Soteria (SOTA) IFO to be Hosted on PancakeSwap

PancakeSwap
PancakeSwap
Published in
4 min readJan 18, 2021

CAKE holders, we are proud to announce Soteria (wSOTE) as the next Initial Farm Offering to be hosted on the PancakeSwap IFO platform.

What is Soteria?

Soteria is a decentralised alternative to insurance and is the first mutual (a risk-sharing pool) on Binance Smart Chain (BSC). Soteria uses blockchain technology to create a platform which returns the power of insurance to the people. It not only utilizes the fast transaction speeds and low cost of BSC, but it is also highly integrated with the BSC DeFi ecosystem. It allows anyone to become a member and buy cover, and greatly diminish or reduce the financial risk of hacks. It replaces the idea of a traditional insurance company because it is wholly owned by the members. The model encourages engagement as members receive economic incentives for participating in Risk Assessment, Claims Assessment and Governance.

What is (wSOTE)?

WSOTE is a 1-to-1 backed token that can only be generated by wrapping SOTE. SOTE can only be traded among members, WSOTE is fully tradable but can’t be used at all within the Soteria platform.

To learn more about Soteria, click here.

IFO Sale Details

Sale start block: 3949650 (4pm SGT on Thursday 21st of January)

Sale end block: 3950850 (5pm SGT on Thursday 21st of January)

Amount to be raised: $525,000 USD in CAKE-BNB LP tokens

Tokens to be sold: 1,500,000 wSOTE (15% of total wSOTE supply)

Price per token: 1 wSOTE = $0.35 USD

Method: Overflow (see below)

To participate in the IFO:

Before Sale:

  1. Buy CAKE and BNB tokens
  2. Get CAKE-BNB LP tokens by adding CAKE and BNB liquidity

During Sale:

  1. While the sale is live between block 4178790 and 4179990 (4pm — 5pm SGT on Thursday 21st of January), commit your CAKE-LP tokens to buy wSOTE tokens at pancakeswap.finance/ifo

After Sale:

  1. When the sale is complete, claim your wSOTE tokens and your unspent funds will also be sent back to you.
  2. Done! In the case of an overflow you can unstake your remaining CAKE-BNB LP tokens.

If you decide to acquire CAKE-BNB LP tokens before the IFO starts, you can stake them here to earn CAKE token rewards while waiting for the sale.

Please note — while you are holding CAKE-BNB LP tokens you will be at risk of Impermanent Loss.

What is the “Overflow” sale method?

TLDR: 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 or as little 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 receive back any leftover funds when they claim their tokens after the sale.

Here are three basic examples to show you what we mean:

Please note — The final USD price per CAKE-BNB LP token will be set a few minutes before the sale starting at block (4pm SGT on Thursday 21st of January) and will be broadcasted on all channels.

While a few things may be subject to initial change, two things are sure:

  1. You will need CAKE-BNB LP tokens to participate.
  2. If the full $525,000 USD allocation is raised, then $262,500 USD of CAKE tokens will be burned forever.

Project Details

Project: Soteria (SOTE)

Website: https://soteria.finance/

Initial Supply: 10 million

Initial Circulating Supply (Day of sale): 1.5 million SOTE from an initial 10 million SOTE plus newly minted SOTE at the price of 0.01028BNB (or above) per SOTE.

Contract Address: https://bscscan.com/token/0x541e619858737031a1244a5d0cd47e5ef480342c

Audit: In progress (BEOSIN / SOLIDIFIED)

Twitter: https://twitter.com/soteriafinance

Telegram (EN): https://t.me/SoteriaMutual

SOTE Token Distribution

There isn’t a max supply of SOTE token. The initial supply is 10,000,000. wSOTE is a 1-to-1 backed token that can only be generated by wrapping genuine SOTE. SOTE could be minted or burned with the actions of Soteria Mutual.

Details :

  • 15% (1.5 million) for IFO on PancakeSwap
  • 14% (1.4 million) will be reserved for DeFi partners. SOTE/wSOTE is either farmed or spent via DeFi projects in Soteria.
  • 61% (6.1 million) will be reserved for governance in future. For instance, stake on the projects and help to build confidence in the security of the projects.
  • 10% (1 million) will be reserved for team members and future employees.

Disclaimer — All projects are subject to both high market risk and volatility. Please, do your own research and full due diligence before even considering to invest your funds in any project and please, make your investments very cautiously. PancakeSwap will not be held responsible for any investment losses.

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