What is pBLU?

Raymond Yeh
Bluejay Finance
Published in
3 min readAug 3, 2022

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As we approach our launch in Q4, we understand that capital is needed to build a solid protocol. Specifically, capital is needed to not only attract top talent but also professional legal assistance, and reliable security audits. At the same time, we want to acknowledge and reward our initial investors who took on the greater risk of investing in the early days of our protocol, banking on our success.

For that reason, we’ve decided to launch pBLU, a token derivative of BLU, which is provided our early investors who have supported us by providing capital prior to our launch date.

What is pBLU?

pBLU represents unminted BLU tokens to their holders. It is vested as the protocol grows to align the interest of early investors to the long term growth of the protocol while giving them significant upside for taking a leap of faith in investing in the project the earliest. The pBLU will be vested linearly as the total supply of BLU reaches 50M. pBLU that are vested can be exchanged 1-to-1 for the BLU token.

Our pBLU Distribution Strategy

Collectively, we have decided to allocate pBLU to certain groups and communities in the following manner.

Our Early Backers

This section is for the community who participated in Bluejay Finance’s small token sale in November 2021 on Polygon; a snapshot of those who participated was taken and announced during the same time. All of our early backers will receive 1-to-1 pBLU-to-BLU.

All funds raised during this period contributed to our first smart contract audit with Omniscia. We are thankful for those early backers who helped Bluejay Finance fund the audit to keep everyone safe.

Our Seed Investors

As we recently announced our first $2.9M fundraising round, we would like to thank all our investors who invested in us — namely, Zee Prime Capital, C2 Ventures, Stake Capital Group, RNR Capital, Daedalus Angels, Moonlanding Ventures, Oval Ventures, as well as operator-angels including DeFi projects like Ribbon Finance, Flux, Voltz, and Alpha Venture DAO.

We want to provide them with pBLU for believing in Bluejay Finance’s mission of spreading financial inclusion through Asia-focused stablecoins.

Operational Expenses (Marketing, Legal, Security, Core Team)

In order to ensure the protocol is well capitalised for future operational needs, a portion of pBLU will be allocated to operational expenses, such as core protocol development, marketing spend, legal fees, and security budgets.

DAO Treasury

Lastly, the majority of the pBLU allocation will be focused on funding the DAO Treasury, which are earmarked for future ecosystem grants or loans that can help drive local stablecoin adoption, or provide further insight into other similar DAO Treasuries.

Overall, a total of 20M pBLU will be created and broken down into the following categories:

  • Early Backers: 16,015 pBLU in supply, 0.1%
  • Investors: 3,550,000 pBLU in supply, 17.8%
  • Core Team: 5,133,985 pBLU in supply, 25.7%
  • Marketing: 1,500,000 pBLU in supply, 7.5%
  • Legal: 900,000 pBLU in supply, 4.5%
  • Security: 900,000 pBLU in supply, 4.5%
  • DAO Treasury: 8,000,000 pBLU in supply, 40%

What’s Next

In the coming weeks, you will be hearing from the team:

  • Partnership Announcements
  • Whitelist Announcements
  • Launch Announcements

In the meanwhile, there are multiple ways you can be part of the non-USD stablecoin growth story by:

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Raymond Yeh
Bluejay Finance

CTO @ Bluejay Finance. Writes about personal finance, risk management & decentralized finance.