PancakeSwap has announced the launch of its first Initial Farm Offering (IFO) on the Arbitrum network, marking a significant step in its multichain expansion strategy.
Inaugural IFO on Arbitrum
The first IFO on Arbitrum will take place from September 24, 2024, at 10:15 AM UTC to September 25, 2024, at 10:15 AM UTC, featuring the Liquid Restaking Protocol Eigenpie. This event signifies an important milestone as PancakeSwap expands its offerings following the successful launches of Swap, Yield Farming, Prediction Markets, and Perpetual Trading on the network.
Eigenpie Features
Eigenpie represents an innovative approach in the DeFi space. Built on EigenLayer, it is a Liquid Restaking Protocol that enables users to restake their ETH or Liquid Staking Tokens (LSTs) while maintaining liquidity through a Liquid Restaking Token (LRT). The core token EGP functions as the governance token for the protocol, allowing holders to participate in voting and potentially earn rewards.
Participation Details
Participation in the IFO will be accessible via two main channels: the Basic IFO for all CAKE holders and the Public IFO with reduced fees for veCAKE holders on BNB Chain. Participants will need to lock CAKE to receive veCAKE, which they will then use to join the IFO.
The first IFO on Arbitrum featuring Eigenpie marks an important step for PancakeSwap in its multichain expansion strategy, offering new opportunities for users and innovative solutions in the DeFi sector.
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