The Perpetual segment is emerging strongly recently with the name GMX on the Arbitrum ecosystem. And in this article, I will introduce to you the Bluefin project, which is the predecessor of Firefly and belongs to the Arbitrum system.
What is Bluefin App? Bluefin App is a Dex Perpetual forge built on Arbitrum. Bluefin supports up to 20x leverage for Long and Short positions. So what is Bluefin App? What’s special about it? Let’s find out in this article!
What is Bluefin App?
Bluefin App is a Dex Perpetual forge built on Arbitrum. Bluefin supports up to 20x leverage for Long and Short positions. Although construction began in 2020, Bluefin has only launched the Beta version on the Arbitrum network until now.
The only Wallet directly connected to Bluefin is Metamask, and many other Wallets may be expanded in the future. The assets delivered on the protocol are BTC and ETH, these are the two most traded assets on derivatives platforms. And the platform fee will be collected using USDC assets on the Arbitrum network.
Bluefin uses an Offchain hosted order book to support users with leveraged trading. Prices are updated thanks to Oracles affiliated with Arbitrum. Bluefin also supports placing Limit orders and the interface and price charts give users a friendly feeling like trading on Cex.
In the future, the project will support more networks and assets to bring the best user experience. Especially, the project will release the App on CHPlay and Appstore in the near future.
In addition, trading fees on Bluefin are very cheap, 0.055% for traders and 0.015 for market makers.
Development Roadmap
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Core Team
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Investors
- May 13, 2021: Seed round successfully raised $6.4M from funds such as Polychain Capital, DeFiance Capital, ParaFi Capital, Three Arrows Capital.
- September 14, 2021: Funding round successfully raised $22.8M from funds such as Polychain Capital, CMS Holdings, Hypersphere Ventures, DeFiance Capital and Alameda Research.
Tokenomics
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Exchanges
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Bluefin App’s information channel
- Website: https://bluefin.io/
- Twitter: https://twitter.com/bluefinapp
- Discord:
Summary
Bluefin App is occupying a very potential segment with many users and high revenue. But the competition is also extremely high when there are two big companies, GMX and Dydx, that are trusted by everyone. Whether the friendliness of the project can reach and attract users or not, we will wait for time to prove it.
So I have clarified what Bluefin App is? Bluefin App Cryptocurrency Overview. Hope this article brings you a lot of useful knowledge!