PancakeSwap has announced its inaugural Initial Farm Offering (IFO) on the Arbitrum network, featuring Eigenpie, a prominent Liquid Restaking Protocol on EigenLayer with over $1 billion in Total Value Locked (TVL). This event marks a significant milestone in PancakeSwap’s expansion efforts.
The IFO will take place from September 24, 2024, at 10:15 AM UTC to September 25, 2024, at 10:15 AM UTC. This launch introduces PancakeSwap’s popular IFO model to Arbitrum, building on previous successes in Swap, Yield Farming, Prediction Markets, and Perpetual Trading on the network.
Eigenpie offers an innovative solution within the DeFi landscape. Built on EigenLayer, it allows users to restake their ETH or Liquid Staking Tokens (LSTs) while maintaining liquidity through a Liquid Restaking Token (LRT). The restaked assets are used to validate other services, enhancing overall capital efficiency.
Central to this IFO is the EGP token, Eigenpie’s native governance token. EGP holders can participate in protocol governance, earn potential rewards, and boost their influence via vote-locked EGP (vlEGP).
Participation in the IFO will be available through two main channels. The Basic IFO will be open to all CAKE holders, while a Public IFO will offer exclusive access for veCAKE holders on the BNB Chain, with a reduced participation fee. To join, participants must lock CAKE to receive veCAKE, which can then be used for the IFO.
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