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PancakeSwap Adds Wombat Exchange to IFO List

Wombat Exchange seeks to raise $2.1M through an Initial Farm Offering on PancakeSwap.

A-Z of the IFO event

In a just-concluded voting session, members of the PancakeSwap community voted overwhelmingly in support of the Decentralized Exchange’s (DEX) proposal to host Wombat Exchange’s Initial Farm Offering (IFO).

Wombat Exchange is a new multi-chain stableswap built on BNB Chain. The IFO event, scheduled to take place on Aug. 30 on PancakeSwap, is for the sale of 28 million WOM tokens, representing 2.8% of the total supply of the stableswap’s native token. According to the proposal, Wombat Exchange intends to raise $2.1 million in CAKE tokens through the IFO event.

The price per WOM token is set at $0.075.

Also, a Vesting Schedule has been set such that only 20% of CAKE tokens raised will be unlocked at the end of the IFO event. The 80% remainder will be released block-by-block over a 90-day period.

Wombat’s IFO session will comprise a public sale event and a private sale event, with both executed through the “Overflow” sale method. According to the proposal, with this method, the more CAKE tokens a participant puts in, the more WOM tokens they get in return. Any unused CAKE tokens committed will be returned to their owners.

Speaking to BSC News about the project’s future plans, Cherie, Marketing Manager at Wombat Exchange, said :

“So apart from the liquid staking pool, where users will be able to stake their liquid staking tokens backed by BNB on Wombat and receive WOM + BNB as rewards, we will also be listing more stablecoins in our sidepool, which helps in balancing the benefits of bringing more variety in stablecoins and minimizing risks for our users. One of the confirmed partners is Helio Protocol 🙂”
“We are currently communicating with nine projects building on top of Wombat Exchange, including convex forks, yield aggregators, fixed income products, etc, which will accrue value to both the Exchange and $WOM.”
“We’re aiming for multichain adoption in Q4 2022 as well.”

In case you intend to participate in the IFO event, you should know that participants need to own a Pancake Squad NFT and have it set as their Pancake Profile avatar for the private sale.

On the PancakeSwap NFT Marketplace, the current floor price for a Pancake Squad NFT is 9.55 $BNB (or $2,800).

Also, the maximum amount you can commit as a private sale participant in the Wombat IFO is pegged at $1,250.

As for the public sale, this is open to everyone and what is required per participant is a participation fee (varying based on the funds the user commits) which PancakeSwap intends to burn.

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