PancakeSwap launches its new Initial Farm Offering (IFO) platform offering WINk, a casino decentralized app (Dapp) which challenges casinos traditional house v. player mechanics.
WINk and BLINK
The WINk online decentralized gaming platform known from the TRON ecosystem will also launch its gaming platform on the Binance Smart Chain (BSC) network. WINk aims at revolutionizing the casino industry by sharing 65% of its revenue with token holders. They will use their new BLINK token ($BLK) next to $BNB on the new BSC gambling platform. WINk challenges traditional casinos’ structure in a decentralized (De-Fi) fashion, allowing players to earn BNB dividends by staking their $BLK. This will enable players to receive the casino’s profits instead of the traditional house vs. player scenario. In 2019 WINk recorded a turnover of over 2.8 billion dollars, according to Dappreview.
The BLINK platform will start with a few gambling Dapps, but new games will be added in time so that everyone can have a great time on the BSC casino.
I’m sure I will. 🙂
One could ask why they would launch a new platform next to the existing WINk, running on the TRON network. They answer this question themselves in their white-paper:
“In spite of WINk’s rapid success, it remains the case that many cryptocurrency holders have a tribal outlook to their digital assets of choice and are often reluctant to try Dapps outside of their ecosystem. By launching on Binance Smart Chain with the backing of Binance, we open up the platform to a new range of asset holders.”
“BNB with the backing of Binance has one of the broadest infrastructures of any digital asset. BNB is accepted for travel payments through its partnership with Travelbybit and Travala. It can also be used to purchase property via Propy and pay credit card bills via Crypto.com. Alongside Binance’s ever growing range of products, the outlook for BNB’s growth continues daily.
Binance Smart Chain maintains high performance. It offers low latency and high throughput for a large user base. With one second block times, 1 confirmation finality and low fees, the chain is ideal for a high volumes gaming platform such as WINk “
There’s going to be a maximum supply of 999.999.999 BLINK tokens, which will be allocated as follows:
· Mining 30%
· Ecosystem Support 20%
· BSC Gaming Developer Support 15%
· Team 15%
· Initial Dex/Farm Offering 20%
The BLINK token will also be used for staking and for governance purposes.
IFO (Initial Farm Offering)
Pancakes swap’s new IFO section will handle its first IFO sale for the BLINk token. There will be 100,000,000 BLINk tokens available (10% of total) for the sale to raise $1,000,000.
To participate, you will have to create a liquidity token (LP) containing $CAKE and $BNB, which you can do HERE. The pre-sale start is planned for November 20th 2020, between 1:00pm and 2:00 pm UTC time.
The PancakeSwap team will use the “overflow” sales method, which, in short, means the more you put in, the more tokens you will get. The overflow operates by giving buyers a share that corresponds with your percentage of the total allocation. If the 1 million dollar goal isn’t reached, you will get a full share of coins; the same goes for when the goal is reached exactly. In the case of the 1 million dollar goal is surpassed, everyone will get a share according to their investment percentage vs. total investments. Any un-used funds will be returned when claiming the BLINK tokens.
Example:
If you invest 100 LP tokens and sales reached 2 million dollars, you will get 50% of your share vs total share. The rest of your funds(50 LP tokens) will be returned to you when claiming your BLINK tokens (you have to un-stake the tokens after the sale is finished).
–Take note that while your funds are in an LP token, it might be subject to impermanent loss–
The IFO system uses LP tokens as it allows PancakeSwap to distribute the raised funds to projects in BNB and burn the remaining CAKE tokens. Burning the CAKE creates more deflationary pressure on the CAKE token, on top of the daily burns already performed.
Closing thoughts
I think coming to the BSC is a good move by WINk, broadening their audience, and the network characteristics of BSC, the low fees and fast transactions makes it attractive for gaming Dapps and their users. The BSC will also benefit from this, as new users will find their way onto the network and notice the great benefits of the BSC ecosystem. The fact that the PancakeSwap team has chosen to burn the remaining CAKE benefits token holders significantly. The team is developing more and more deflationary pressures on their token, allowing users to be less wary about large amounts of token minting. I wish both PancakeSwap and the BLINK team a successful IFO and launch so that we can enjoy the great games they are going to bring to us.
Have fun. Bet responsibly.
Source : bsc.news
