Key Takeaways

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• Bluefin is a decentralized trading platform (DEX) built on the Sui blockchain, designed to deliver a CEX-like trading experience on-chain. By using an off-chain orderbook with on-chain settlement, it aims to solve the usual DeFi problems of low liquidity and high latency in on-chain trading.
  
  
• The project has raised significant funding (around $17–29 million total) from notable investors including Polychain Capital, Brevan Howard, SIG (Susquehanna), ParaFi Capital, CMS Holdings, Hypersphere, and others. It’s also supported by strategic partners – for example, Bluefin works closely with the Sui development team and top market-making firms to ensure deep liquidity and robust infrastructure.
  
  
• Bluefin offers unique benefits such as a hybrid orderbook model, a concentrated liquidity AMM (CLMM) for efficient markets, nearly instant finality (trades in ~30ms, settlements in ~0.5s) with minimal fees, and user-friendly features like social logins via zkLogin (Google account) and gas-fee sponsorship for a smooth Web2-like UX. It supports both spot and perps trading, giving users a one-stop venue for on-chain trading needs.
  
  
• The Bluefin token (BLUE) was officially launched, following a successful Token Generation Event (TGE). A substantial 19.68% of the total 1 billion BLUE token supply was allocated to early users through a combination of airdrops and historical rewards. The tokenomics are designed to incentivize long-term ecosystem growth, with structured vesting and ongoing reward programs for traders and liquidity providers.

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Introduction

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Bluefin is emerging as one of the flagship platforms pushing the envelope of on-chain trading performance. Built on the new high-performance Sui blockchain, a Layer-1 known for its scalability and low latency. Bluefin aims to combine the best of CEXs with the benefits of DeFi. Since its launch on Sui in late 2023, Bluefin has grown into the network’s top trading protocol by volume, showcasing how a well-designed DEX can rival traditional trading platforms. In this guide, we’ll dive into what Bluefin is, its backing and features, and how you can get started.  (For official updates, check out Bluefin’s documentation site and their X (Twitter)

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What is Bluefin?

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Bluefin is a high-performance DEX  (What is a DEX?)  built on the Sui blockchain, offering both spot trading and perps. It combines a fast off-chain order book and matching engine with on-chain settlement via smart contracts—giving users the speed of a centralized exchange while maintaining decentralization and self-custody.

Designed to be intuitive for both retail and institutional users, Bluefin supports features like zkLogin (Google login) and sponsored transactions (no gas fees required for users). Its interface is sleek and CEX-like, making onboarding seamless.

Originally launched on Arbitrum, Bluefin migrated to Sui due to performance limitations and now achieves sub-second trade finality, handling billions in monthly volume. The team includes veterans from Meta and Goldman Sachs.

Bluefin aims to be the backbone of DeFi on Sui, evolving from just a trading platform to a full Web3 financial network with plans for aggregators and infrastructure products. With its innovative design and Sui-powered throughput, Bluefin is demonstrating that on-chain trading can be fast, user-friendly, and scalable without compromising on decentralization.

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Funding and Backing

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Bluefin has raised $37.5 M so far with support from top-notch investors like Polychain Capital, Brevan Howard Digital, SIG, Tower Research, and Wintermute. A $17M raise in early 2025 testified to high confidence in Bluefin's long-term vision. Previous supporters include ParaFi Capital, CMS Holdings, DeFiance Capital, Hypersphere Ventures, and even early backing from Alameda Research and Three Arrows Capital.

Strategically, Bluefin collaborates closely with Mysten Labs and the Sui Foundation. This deep alignment with Sui’s core team gives Bluefin early access to innovations like zkLogin and sponsored transactions, helping it stay ahead in DeFi UX.

With experienced investors, long-term partners, and a technically savvy team, Bluefin is poised to drive the next generation of on-chain trading innovation.

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Key Features and Benefits

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1. Hybrid Order Book Model

Bluefin unites an off-chain orderbook and matching engine with on-chain settlement through smart contracts on Sui. This hybrid architecture facilitates nearly instant order execution with transparent, non-custodial settlement. Orders are user-signed and checked on-chain, enabling high-frequency and algorithmic approaches without sacrificing security.

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2. Speed & Low Fees

Bluefin offers ~30ms execution and ~0.55s finality, thanks to Sui’s parallel architecture. Trading fees are  low 0.035% for takers, 0.010% for makers, charged in USDC and pooled into the protocol’s fee pool.

Most on-chain actions (deposits, margin changes, etc.) are gasless via Bluefin’s integrated Gas Station. Only taker trades incur a small $0.03 gas fee. With over $50B in volume processed, Bluefin combines speed, low costs, and high scalability—even during market spikes.

