PancakeSwap Looks to Community to Decide on Sable Finance IFO

PancakeSwap, which hosts nearly $1.6 billion in locked-value and is the leading DEX for BNB Chain, has asked the community to decide on whether the platform should work together with Ethereum liquid staking derivative-backed stablecoin project, Sable Finance, to host its IFO.

Sable Finance, built on BNB Chain, is a response to woes faced by centralized stablecoins in recent months. Sable issues a stablecoin, USDS, which is collateralized by Ethereum LSD tokens and is designed to maintain the value of the US dollar. 

Sable Finance also has its own governance token, SABLE, which is the subject of the proposed IFO and will, in future, allow holders to vote on various protocol issues. SABLE also provides holders the chance to accrue fees generated by the protocol and its products. 

The vote will continue until July 22 and, if successful, an AMA will be hosted on July 25 to further the discussion.

The IFO, proposed for July 26, will take place across private and public sale stages. The private sale will only be accessible to holders of a PancakeSquad NFT, or those with more than 1,000 points as a result of engagement with the protocol. However, the public sale can be accessed by anyone that stakes their CAKE tokens in the SABLE syrup pool.

What is PancakeSwap?

PancakeSwap is one of the most popular decentralized exchanges in the blockchain ecosystem. Launched in 2020, the DEX boasts close to $1.6 billion in locked liquidity and is the largest DeFi protocol on BNB Chain. 

At all-time highs, PancakeSwap’s TVL reached nearly $22 billion, and its native token, CAKE, has a market capitalization of $324 million at time of writing, according to data from CoinMarketCap.