With iCAKE, PancakeSwap seeks to prescribe a CAKE limit for its Initial Farm Offering (IFO)public sales.
What is iCAKE?
PancakeSwap launched its first fixed-term CAKE staking benefit, iCAKE, which will bring loyal CAKE holders increased IFO benefits.
Explaining through an announcement blog made on 29 June, the iCAKE is not a token. It merely exists as a numerical metric within the PancakeSwap IFO system.
According to PancakeSwap, the function of the iCAKE would be to determine the CAKE limit each participant can commit towards PancakeSwap IFO public sales. The new iCAKE represents an update to the previous “IFO Credits” which allowed users to commit CAKE tokens into the previous IFO CAKE staking pool.
“After this update, iCAKE will determine the maximum CAKE commit limit in the PancakeSwap IFO public sales,” the blog reads. “For example, if you have 200 iCAKE, you will be able to commit 200 CAKE in any upcoming IFO public sales.”
The iCAKE allocated to participants––according to PancakeSwap’s blog––will depend on the number of CAKE tokens previously staked in the fixed term and the specific length of staking pools. If the staking duration of any participant is above the threshold provided, the number of iCAKE participants will be entitled to will be proportional to the number of the CAKE tokens held in their staking position.
In a situation whereby the staking duration of a participant is below the required threshold, the number of iCAKE such participant will be entitled to be reduced and adjusted. If a participant’s staking position is over, no iCAKE will be allowed to that participant.
BSC News reached out to PancakeSwap but was not immediately given a response.
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
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