Filecoin's largest protocol Glif set to airdrop 100 million tokens

Glif, a liquid leasing platform on Filecoin and the network's largest DeFi protocol, is set to launch its native GLIF token, with 100 million tokens allocated for airdrop to eligible users.

The GLIF token will have a total supply of 1 billion, with 10% — or 100 million tokens — allocated for an airdrop, Glif said Tuesday. These tokens will be distributed 1:1 to GLIF points holders with at least 1 point, and any unused tokens will return to the community rewards pool. Airdrop recipients can access 25% of their tokens immediately, while the remaining 75% will vest linearly over 180 days, mirroring the Filecoin network's block reward structure, Glif said. Unvested tokens will still count toward governance voting weight.

Glif has issued over 82 million GLIF points so far, with one final allocation planned before the token generation event (TGE), bringing the potential total up to 100 million, founder and CEO Jonathan Schwartz told The Block. While there's no set TGE date yet, Glif aims for either the end of this year or early next year, Schwartz said. Once the airdrop claim window opens, it will remain open for 12 months.

"GLIF is the first governance token for a $100 million+ DeFi protocol that's foundational to the Filecoin network, much like Lido is for Ethereum or Jito is for Solana," Schwartz said.

Glif operates as a liquid leasing platform within the Filecoin network, enabling FIL holders to earn rewards by lending their FIL to Filecoin storage providers for storage mining. It is the largest protocol in the Filecoin ecosystem, with over $124 million in total value locked, according to Filfox and DefiLlama data.

Glif also announced the formation of the GLIF Foundation, an ownerless entity that will represent the GLIF DAO and be governed by GLIF token holders.

GLIF token allocation details

The 10% GLIF airdrop comes from the broader 35% "community growth" allocation, with the remaining 250 million tokens reserved for additional community growth efforts. GLIF token holders will decide on the distribution and use of this remaining 25% through the governance process, allowing the community to set priorities and manage future allocations, Glif said.

After the community growth allocation, the next largest is the core contributors token allocation, which comprises 29.35% of the total supply, amounting to 293.5 million tokens. Core contributor tokens have a one-year cliff, followed by 36 months of linear vesting, meaning all core contributor tokens will be in circulation by the end of month 48 after the TGE, Glif said.

The next allocation is for "ecosystem development," which comprises 20% of the total supply, or 200 million. This allocation aims to expand the GLIF and Filecoin ecosystems from a builder and utility perspective by providing tokens to strategic partners for developing core or complementary services for the GLIF protocol. Of these tokens, 25% will be available immediately, while the remaining 75% will vest over three years, Glif said.

The last allocation is for investors, which comprises 15.65% of the total supply, or 156.5 million tokens. Investor tokens have a one-year cliff, followed by 12 months of linear vesting, meaning all investor tokens will be distributed by the end of month 24 after the TGE, Glif said.

Glif is backed by investors including Multicoin Capital, Big Brain Holdings and Protocol Labs. The project raised $4.5 million in a seed funding round earlier this year.