[PRESS RELEASE – Singapore, Singapore, September 18th, 2024]
Key factors:
- PancakeSwap is launching its first Preliminary Farm Providing (IFO) on Arbitrum, marking a significant milestone in its multi-chain growth technique.
- IFO will use Eigenpie, the main Liquid Restake protocol on EigenLayer.
- The IFO shall be performed from September 24, 2024 at 10:15 am UTC till September 25, 2024 at 10:15 am UTC.
- Participation strategies embrace a primary IFO obtainable to all CAKE holders and a lower-fee public IFO obtainable to veCAKE holders.
Pancake swap Already revealed It’s conducting an Preliminary Farm Providing (IFO) on the Arbitrum community for the primary time. This occasion will concentrate on Eigenpie, the well-known Liquid Restake protocol on EigenLayer with a TVL of over $1 billion, marking an vital step in PancakeSwap’s continued growth.
The upcoming IFO will run from 10:15 AM UTC on September 24, 2024 to 10:15 AM UTC on September 25, 2024. The partnership marks an vital second for PancakeSwap, which brings its well-liked IFO mannequin to Arbitrum following its earlier profitable launches of Swap, Yield Farming, prediction markets and perpetual buying and selling on the community.
Eigenpie represents an modern method within the DeFi area. Constructed on EigenLayer, Eigenpie is a Liquid re-staking protocol that allows customers to re-stake their ETH or Liquid Staking Tokens (LST). The re-hypothecated belongings are used to validate different companies, whereas permitting customers to keep up liquidity via Liquidity Re-hypothecation Tokens (LRT).
The core of this IFO is the EGP token, which serves as Eigenpie’s native governance token. EGP permits its holders to take part in protocol governance, probably obtain rewards for participation, and increase their affect by voting to lock EGP (vlEGP).
There are two most important channels to take part in IFO. Primary IFO shall be open to all CAKE holders. For customers who personal veCAKE on the BNB chain, the general public IFO will present unique entry and scale back participation charges. Individuals must lock CAKE with the intention to obtain veCAKE, which they’ll then use to hitch the IFO.
Disclaimer and danger warning: The content material is for informational and academic functions solely and doesn’t represent monetary, authorized or skilled recommendation. This isn’t a suggestion to buy any particular services or products. Please seek the advice of a certified advisor for personalised steering. Participation in an IFO includes dangers and could also be restricted in sure areas. Be sure you adjust to native legal guidelines and rules earlier than taking part.
About PancakeSwap
Pancake swap is a number one multi-chain decentralized trade that operates on an automatic market maker (AMM) mannequin and is out there throughout 9 chains: BNB Chain, Ethereum, Aptos, Polygon zkEVM, zkSync Period, Arbitrum One, Linea, Base and opBNB. Launched in 2020, PancakeSwap has change into one of the crucial well-liked DEXs within the cryptocurrency trade attributable to its low transaction charges, high-speed transactions, and user-friendly platform. PancakeSwap’s cumulative buying and selling quantity exceeds US$828 billion and its whole locked worth exceeds US$1.58 billion, making it the trade’s main multi-chain DEX. For extra info, customers can go to https://pancakeswap.finance/.
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