PancakeSwap Launches First IFO on Arbitrum Featuring Eigenpie

Singapore, Singapore, September 18th, 2024, Chainwire

Key Takeaways:

PancakeSwap is launching its first Initial Farm Offering (IFO) on Arbitrum, marking a significant milestone in its multichain expansion strategy.The IFO will feature Eigenpie, a leading Liquid Restaking Protocol on EigenLayer.The IFO will be conducted from 10:15 AM UTC on September 24th, 2024, to 10:15 AM UTC on September 25th, 2024.Participation methods include a Basic IFO for all CAKE holders and a Public IFO with reduced fees for veCAKE holders.PancakeSwap has unveiled its first-ever Initial Farm Offering (IFO) on the Arbitrum network. This event will spotlight Eigenpie, a well-known Liquid Restaking Protocol on EigenLayer with over $1B TVL, marking an important step in PancakeSwap’s ongoing expansion.

The upcoming IFO will run from September 24, 2024, at 10:15 AM UTC to September 25, 2024, at 10:15 AM UTC. This venture marks a significant moment for PancakeSwap as it introduces its popular IFO model to Arbitrum, following previous successful launches of Swap, Yield Farming, Prediction Markets, and Perpetual Trading on the network.

Eigenpie represents an innovative approach in the DeFi space. Built on EigenLayer, Eigenpie is a Liquid Restaking Protocol that enables users to restake their ETH or Liquid Staking Tokens (LSTs). The restaked asset is used to validate other services while allowing users to maintain liquidity via a Liquid Restaking Token (LRT).

The centerpiece of this IFO is the EGP token, which serves as Eigenpie’s native governance token. EGP allows its holders to participate in protocol governance, potentially earn rewards from engagement, and amplify their influence through vote-locked EGP (vlEGP).

Participation in the IFO will be accessible through two primary channels. The Basic IFO will be open to all CAKE holders. For those with veCAKE on BNB Chain, a Public IFO will provide exclusive access with a reduced participation fee. Participants will need to lock CAKE to receive veCAKE, which they will then use to join the IFO.

Disclaimer and Risk Warning:This content is for informational and educational purposes only and does not constitute financial, legal, or professional advice. It is not a recommendation to purchase any specific product or service. Please consult with qualified advisors for personalized guidance. Participation in the IFO involves risks and may be restricted in some areas. Ensure you comply with local laws and regulations before participating.

About PancakeSwap

PancakeSwap is a leading multichain decentralized exchange that operates on an automated market maker (AMM) model and is available across nine chains: BNB Chain, Ethereum , Aptos, Polygon zkEVM, zkSync Era, Arbitrum One, Linea, Base, and opBNB. Launched in 2020, PancakeSwap is one of the most popular DEXs in the cryptocurrency industry due to its low transaction fees, high-speed trading, and user-friendly platform. PancakeSwap has over $828 billion in cumulative trading volume and over $1.58 billion in total value locked, making it a leading multichain DEX in the industry. For more information, users can visit https://pancakeswap.finance/.

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This article was originally published on Chainwire

Source: Investing.com