PancakeSwap is holding yet another Initial Farm Offering (IFO); this time, it is for the Helmet.Insure protocol for their native $HELMET governance token.
Helmet will offer insurance on your coins in a way that protects them from price fluctuations. Unlike other insurance protocols Helmet will not solve the Code Attack Risk. However, the product can be used for hedging. This can be fine-tuned by adjusting various factors like:
type of insurance asset
insurance usage scenarios
For a far more in-depth explanation, click HERE
The $HELMET token will be used for governance purposes and will have a total (max) supply of 100.000.000 $HELMET (one hundred million).
The first 50 million tokens are to be released over the first year according to this scheme:
10% (10 million) for IFO boarding plan
27.5% (27.5 million) will be allocated to HELMET community members through mining and governance voting.
5% (5 million) will be farmed and reserved for one year as the developer fund
7.5% (7.5 million) will be used to partner with BSC ecological construction
The remaining 50 million $HELMETtokens will be sent to a 1-year time-lock contract.
That’s not all because by holding $HELMET tokens, you have the right to:
Buy insurance policy at helmet.insure as payment currency
Participate in community governance and voting campaigns
Receive commission dividends
The Initial Farm Offering (IFO) held by PancakeSwap will occur on January 13th at 09.00 am UTC. There will be 10,000,000 $HELMET available for the sale. Just like previous IFO’s held by PancakeSwap the buying will be done by creating PancakeSwap $CAKE / $BNB LP tokens, which can be created HERE. Of course, you need to have $CAKE and $BNB in your wallet first.
As soon as the sale goes live you can go HERE and commit your LP tokens to buy the $HELMET tokens. After the sale is made, you can claim your tokens, and any left over funds. Any funds that exceed the set goal of 1 million USD will be returned to the investors. This is referred to as the “OVERFLOW” sale method. In the case of a sellout, the more money you put in, the more tokens you will receive. A large percentage of holdings vs. the total holdings will get you a higher percentage of the $HELMET tokens.
Suppose the full $1,000,000- USD allocation is raised on the sale. PancakeSwap will burn $500,000- USD worth of CAKE tokens forever.
For more info about the IFO you can check out the PancakeSwap medium post HERE
Source : bsc.news