To participate in IFO events, participants must have a PancakeSwap profile, obtain iCAKE, and have CAKE tokens ready for use. Pay attention to the start time of the one-hour events!
Initial Farm Offerings on PancakeSwap
Initial Farm Offerings (IFOs) are a type of token sale event that function through the use of farming features offered through a decentralized exchange (DEX).
PancakeSwap is the leading platform adopting this fundraising model. IFOs allow users to gain early access to newly issued tokens as they are added to the DEX. The IFO model offered benefits to users and dev teams. Users benefit from higher rewards accruing to them by virtue of early investment in a new token. Dev teams benefit from the liquidity offered by the (DEX).
On June 29, PancakeSwap, in an announcement blog, announced the launch of its first fixed-term CAKE staking benefit, iCAKE. According to the DEX, iCAKE was launched to offer CAKE holders increased benefits in the form of the IFO.
While noting that the iCAKE is not a token, PancakeSwap informed users that it exists as a numerical metric within PancakeSwap to determine the CAKE limit each participant can commit towards a PancakeSwap IFO.
IFOs on PancakeSwap with iCAKE
Are you looking to participate in the next round of IFOs on PancakeSwap using its new iCAKE? Here is how it works:
Create your PancakeSwap profile and lock CAKE in the CAKE Syrup Pool to get iCAKE
A PancakeSwap profile is required for any user to be a participant in an IFO event on PancakeSwap. After creating a profile, the user is required to obtain iCAKE by staking CAKE tokens in the CAKE Syrup Pool on the IFO page. The longer the CAKE tokens are staked, the more iCAKE is allocated.
Ready your CAKE
As well as iCAKE, users need additional CAKE tokens in their wallets to purchase the offerings of the IFO event. IFO events on PancakeSwap usually last one hour, within which users can participate.
IFOs of Pancakeswap are broadly categorized into Public Sales and Private Sales. With CAKE tokens readied for use, IFO participants have the option to determine the kind of sale they would like to participate in.
In Public Sales, participants can commit only as many CAKE tokens as permitted within their iCAKE limit. Whereas in a Private Sale, investment of CAKE tokens is limited to the threshold provided by the Private Sale. The threshold is usually published along with the IFO voting proposal.
And it is a wrap!
Upon the conclusion of the IFO event, users have access to their new tokens. Interestingly, the number of new tokens a participant is distributed depends on the number of people participating in the IFO. Unallocated CAKE tokens are returned to the owners.
Commenting on the introduction of iCAKE and its usage for determining IFO allocations, Chef Bun told BSC News that:
“We don’t think such requirements like ‘lock CAKE to get iCAKE & participate in IFOs’ is a “limitation.” It is a mechanism we built to ensure every product in PancakeSwap is built for CAKE and built around CAKE. This will ensure the value is well accrued to loyal CAKE holders. This has been a theme of PancakeSwap (remember IFO CAKE Pool?) and will continue to stay the same. And our Business Development team has been working hard to bring more juicy IFOs with great projects to our CAKE community.”
What is PancakeSwap:
PancakeSwap is a Decentralized Exchange (DEX) built on BSC. It offers users various features such as Liquidity Pools, Swapping, Yield Farming, Syrup Pools, Automated Market Maker, Initial Farm Offering (IFO), NFT profile system, and many others.
In addition, the protocol helps users make the most out of their crypto assets by trading, earning through yield farming, and winning via lottery, prediction, and NFT collectibles. With the highest trading volumes in the market, PancakeSwap is the leading DEX on the BSC.
Where to find PancakeSwap:
Source : bsc.news
Founded in 2020, BSCNews is the leading media platform covering decentralized finance (DeFi) on the Binance Smart Chain (BSC). We cover a wide range of blockchain news revolving mainly around the DeFi sector of the crypto markets. BSCNews aims to inform, educate and share information with the global investment community through our website, social media, newsletters, podcasts, research, and live ask me anything (AMA). Our content reaches hundreds of thousands of global investors who are active in the BSC DeFi space.