PancakeSwap Introduces Its First IFO on Arbitrum with Eigenpie by Chainwire

Singapore, September 18th, 2024

Key Takeaways:

• PancakeSwap is set to launch its inaugural Initial Farm Offering (IFO) on the Arbitrum network, a significant step in its multichain expansion.
• The IFO will feature Eigenpie, a prominent Liquid Restaking Protocol on EigenLayer.
• The event will take place from 10:15 AM UTC on September 24th, 2024, to 10:15 AM UTC on September 25th, 2024.
• Participants can engage through a Basic IFO available for all CAKE holders and a Public IFO with reduced fees for veCAKE holders.

PancakeSwap has announced its first-ever Initial Farm Offering (IFO) on the Arbitrum network, focusing on Eigenpie, a leading Liquid Restaking Protocol that boasts a total value locked (TVL) exceeding $1 billion. This launch marks an important advancement in PancakeSwap’s multichain strategy.

The IFO is scheduled to take place from September 24, 2024, at 10:15 AM UTC to September 25, 2024, at the same time. This event highlights PancakeSwap’s expansion of its popular IFO model to Arbitrum, following the success of prior initiatives including Swap, Yield Farming, Prediction Markets, and Perpetual Trading on the platform.

Eigenpie offers a novel solution within the DeFi ecosystem by allowing users to restake their ETH or Liquid Staking Tokens (LSTs) while maintaining liquidity through a Liquid Restaking Token (LRT). The restaked assets are utilized to validate additional services.

Central to this IFO is the EGP token, Eigenpie’s governance token, which grants holders a voice in protocol governance, opportunities to earn engagement rewards, and enhanced influence through vote-locked EGP (vlEGP).

The IFO will be available through two primary avenues. The Basic IFO will welcome all CAKE holders, while the Public IFO will provide exclusive access for veCAKE holders on the BNB Chain with a lower participation fee. To take part, participants must lock CAKE to acquire veCAKE, which they can then use to engage in the IFO.

Disclaimer and Risk Warning: The content shared is for informational and educational purposes only and should not be considered financial, legal, or professional advice. It does not constitute a recommendation to purchase any particular product or service. For personalized guidance, please consult qualified advisors. Participation in the IFO entails risks and could be restricted in certain regions. Ensure compliance with local laws and regulations before participating.

About PancakeSwap:
PancakeSwap operates as a leading multichain decentralized exchange (DEX) based on an automated market maker (AMM) model, functioning across nine chains. Since its launch in 2020, it has become one of the most favored DEXs in the cryptocurrency domain, recognized for its low transaction fees, rapid trading capabilities, and user-friendly interface. PancakeSwap has recorded over $828 billion in cumulative trading volume and more than $1.58 billion in total value locked, solidifying its status as a prominent multichain DEX in the industry.

Contact:
PancakeSwap can be reached via email for any inquiries.

This article was initially released by Chainwire.