The Nest Airdrop is here! And we’re burning 600K+ PEFI to celebrate.

Penguin Finance
2 min readJun 30, 2021

Today marks an important day in the history of PeFi. Following weeks of anticipation and campaigns to introduce the Nest to our penguins, we’ve airdropped 12.5% of the total airdrop allocation (656,250 PEFI) to our beloved stakers and long-term HODLers!

After announcing this event over 3 weeks ago, the amount of circulating PEFI has decreased by 40%+, as the supply of PEFI in the nests jumped from a mere 18% to over 62% in less than a month! At the time of writing, 6,988,974 PEFI is currently being staked, and we’ve experienced a huge decrease in sell pressure. Thanks to our staking and deflationary mechanisms, token value has held well in comparison to the rest of the crypto market. When the airdrop was first announced, the amount staked in the nests was closer to 20%, and sell pressure substantially higher.

In preparation for the Penguin Launchpad, our penguins will have to hold xPEFI to get their allocations, and the more you hold the more SHERPA you’ll be able to buy. For this reason, it’s important to accumulate xPEFI, and the earlier you do so the cheaper it will be! Learn more about the Launchpad here.

The Great Airdrop Burn

With our first airdrop now in the hands of thousands of penguins, we’re also burning 12.5% of the total airdrop allocation! A whopping 656,250 PEFI (~$440,000) is being burned forever to increase the scarcity of our token and the value of all PEFI in circulation! This is by far the biggest burn in the history of Penguin Finance, over 2 times bigger than the previous single biggest burn of PEFI.

The Great Airdrop Burn will occur on July 1st, 2021.

About Penguin Finance

Penguin Finance is a platform powered by Avalanche building an innovative set of decentralized applications, financial products, and documentation for both technologically savvy individuals and those with absolutely no knowledge of cryptocurrency.

We’re bridging the gap between DeFi and mass adoption by offering ultra-low fees, an intuitive UX design, and the best documentation/tutorials. PeFi is made for penguins, by penguins.

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Penguin Finance

Penguin Finance (PeFi) is an exciting new yield farming project on $AVAX.