BNB
by BSC News
February 9, 2023
The first IFO on Aptos by PancakeSwap was a smashing success for the DEX, for BlueMove NFT marketplace, for $MOVE and for $CAKE.
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.
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.
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.
Website | Twitter | Medium | GitHub
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.
Related News
Latest News
1h : 13m ago
BNB Chain Shows Strong Growth in Q1, 2024 Report: Key Details
3h : 15m ago
Ethereum Spot ETFs Is Likely to Face SEC Denial in May: Reports
April 24, 2024
Chainlink Launches Cross-Chain Interoperability Protocol (CCIP) for General Availability
April 24, 2024
Hong Kong Bitcoin and Ethereum Spot ETFs Get Approval to Begin Trading on April 30
April 24, 2024
US DOJ Wants 3-Year Prison Sentence for Binance Co-Founder CZ
April 23, 2024
Binance’s 53rd Launchpool Project: What is Renzo Protocol?
April 23, 2024
Texas' Blockchain Association and the Crypto Freedom Alliance Sue US SEC
April 23, 2024
Binance Sued in Canada Over Securities Law Violations: What to Know
More News