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3. Deep Liquidity & Capital Efficiency

Bluefin employs a CLMM (Concentrated Liquidity Market Maker) for spot markets and conventional order books for perps. LPs have the potential to earn more by concentrating funds under narrower price ranges. Supported by institutional market makers, Bluefin provides tight spreads, deep order books, and low slippage with $ 84 M+ in TVL.

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4. User-Focused Experience

CEX-like UI, 1-click zkLogin with Google account, and gasless trading render onboarding frictionless for both new and seasoned users. No wallet configuration or SUI token required to get started. Active community support through Discord and Telegram guarantees robust user support.

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5. Composability & Integrations

As a foundation Sui DeFi protocol, Bluefin offers cross-chain liquidity (e.g., through Wormhole), execution agent routing, and future development of a Bluefin Aggregator. It's API-accessible, and Backpack is implementing Bluefin, so the wallet can facilitate trading natively. BluefinX on the horizon suggests higher-end cross-chain functionality.

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6. Security & Transparency

All trades and LP positions are on-chain and transparent. Smart contracts are publicly audited, and LP positions are NFT-represented. Bluefin has risk controls for perps and transparent rewards distribution to provide trust and safety for users.

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7. Bluefin Vaults

Bluefin offers yield-earning opportunities through its on-chain vaults. Users can deposit assets via trade.bluefin.io/pools by selecting the "Deposit" button, which opens a vault modal listing all available options. There are two main vaults: the BLUE Vault, where users deposit BLUE to earn weekly BLUE rewards, and the Stable Vault (Aqua), where users deposit wUSDC to earn weekly BLUE and SUI incentives. The BLUE Vault supports the broader Sui ecosystem and is single-sided with no drawdown risk.

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Incentive Programs & Point Systems

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Before the token launch, Bluefin introduced Blue Points to incentivize early adoption. Users earned points based on weekly trading volume, fee payments, referrals, liquidity provision, and participation in campaigns like Trade & Earn, Stable Pools, and Spot LPing. These points held no monetary value but were designed to convert into BLUE tokens at the Token Generation Event (TGE).

The gamified dashboard showed each user's weekly rank and estimated reward share, helping boost engagement. These campaigns helped Bluefin grow to 130,000+ unique depositors and billions in cumulative trading volume.

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TGE & Claiming Structure

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The TGE occurred on December 11, 2024. Eligible users could:

• Claim 80% of BLUE tokens (from Historical Rewards) immediately
  
  
• The remaining 20% vests over two months (10% per month)
  
  
• Airdrop allocations followed a similar structure: 50% claimable at TGE, with the other 50% unlocking over 2 months (25% monthly)
  
  
• Claims must be made within 42 days, or the tokens may be reallocated.
  
  

To claim, users must visit the Rewards Dashboard and click “Claim BLUE”. The Claiming Modal shows the full allocation from Historical Rewards and Airdrops.

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Token Generation Event (TGE) & Airdrop Timeline

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Bluefin conducted its Token Generation Event (TGE) on December 11, 2024, launching its governance token, $BLUE, on the Sui blockchain. The total supply of BLUE is 1 billion tokens, with approximately 150 million (15%) in initial circulation.

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The token was listed on major exchanges, including KuCoin, Gate.io, MEXC, Bitget, and HTX, and saw strong early trading activity. At launch, $BLUE was priced around USD 0.11, and its price has fluctuated based on broader market trends.

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User Engagement & Rewards
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Bluefin continues to reward user participation through:

• Weekly $BLUE + SUI incentives for trading perps and providing liquidity
  
  
• LP rewards, which are claimable anytime
  
  
• Governance participation for token holders in future protocol decisions
  
  
  Airdrop Distribution Chart
  

A portion of the token supply (19.68%) was reserved for community rewards, including early user contributions and campaign participation. Claiming was facilitated through Bluefin’s Rewards Dashboard with a defined vesting and expiration window.

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For ongoing opportunities, users can stay active on trade.bluefin.io, explore the platform’s trading features, and follow Bluefin’s official channels for new initiatives, updates, and governance proposals.

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Tokens & Tokenomics

Tokens & Tokenomics – Bluefin

Token Ticker: $BLUE
Network: Native to the Sui blockchain
Total Supply: 1,000,000,000 BLUE (fixed supply, no inflation)
Initial Circulating Supply: ~150,385,000 BLUE (~15%)

The $BLUE token is available for trading on Backpack Exchange.

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Token Use Cases:

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• Governance Token: $BLUE allows holders to propose and vote on protocol upgrades, treasury decisions, and incentive structures.
  
