Liquidity leasing platform and the largest DeFi protocol based on the Filecoin network, Glif, is preparing to launch a native GLIF token. The developers plan to distribute 100 million tokens to the community.

In total, it is planned to issue 1 billion GLIF, and 10% will be allocated for airdrops. The distribution is planned to be made in a 1:1 ratio to the so-called “GLIF points” that were allocated to community members. Recipients of tokens will be able to withdraw 25% of GLIF immediately, and another 75% will be unlocked gradually over six months.

Currently, the Glif protocol has distributed about 82 million of its points, but before the launch of the token it is planned to carry out one more accrual. Most likely, the total number of points will reach 100 million.

The exact launch date for GLIF is still unknown; the company plans to do this either at the end of this year or at the beginning of next year. Once launched, users will be able to apply for tokens within 12 months.

“GLIF will be the first governance token for the Filecoin-based DeFi protocol with a capitalization of over $100 million, comparable to Lido on the Ethereum network or Jito for Solana,” said Glif founder and CEO Jonathan Schwartz.

Of the 1 billion tokens issued, 10% will go to airdrops, 25% will be reserved for community support, and 29.35% will be distributed among developers and other employees. Moreover, the unlocking of these 239.5 million GLIFs will begin in a year and will last for three years. Another 20% of tokens will be reserved for “ecosystem development”, and the remaining 15.65% will be distributed among investors.

Earlier, a detailed review of the Filecoin network was published on Bits.Media.