PancakeSwap Introduces First IFO on Arbitrum Featuring Eigenpie

PancakeSwap has launched its inaugural Initial Farm Offering (IFO) on the Arbitrum network. This event will highlight Eigenpie, a prominent Liquid Restaking Protocol on EigenLayer boasting over $1B in Total Value Locked (TVL), signifying a crucial milestone in PancakeSwap’s continuous growth trajectory.

The next IFO is scheduled from September 24, 2024, at 10:15 AM UTC until September 25, 2024. This initiative represents a pivotal milestone for PancakeSwap as it brings its renowned IFO model to the Arbitrum ecosystem, building on the successful rollouts of Swap, Yield Farming, Prediction Markets, and Perpetual Trading within the network.

Eigenpie showcases a groundbreaking strategy within the decentralized finance landscape. Eigenpie, leveraging the power of EigenLayer, emerges as a Liquid Restaking Protocol that empowers users to restake their ETH or Liquid Staking Tokens (LSTs). The restaked asset validates various services, enabling users to retain liquidity through a Liquid Restaking Token (LRT).

The focal point of this IFO is the EGP token, which acts as Eigenpie’s native governance token. EGP empowers its holders to engage in protocol governance, offering opportunities to earn rewards through participation while enhancing their influence via vote-locked EGP (vlEGP).

Engagement in the IFO will be facilitated via two main avenues. The Basic IFO is set to welcome all CAKE holders into the fold. Holders of veCAKE on the BNB Chain can look forward to a Public IFO offering exclusive access and a reduced participation fee. To participate, users must stake CAKE to obtain veCAKE, essential for accessing the IFO.