To participate in IFO events, participants must have a PancakeSwap profile, obtain iCAKE, and have CAKE tokens ready for use. Pay attention to the start time of the one-hour events!
Initial Farm Offerings on PancakeSwap
Initial Farm Offerings (IFOs) are a type of token sale event that function through the use of farming features offered through a decentralized exchange (DEX).
PancakeSwap is the leading platform adopting this fundraising model. IFOs allow users to gain early access to newly issued tokens as they are added to the DEX. The IFO model offered benefits to users and dev teams. Users benefit from higher rewards accruing to them by virtue of early investment in a new token. Dev teams benefit from the liquidity offered by the (DEX).
Introducing iCAKE
On June 29, PancakeSwap, in an announcement blog, announced the launch of its first fixed-term CAKE staking benefit, iCAKE. According to the DEX, iCAKE was launched to offer CAKE holders increased benefits in the form of the IFO.
While noting that the iCAKE is not a token, PancakeSwap informed users that it exists as a numerical metric within PancakeSwap to determine the CAKE limit each participant can commit towards a PancakeSwap IFO.
IFOs on PancakeSwap with iCAKE
Are you looking to participate in the next round of IFOs on PancakeSwap using its new iCAKE? Here is 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 to be a participant in an IFO event on PancakeSwap. After creating a profile, the user is required to 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 is allocated.
Ready your CAKE
As well as iCAKE, users need additional CAKE tokens in their wallets to purchase the offerings of the IFO event. IFO events on PancakeSwap usually last one hour, within which users can participate.
Participants choose
IFOs of Pancakeswap are broadly categorized into Public Sales and Private Sales. With CAKE tokens readied for use, IFO participants have the option to determine the kind of sale they would like to participate in.
In Public Sales, participants can commit only as many CAKE tokens as permitted within their iCAKE limit. Whereas in a Private Sale, 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 is a wrap!
Upon the conclusion of the IFO event, users have access to their new tokens. Interestingly, the number of new tokens a participant is distributed depends on the number of people participating in the IFO. Unallocated CAKE tokens are returned to the owners.
Commenting on the introduction of iCAKE and its usage for determining IFO allocations, Chef Bun told BSC News that:
“We don’t think such requirements like ‘lock CAKE to get iCAKE & participate in IFOs’ is a “limitation.” It is a mechanism we built to ensure every product in PancakeSwap is built for CAKE and built around CAKE. This will ensure the value is well accrued to loyal CAKE holders. This has been a theme of PancakeSwap (remember IFO CAKE Pool?) and will continue to stay the same. And our Business Development team has been working hard to bring more juicy IFOs with great projects to our CAKE community.”
What is PancakeSwap:
PancakeSwap is a Decentralized Exchange (DEX) built on BNB Chain. 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 BNB Chain.
Where to find PancakeSwap:
Website | Twitter | Medium | GitHub|
Don’t forget to download the BSC News mobile application on iOS and Android to keep up with all the latest news for BNB Chain and crypto!
Follow us on Twitter and Instagram!
If you need tools and strategies regarding safety and crypto education, be sure to check out the Tutorials, Cryptonomics Explainers, and Trading Tool Kits from BSC News.
Check out the Web3Wire Linktree to keep up with all relevant Web3 and Crypto!
Looking for a job in crypto? Check out the CryptoJobsNow!
if(window.strchfSettings === undefined) window.strchfSettings = {};
window.strchfSettings.stats = {url: "https://bsc-news.storychief.io/en/how-does-the-pancakeswap-ifo-work-with-new-icake?id=252408072&type=26",title: "How Does the PancakeSwap IFO Work with New iCAKE",id: "322715b3-b532-4225-9106-548e576bf66d"};
(function(d, s, id) {
var js, sjs = d.getElementsByTagName(s)[0];
if (d.getElementById(id)) {window.strchf.update(); return;}
js = d.createElement(s); js.id = id;
js.src = "https://d37oebn0w9ir6a.cloudfront.net/scripts/v0/strchf.js";
js.async = true;
sjs.parentNode.insertBefore(js, sjs);
}(document, 'script', 'storychief-jssdk'))
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
Author
Related News
Prisma Finance Reportedly Hit by $9M Hack: What to Know
Prisma Finance paused its protocol operations for investigation and advised vault owners to disable delegate approval.
