokens. 25.9% of the supply is earmarked for the Pudgy Penguins community and 24.12% of Pengu’s supply is allocated to other communities and new "Huddle" members, broadening its reach.
• 17.8% of Pengu’s supply will be reserved for current and future team members, subject to a one-year cliff and a three-year vesting schedule and an additional 11.48% will be retained by the company under the same terms.

Bankless Take:

The launch of PENGU represents a significant move in blending NFTs with cryptocurrency ecosystems. By initially choosing Solana for its token, Pudgy Penguins could tap into its lower fees and faster transactions, appealing to retail users. However, cross-chain initiatives come with challenges, particularly user experience and interoperability. Pengu’s success will hinge on how effectively it bridges Ethereum and Solana communities while maintaining brand momentum.