BNB

Holy Chef! $400K PancakeSwap IFO for BlueMove on Aptos Draws $70M

by BSC News

February 9, 2023

chain

The first IFO on Aptos by PancakeSwap was a smashing success for the DEX, for BlueMove NFT marketplace, for $MOVE and for $CAKE.

IFO for Aptos NFT Market Oversubscribed by Nearly 18,000%

We’re gonna need a bigger kitchen ... PancakeSwap’s first Initial Farm Offering (IFO) on Aptos was oversubscribed to the tune of 18,000%! BlueMove NFT market sought to raise $400,000 in the IFO and ended up attracting about $70 million in commitments.

Source

The successful results from the IFO doesn’t mean participants will be getting $70 million worth of $MOVE, however. Only 10 million MOVE tokens were made available in the IFO at a base price $0.04 apiece -- purchased using CAKE tokens on Aptos.

Instead, participants will receive a fraction of the $MOVE they committed to buying, in proportion to their share of the overall commitment, along with a refund of the “unused” $CAKE. (See this Medium post from PancakeSwap for details on how the Overflow method works.)

Apart from the major win for BlueMove, the biggest impact of the successful IFO might be the sheer amount of $CAKE bought on or transferred to Aptos.

The migration of $CAKE from BNB Chain to Aptos was so great that it outstripped PancakeSwap’s capacity on its cross-chain bridge.

BlueMove’s coming out party doesn’t stop with the token offering. The IFO continues with a year-long $MOVE Syrup Pool and a 120-day $MOVE-$APT Farm on the PancakeSwap Decentralized Exchange (DEX).

IFO participants can also use take their shiny new MOVE tokens and stake them on BlueMove to earn NFTs.

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 the BNB Chain.

Where to find PancakeSwap:

Website | Twitter | Medium | GitHub

What is Aptos:

Aptos is a new, independent project focused on delivering the safest and most production-ready Layer 1 blockchain in the world. The team includes the original creators, researchers, designers, and builders of Diem, the blockchain that was first built to serve this purpose.

Where to find Aptos Labs:

Website | Twitter | Telegram | Medium | Discord |

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