Reports have emerged indicating that DeFi platform Prisma Finance, fell victim to a hacking attack amounting to approximately $9 million. Cyvers, a web3 security platform, raised the alert after it detected suspicious transactions linked to the breach.
🚨UPDATE🚨Our system has detected multiple suspicious transactions with @PrismaFi and still ongoing!
— 🚨 Cyvers Alerts 🚨 (@CyversAlerts) March 28, 2024
Total loss so far is around $9M. Attacker has funded by @FixedFloat!
Our system has detected the malicious contract 2 min earlier than hack transactions!👇
Our system would… https://t.co/9myoV8DL22 pic.twitter.com/SxT5yYZy7U
Initial estimates suggest a loss of $9 million, with the attacker reportedly utilizing funds from the crypto exchange FixedFloat.
Backing up Cyvers' findings, blockchain security firm PeckShield has confirmed the attack, providing details on the assets targeted by the hacker. Among the stolen assets are Prisma mkUSD and wrapped stETH.
In response to the breach, Prisma Finance issued a statement on X acknowledging the potential exploit. The project reportedly halted its protocol operations to conduct a thorough investigation into the incident.
Additionally, Prisma Finance advised vault owners to disable delegate approval as a precautionary measure.
We are aware of a possible exploit on Prisma.
— Prisma Finance (@PrismaFi) March 28, 2024
Core engineering contributors will pause the protocol and investigate.
We'll share an update and a post-mortem.
From DeFi Future to Security Concerns
Prisma Finance was initially hailed as the future of decentralized finance (DeFi), offering solutions in the form of a new LSTFi protocol. It enabled users to mint a fully collateralized non-custodial and decentralized stablecoin, mkUSD, using Ethereum liquid staking tokens (LSTs) as collateral.
However, the recent exploit paints a stark contrast to the platform's previous reputation, raising concerns regarding cybersecurity in the DeFi space.
Rising Trends in Crypto Hacks
The hack on Prisma Finance adds to a concerning trend in the cryptocurrency space. According to a Feb. 29 report by blockchain security firm Immunefi, over $200 million worth of cryptocurrency was lost to hacks and rug pulls last February, across 32 individual incidents.
This represents a 15.4% increase compared to the same period in 2023. Ethereum remains the most targeted blockchain, with 12 attacks accounting for over 85% of the total value lost in February.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
Follow us on Twitter and Instagram!
If you need tools and strategies regarding safety and crypto education, be sure to check out the Tutorials, cryptonomics explainers, and Trading Tool Kits from BSC News.
Looking for a job in crypto? Check out the CryptoJobsNow listings!
Author
Try Now!
Sign up Now
Coming Soon
WIN BIG
Coming Soon
Start Earning Today!
Earn Now
Coming Soon
Sign Up Now
Play & Mine!
Coming Soon
Editors Choice
Other Currencies
- nameLTBuyLitecoin
Sponsored
Buy Crypto with Fees as low as 0%
Buy Crypto with a bank transfer, credit or debit card, P2P exchange, and more. Not investment advice. All trading risk. Terms apply.
£0£0+0% - nameLTBuyEOS
Sponsored
Buy Crypto with Fees as low as 0%
Buy Crypto with a bank transfer, credit or debit card, P2P exchange, and more. Not investment advice. All trading risk. Terms apply.
£0£0+0% - nameLTBuyMonero
Sponsored
Buy Crypto with Fees as low as 0%
Buy Crypto with a bank transfer, credit or debit card, P2P exchange, and more. Not investment advice. All trading risk. Terms apply.
£0£0+0% - nameLTBuyBitcoin Cash
Sponsored
Buy Crypto with Fees as low as 0%
Buy Crypto with a bank transfer, credit or debit card, P2P exchange, and more. Not investment advice. All trading risk. Terms apply.
£0£0+0%