Hello to my friends who love life and keep smiling despite all kinds of negativity. In this article I will tell you about "Initial Farm Offering (IFO)" and "Pools" on PancakeSwap.
I think it will be a good article for my friends who want to invest in cryptocurrencies but do not want to deal with analysis ...
In my previous article, we reviewed PancakeSwap with you. But I did not explain the IFO and POOLS parts in detail. Because I did not want to give you information without taking any action myself.
PancakeSwap support wallets
What is Initial Farm Offering (IFO)?
You are buying new tokens with a brand new coin selling model. These tokens work in the binance Smart Vhain network. IFO is similar to Launchpad made by Binance exchange.
What you need to do before the specified date and time;
You can only buy the new token with the CAKE-BNB LP token. This will be done with the liquid you will do with CAKE and BNB. How is it done?
First of all, you must have BNB and CAKE in your wallet. Otherwise, you can get BNB and CAKE with any hedgehog in your wallet powered by PancakeSwap.
Afterwards, you should create liquid according to the amount of BNB and CAKE you have. You can review my previous article ...
Important Note: I do not leave the CAKE-BNB LP token creation to the last minute. As the IFO clock approaches, the number of investors entering the system will increase, so there will be delays or the risk of not generating CAKE-BNB LP tokens. My suggestion; 3 hours in advance ...
The more BNB-CAKE LP tokens you will liquidate, the more new tokens you will get.
When the IFO date and time arrives, you will wait for the application period to end after you enter how many CAKE-BNB LP tokens you will deposit and the system has approved. The application period is one hour. You can withdraw the new token given to you after the expiry date. Unused CAKE-BNB LP tokens will be returned to you.
Your options here are;
With the remaining CAKE-BNB LP token, you can create liquid from the Farms section to the BNB-CAKE pool. CAKE is given as a reward. But the risk is; Impermanent Loss. Risky
You can redeem your remaining CAKE-BNB LP tokens from the menu you make in liquid. You can withdraw to your wallet as BNB and CAKE tokens. You can wait for the next IFO.
You can add CAKEs you withdraw to your wallet, Pools, to existing tokens. You receive the tokens you stake as a reward. These pools are generally open for 60 days. You must not forget...
I paid $ 0.1 per yieldwatch (WATCH) coin from IFO. 3 hours after the IFO ended, it was $ 3.6.
If you want, you can convert it to any cryptocurrency in Pancakeswap. You can store it in your wallet if you want.
Important Note: I paid a total of $ 2 BNB for the transactions I made for participating in IFO above. Is not it beautiful?
I did not tell you about my game plan…?
I bought the WATCH tokens that fell on me into my wallet. I reserved the remaining CAKE-BNB LP tokens. I staked my CAKE tokens in the WATCH pool. I will track the performance of the WATCH token. Because the total supply of WATCH in BscScan appears to be 20,000,000.
My next plan is; It is to convert WATCH tokens to BNB and CAKE tokens at the appropriate moment.
My friends, PancakeSwap has begun to sit at the center of Binance Smart Chain. You should follow it daily. It creates good earning opportunities.
What I am telling you here is not investment advice. I share my experiences and ideas with you, my friends.
As I always said, listen to everyone, decide for yourself ...
I'm looking forward to your comments. Thanks to your comments, we can shape my next articles together. Let's stay in touch… Take care of yourself so that you and the people around you are happy…
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