Initial Farm Offering (IFO) 3.1
Private Sale and The New IFO Syrup Pool
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.
TLDR
Basic Sale has been with us for almost a year. Lots have changed and obviously, an upgrade is imminent. We believe the upgrade can help address some of the issues raised by the community and also generate value for our NFT holders.
So, starting with the next IFO, Basic Sale will be upgraded to the brand new Private Sale. To participate, participants will have to meet certain NFT-staking requirements.
The previous Unlimited Sale will also be renamed to Public Sale.
On top of both the new Private and Public Sales, we have also brought you a new IFO Syrup Pool with Pancake Profile requirements to ensure our loyal community members can enjoy relatively higher APRs at the initial Syrup Pool launch.
The New Private Sale
Like the Basic Sale, we will reserve a certain amount of tokens for the new Private Sale. However, to participate in the new Private Sale, participants will need to meet at least one of the requirements presented on the IFO sale card UI.
Each participant will be able to commit any amount of CAKE up to the maximum commit limit for the Private Sale, which will be published along with the IFO voting proposal. Please note that the Private Sale will also be using the existing “Overflow” method that is currently being used by the Unlimited Sale.
How to participate in the Private Sale?
Remember our first generative NFT series — Pancake Squad? Now, apart from being gorgeous and adorable, these bunnies are your 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.
If your Pancake Squad bunny is currently listed on the NFT marketplace, you will need to delist it and set it as your Pancake Profile avatar. Once you complete that process, the checkbox in the Private Sale card will light up, indicating that you are eligible to participate in the Private Sale:
Don’t have a Pancake Squad? Check them out on the PancakeSwap NFT marketplace.
The New Public Sale
And just like the Unlimited Sale before, in the Public Sale, each participant will be able to commit as much CAKE as they would like up to the IFO credit limit to the public sale.
So, if you would like to join the Public Sale, remember to stake in the IFO CAKE Pool! The final amount of IFO tokens one will get will be determined using the “Overflow” sale method.
Refresher: What is the “Overflow” sale method?
Basically, the more you put in, the more you will get, and you’ll get back anything that doesn’t get spent.
In the “Overflow” method, users can subscribe as much as they want to the IFO, and their final allocation will be based on the amount of funds they put in as a percentage of all funds put in by other users at the time the sale ends. Users will get back any leftover funds when they claim their tokens after the sale.
Other ways to participate are coming soon!
Enabling Pancake Squad holders to participate in the new Private Sale is our first step to kickstart the new IFO 3.1 format. The new format, which the dev bunnies have been working hard on, is capable of bringing the Private Sale to more CAKE community members who are IFO enthusiasts. So, when the time is ripe, there will be more ways to participate in the new Private Sale… so stay tuned, for it’s coming SOON™.
The New IFO Syrup Pool
We have heard your feedback, and to reward our bunny supporters with juicy APRs, we are introducing a Pancake Profile requirement and a 100 CAKE staking limit for IFO Syrup Pools.
For a certain period of time after the IFO Syrup Pool is launched, only users with PancakeSwap Profiles will be able to stake in the pool. During this period, there will also be a 100 CAKE staking limit.
Use CAKE for IFO Farms
We heard the community’s love for stacking CAKE, and as an additional sweetener to the new IFO 3.1 format, we will be encouraging IFO projects to use CAKE as part of their token liquidity pair. This might not happen in the next IFO but we are working on convincing IFO projects to do so in the near future. For our community, this means being able to pair the IFO token with CAKE right after the IFO Sale, increasing the demand and liquidity for both CAKE and the IFO tokens… and more!
When will it be implemented?
Our chefs are still working hard in the kitchen to make sure the next IFO will be as tasty as possible… it could be announced sooner than you think. Be sure to follow us on Twitter and Telegram to know when the new IFO dish will be served.
The Chefs 🐰
🥞 pancakeswap.finance/
🥞 Twitter
🥞 Telegram
