In Brief:
- LBank launched a 500,000 USDT rewards campaign on Aug. 7 alongside a brand partnership with Pudgy Penguins, the exchange’s first deal of its kind with the IP.
- Rewards run across futures, spot, lucky draws, leaderboard contests and locked earn products, including a 120,000 USDT pool reserved for new users.
- PENGU trades near $0.0062, about 90.9% below its record, with another vesting release due in mid-August.
LBank started paying out on a 500,000 USDT campaign Aug. 7, the same day it announced a brand partnership with Pudgy Penguins. The exchange said it’s the first to strike this kind of deal with the penguin IP.
The prize pool splits across five tracks: futures trading, spot markets, lucky draws, leaderboard competitions and asset management products. Both new and existing accounts qualify, though the largest single carve-out targets newcomers.
$500,000 in rewards. The huddle is officially in.
LBank × @pudgypenguins
The announcement was just the beginning.
More drops, experiences, and surprises are on the way.LBank.comView on X ↗
Where the money goes
A 120,000 USDT pool is set aside for new users. Register, meet the deposit requirement and the account receives a 10 USDT futures bonus. Trade spot or futures on top of that, clearing deposit and first-trade volume thresholds, and another 5 USDT lands.
Active traders get up to seven lucky draw entries. The prize table runs from 1 BTC and an iPhone 17 down to Pudgy Penguins merchandise and futures bonus credits.
Four rounds of futures leaderboard contests run through the campaign period, with weekly payouts capped at 500 USDT per user. LBank also attached interest boost coupons worth up to 100% APR to its 30-day locked earn products.
The pitch
LBank framed the deal as a way to put Pudgy Penguins in front of its user base, which the exchange puts at more than 25 million, while routing that audience into spot, stocks, derivatives and earn products on a single platform.
“Markets are no longer satisfied with innovation in products alone,” said Eric He, community angel officer and risk control adviser at LBank. He said Web3 community value gets measured by resilience and connection over time rather than by any one cycle, and pointed to Pudgy Penguins as evidence that culture can produce lasting influence.
He is the recurring name on LBank campaign announcements. He fronted the exchange’s 5,000,000 USDT “Super League” promotion in June and a 310,000 USDT Spring Festival event in February.
Where PENGU stands
PENGU changed hands around $0.0062 on Friday, up roughly 2.5% on the day and 6.7% on the week, according to CoinGecko. Market cap sat near $389.9 million, ranking 108th, on about $50.6 million in 24-hour volume.
The token is still some 90.9% below its $0.06845 record and roughly 67% above its $0.003715 low.
Background
LBank teased the event ahead of Aug. 7 with a digital toy capsule vending machine aimed at the “huddle,” the term the Pudgy Penguins community uses for itself. “$500,000 in rewards. The huddle is officially in,” the exchange posted, adding that more drops and experiences are coming.
Pudgy Penguins content has crossed 450 billion views across web platforms, driven mostly by GIFs and memes. Pengu plushies reached every US Target store on July 19, following earlier trading card and toy runs at the same chain.
Monthly token releases continue. The last cleared July 17 and the next is expected in mid-August. Roughly 20.5 billion PENGU of a total supply near 79.4 billion remains locked.
