Tokenomi PEN (PEN)

The PENGU token is the native asset of the Pudgy Penguins ecosystem, primarily functioning as a meme token with a focus on community engagement and speculative value. Originally launched on Solana as an SPL token, it has expanded its reach to Ethereum and Abstract using LayerZero OFT technology.

Issuance Mechanism

PENGU has a fixed maximum supply of approximately 88.89 billion tokens. The issuance was primarily handled through a large-scale initial distribution event rather than ongoing programmatic inflation or mining.

A significant portion of the supply was removed from circulation on February 5, 2025, when the team performed a one-time burn of over 12.00 billion PENGU (approximately 13.69% of the maximum supply). These burned tokens consisted of unclaimed assets from the initial airdrop period, which was shortened from its original March 2025 deadline to February 2025 to prevent bot activity.

Allocation Mechanism

The initial distribution of PENGU was heavily weighted toward the community and ecosystem growth. The approximate allocations are detailed in the table below:

The "Other Communities" airdrop targeted OG Ethereum and Solana wallets, DeFi participants, and Pudgy Penguin Soulbound token holders.

Usage and Incentive Mechanism

As of early 2025, PENGU is characterized as a meme token with no featured or planned utility within the protocol beyond speculative holding and exchange.

• Governance: There is no active governance process. Tokenholders do not have the right to propose or vote on project developments; the project team retains sole privilege over protocol changes.
• Rewards: There are no native staking or liquidity provision rewards provided by the protocol. Tokenholders do not earn fees, dividends, or interest simply for holding the asset.
• Acquisition: Users can acquire PENGU through major centralized exchanges (such as Binance, Coinbase, and Bybit) or decentralized exchanges (such as Raydium and Orca).

Locking and Unlocking Schedule

The allocations for the team and the company are subject to specific vesting requirements to ensure long-term alignment with the project.

• Team Allocation: The ~15.82 billion PENGU allocated to the current and future team is subject to a one-year cliff followed by a three-year vesting schedule.
• Company Allocation: The ~10.20 billion PENGU allocated to the company also follows a one-year cliff and a three-year vesting schedule.

While the initial distribution is public, the project team has not disclosed the specific wallet addresses associated with these allocations. As of April 2025, actual holdings may vary from the initial allocation percentages due to market activity and the aforementioned token burn.