In order to participate in IFO events, attendees must have a PancakeSwap profile, purchase iCAKE, and have ready-to-use CAKE tokens. Pay attention to the start time of the hour-long events!
Initial farm offers on PancakeSwap
Initial Farm Offerings (IFOs) are a type of token sale event that works through the use of farming capabilities offered through a decentralized exchange (DEX).
PancakeSwap is the leading platform adopting this fundraising model. IFOs allow users early access to newly issued tokens as soon as they are added to the DEX. The IFO model provided benefits for users and development teams. Users benefit from higher rewards accruing to them as a result of early investment in a new token. Development teams benefit from the liquidity that the (DEX) offers.
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Introducing iCAKE
On June 29, PancakeSwap announced the launch of its first limited-time CAKE staking benefit, iCAKE, in an announcement blog. According to DEX, iCAKE was introduced to offer CAKE holders increased benefits in the form of IFO.
Although the iCAKE is not a token, PancakeSwap informed users that it exists as a numeric metric within PancakeSwap to determine the CAKE limit that any participant can set for a PancakeSwap IFO.
IFOs on Pancake Swap with iCAKE
Would you like to participate in the next IFO round on PancakeSwap with the new iCAKE? Thats 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 wishing to attend an IFO event on PancakeSwap. After creating a profile, the user must 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 will be allocated.
Prepare your CAKE
Besides iCAKE, users will need additional CAKE tokens in their wallets to purchase the IFO event offerings. IFO events on PancakeSwap typically last an hour, during which users can participate.
Choose the participants
Pancakeswap IFOs are roughly divided into public sales and private sales. With ready-to-use CAKE tokens, IFO participants have the ability to choose the type of sale they wish to participate in.
In public sales, participants can only stake as many CAKE tokens as are allowed within their iCAKE limit. While in a private sale, the 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’s a wrap!
Upon completion of the IFO event, users will have access to their new tokens. Interestingly, the number of new tokens a participant distributes depends on the number of people attending the IFO. Unallocated CAKE tokens are returned to the owners.
Regarding the launch of iCAKE and its use to determine IFO allocations, Chef Bun told BSC News:
“We don’t think that requirements like ‘lock CAKE to get iCAKE and participate in IFOs’ are a ‘restriction.’ It’s a mechanism we developed to ensure that every product in PancakeSwap is built for and around CAKE. This ensures that the value accrues well for loyal CAKE owners. This has been a PancakeSwap theme (remember the IFO CAKE Pool?) and will continue to be. And our Business Development team has been hard at work bringing more juicy IFOs with great projects to our CAKE community.”
What is PancakeSwap:
PancakeSwap is a decentralized exchange (DEX) built on top of BSC. It offers users various features like Liquidity Pools, Swaps, Yield Farming, Syrup Pools, Automated Market Maker, Initial Farm Offering (IFO), NFT Profile System and many others.
Additionally, the protocol helps users get 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 volume on the market, PancakeSwap is the leading DEX on the BSC.
Where to find PancakeSwap:
Website | Twitter | Medium | GitHub|
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