PancakeSwap, a prominent decentralized exchange operating on the BNB Chain, recently announced the release of an Initial Farm Offer. PancakeSwap will launch the Solv Protocol IFO on BNB Chain on the 16the and 17e of January, providing an exciting opportunity for consumer engagement with liquidity and Bitcoin ($BTC) solutions. The platform announced this development on its official social media account.
📢 The @SolvProtocol IFO is coming to BNB Chain PancakeSwap!
🥞 Stake CAKE to participate in the IFO from January 16 – 17, 2025: https://t.co/GbmwKtiFfA pic.twitter.com/vC8YYq6uGC
— PancakeSwap (@PancakeSwap) January 14, 2025
PancakeSwap releases Solv protocol IFO on the BNB chain to increase user engagement
PancakeSwap said the Solv Protocol IFO will go live on BNB Chain on the 16th of this month.e and 17e. This launch will increase user engagement with the latest solutions related to $BTC staking and liquidity. Solv Protocol reportedly uses SolvBTC along with SolvBTC.LSTs to maximize the utility of the $BTC assets.
SolvBTC serves as a token pegged to $BTC for simplified DeFi participation and cross-chain transactions. Additionally, SolvBTC.LSTs are the liquid stake tokens that focus on providing returns to the $BTC holders while maintaining liquidity. In this regard, $SOLV (the native token of the Solv Protocol) provides important utilities such as staking to generate rewards, administrative voting, and fee concessions for transfers.
IFO takes place from 4pme to 17e in 2 phases, including ‘Private IFO’ and ‘Public IFO’
The IFO will extend from the 16e to the 17e of January, including cumulative tokens of 3,220K $SOLV. The goal is to raise $100,000 during this period. The token price will possibly be $0.0310559006 for each $SOLV token. Then through the 17e from January, 100% of the respective tokens will be unlocked. The interested parties will have to pay one percent in the case of Public IFO, while Private IFO will not charge any fee. The funds raised during the IFO will support the Solv Protocol, while the raised $CAKE tokens will be burned.
According to PancakeSwap, the Solv Protocol IFO will have two phases, including ‘Private IFO’ and ‘Public IFO’. Private IFO will account for ten percent of the tokens, while Public IFO will account for the remaining ninety percent. In the case of Private IFO, those who own PancakeSquad NFTs or hold at least 1.6K profile points are eligible. Private IFO’s maximum allocation includes up to $200 for each user. On the other hand, Public IFO’s eligibility criteria will be based on participants’ $veCAKE holdings. After the IFO, users will be able to trade tokens on June 17e.
