Pengu (PENGU) is a cryptocurrency token introduced by Pudgy Penguins, a well-known NFT project. It is designed to expand the Pudgy Penguins ecosystem beyond NFTs and into the broader cryptocurrency space, enhancing community engagement, providing utility, and bridging Web2 and Web3 technologies.
Pengu operates on the Solana blockchain, using the Proof of Stake (PoS) consensus mechanism. The project plans to extend its functionality to Ethereum and Abstract Chain, enabling cross-chain capabilities. Smart contracts power its features, including governance, staking, and exclusive content access, though detailed technical specifics have not yet been disclosed.
Pengu supports governance voting for the Pudgy Penguins project, access to exclusive content and events, and rewards through staking. It also has applications in gaming and metaverse economies, merchandise purchases, and NFT airdrops. Industries benefiting from Pengu include NFT collectibles, gaming, decentralised finance, e-commerce, and entertainment. Notable collaborations include partnerships with Google for gaming workshops and Binance NFT Marketplace, with potential for alliances with other major NFT projects.
Pengu originates from the Pudgy Penguins NFT project, initially launched on Ethereum. The PENGU token was announced in 2024, with its official launch taking place in December 2024 on the Solana blockchain, featuring a total supply of 88.88 billion tokens. Future plans include cross-chain expansion and integration into gaming and metaverse projects, reflecting its ambition to broaden the Pudgy Penguins ecosystem and attract a wider audience.