Hello, this is kimm. We plan to start Ditto Money's Initial Farm Offering on the IFO platform of PancakeSwap, the representative yield farming protocol based on BinanceSmart Chain .
It seems that there are many people who have heard of the IFO (Initial Farm Offering) for the first time, but IFO is a way to participate in the token sale with LP tokens that supply and receive liquidity of two tokens (CAKE/BNB) from DeFi . . Therefore, in order to participate in Ditto Money's IFO, you must hold CAKE tokens and BNB and proceed with liquidity supply .
- Original link: Ditto Money (DITTO) IFO to be Hosted on PancakeSwap
1. What is Ditto Money?
Ditto.money is the first elastic supply token project based on Binance Smart Chain . Those who already have some experience in the DeFi ecosystem will have heard of rebase or elastic supply tokens .
Ditto.money has a mechanism that aims to keep the price constant by increasing or decreasing the quantity through a rebase that has become quite popular with Ample Force (AMPL) and fork chains.
Of course, it is explained that it aims to build a staking, governance, and NFT-based gamification DApp ecosystem, but first of all, it is important to understand that it is a flexible supply token before participating in the IFO and decide whether to participate . .
2. IFO details
(1) Start date: December 23, 2020 (Wed) 16:00~17:00
(2) Hard cap: 630,000 dollars
(3) Sales volume: 700,000 DITTO (70% of total supply)
(4) Price per token: 1 DITTO = 0.9 USD
(5) Participation Token: CAKE-BNB LP Token
3. How to participate
If you've been providing liquidity at DeFi, or if you're already farming at the Pancake Swap, the way to participate is not very difficult. However, since it is a way to participate in the token sale with LP tokens, it may feel a little difficult for those who are trying to supply liquidity for the first time.
(1) Buy CAKE tokens and BNB
(2) Supply liquidity to CAKE-BNB pool and receive CAKE-BNB LP tokens
(3) Participate in LP tokens as much as you want to purchase after starting the token sale
- Participation Link: https://pancakeswap.finance/ifo
(4) When there are more participants than hard cap
- If the amount raised by the token sale during the IFO period exceeds the hard cap, it will be distributed in proportion to the ratio of my participation amount to all participants.
- Any excess amount will be automatically returned.
- The price based on USD per CAKE-BNB LP token will be confirmed before IFO starts at 16:00 on Wednesday, December 23rd.
In the case of the elastic supply token project, the goal is to maintain the nominal price of the DITTO token at $1 , but it is this elastic supply token that always moves in a different direction than intended in the market due to the rebase mechanism . As AMPL did, the presence of a rebase mechanism also means that there is no limit to the total supply, and the price fluctuations at the time of rebase are enormous, so if you plan to participate in DITTO's IFO, you may be aware of this concept. You need to be familiar with it.