  
• Future Utility (subject to governance):
  
  
  
  • Trading fee discounts
    
    
  • Staking-based reward boosts
    
    
  • Potential revenue sharing or insurance fund participation
    
    

Bluefin has signaled that additional utility will be introduced progressively via on-chain governance.

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Token Distribution chart                                                                         

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Allocation Overview

• 52.0% – Ecosystem Growth
  
  
  
  • 32.5% – User Incentives:
    
    
    
    • Includes 19.68% airdrop for early users & 12.82% for post-launch rewards
      
      
  • 8.5% – Protocol Development:
    
    
    
    • Funding for integrations, audits, liquidity, security, and partnerships
      
      
  • 6.5% – DAO Treasury (3-month cliff, 36-month vesting)
    
    
  • 4.5% – Liquidity Reserve (fully unlocked at TGE)
    
    
• 28.0% – Strategic Participants
  
  
  
  • Investors & advisors (1-year cliff, 2-year linear vesting)
    
    
• 20.0% – Core Contributors
  
  
  
  • Team and builders (1-year cliff, 2-year linear vesting)
    
    

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Token Types in Ecosystem:

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• Governance Token ($BLUE): Voting and proposal rights
  
  
• Staked Tokens (future): May unlock boosted rewards or participation benefits
  
  
• LP Tokens: Represent user liquidity positions on Bluefin Spot and Stable Pools

Bluefin’s tokenomics prioritize long-term alignment, decentralization, and community ownership, with over 50% of tokens reserved for ecosystem incentives. Governance, emissions, and token utility will evolve through active community participation.

For updates, visit bluefin.io or follow @bluefinapp.

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How to Get Started with Bluefin

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Getting started with Bluefin is straightforward, even if you’re new to Sui or DeFi trading. Here’s a step-by-step guide to begin trading on Bluefin’s platform:

1. Set Up a Sui-Compatible Wallet: Since Bluefin runs on the Sui network, you’ll need a wallet that supports Sui to interact with the DEX. One recommended option is the Backpack Wallet, which has integrated Sui support for a smooth experience. You can download Backpack (available as a browser extension and mobile app) and enable the Sui blockchain in it.

2. Fund Your Wallet with SUI and Assets: To trade on Bluefin, you will primarily need USDC (USD Coin) on the Sui network, since most perpetual markets use USDC as collateral, and the spot exchange also supports assets like USDC, SUI, etc. If you’re starting fresh, you can sign up for the Backpack exchange and buy USDC using your card and transfer it to your Bluefin account

3. Navigate to Bluefin’s Trading App: Go to trade.bluefin.io (or via the Bluefin website, click “Trade Now”). This will launch the Bluefin web interface. You might be prompted to connect your wallet. If you opted for zkLogin (the Google login), you would click that option and follow the login prompts instead.

Place a Trade
Bluefin supports limit and market orders:

• For limit orders, set your price and quantity, then hit Buy/Sell.
  
  
• For market orders, just choose quantity and click Market — it executes instantly at the best price.
  
  

Perps support up to 20x leverage. Use the order form to set leverage, and monitor your margin, liquidation price, and P&L in the interface.

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4.Trade $BLUE on Backpack Exchange: The $BLUE token is now officially listed and available for trading on Backpack Exchange. Plus, participate in the BLUE Trading Quest Pool, the top 300 traders by trading volume in the $BLUE token pair will share a prize pool of 102,500 $BLUE tokens. Start trading now and earn rewards!

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Future Prospects

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Bluefin is on a mission to accelerate the adoption of decentralized finance by building a full-stack financial ecosystem on the Sui blockchain. With a product suite that includes Bluefin Pro, Spot Aggregator, and advanced financial infrastructure in development, the platform aims to serve both retail and institutional traders with unmatched performance, deep liquidity, and user-centric design.

From day one, Bluefin set out to solve one of the hardest challenges in DeFi—building an on-chain perpetual exchange that actually works. With over $ 28 B+ in total trading volume, $ 1 M+ in average monthly revenues, and backing from some of the industry’s top investors, Bluefin has laid the foundation for something much bigger.

Its vision is bold: to become the NYSE equivalent of decentralized finance. As $BLUE holders begin to steer protocol governance, Bluefin is transforming into a community-driven platform—one that could define the future of DeFi on Sui.

Bluefin’s obsession with product design and usability reflects its belief that mass adoption will only come through a world-class user experience. As the team likes to say: "In 6 months, you won’t even know you’re on-chain."

For more details, visit Bluefin's official roadmap.

Ready to explore Bluefin? Download Backpack Exchange today and start trading  $BLUE!


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