PancakeSquad Gen 1 NFT holders can participate in the new Private Sale easily.
PancakeSwap Introduce New IFO Format
PancakeSwap introduced a new format for its Initial Farm Offering (IFO) to its community. The new format, IFO 3.1, comes with a brand new Private Sale allocation and the latest IFO Syrup Pool.
The number one Automated Market Maker (AMM) and yield farm on Binance Smart Chain (BSC) introduced the new IFO format on January 26th and published the details on Medium. The Decentralized Exchange (DEX) also announced the new development on Twitter the same day.
“PancakeSwap community and CAKE holders, today we are introducing the new Initial Farm Offering (IFO) format: IFO 3.1 — with the brand new private sale allocation, and the new IFO Syrup pool,” PancakeSwap blog disclosed.
PancakeSwap introduced the new format to upgrade its “Basic Sale” to the brand new Private Sale and add more benefits for PancakeSquad Gen 1 Non-fungible Token (NFT) holders. As such, only users that meet the specific NFT staking requirements would participate in the new Private Sale.
The new format will also see the DEX rename its previous “Unlimited Sale” to Public Sale and add a new IFO Syrup Pool to incentivize loyal members of its community with reasonably high Annual Percent Rates (APR) upon launching the Syrup Pool.
Benefit for PancakeSquad Gen 1 NFT Holders
Similar to the Basic Sale, PancakeSwap will reserve some tokens for the new Private Sale. However, users would have to meet a minimum of one criterion displayed on the IFO sale card User Interface (UI) to become eligible. Eligible participants will be able to commit any amount of $CAKE, according to the DEX’s maximum commit threshold.
As stated earlier, PancakeSquad Gen 1 NFT holders have a straightforward passage into the new Private Sale. Holders of these unique NFTs would need to set them as their Pancake Profile Avatar to qualify for the Private Sale. The protocol’s publication shed more light on the feature.
“Remember our first generative NFT series — Pancake Squad? Now, apart from being gorgeous and adorable, these bunnies are our ticket to the new Private Sale. Simply set them as your Pancake Profile avatar and you are good to go! No IFO credit is required,” the DEX wrote.
For users who have their Gen 1 NFTs listed on the NFT marketplace, PancakeSwap instructed users to delist it and set it as their Pancake Profile Avatar to participate in the Private Sale. Moving forward, PancakeSwap would add more ways to participate in the Private Sale on the new IFO 3.1 format.
The floor price for the Gen 1 NFTs has been rising, with the price now about 4.5 BNB, after having been increased from below 3 BNB before the announcement.
What 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
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