Cakepie cIFO Discussion Thread

Governance
1

Hey everyone, we are proposing to host a cIFO for Cakepie, please find the details below. The vote proposal is live - voting will start on 30 Dec 2023, 1530 UTC and will last 24 hours.

Proposal for Cakepie ($CKP) cIFO to be Hosted on PancakeSwap

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tl;dr

  • Cakepie is a veCAKE Manager that boosts rewards for CAKE stakers and PancakeSwap’s liquidity providers

  • PancakeSquad NFT holders and point holders (≥ 1100 points) are eligible for the Private Sale with 10% allocation, while the remaining 90% will be open to a Public Sale

  • Flat participation fee of 1% for the Public Sale, 0% Participation Fee for the Private Sale

Proposal and cIFO Timeline

  • To allow the community to learn more about the project, we will publish the cIFO proposal details on the PancakeSwap Forum around 29 Dec 2023, 1530 UTC, but voting will only start 24 hours later, on 30 Dec 2023, 1530 UTC

  • Between publication and the start of voting, please comment under the Forum Topic if you have any questions

  • If the proposal is successful, there will be an AMA on 3 Jan 2024, 1200 UTC for the community to learn more from the team

What is Cakepie?

Cakepie is a SubDAO created by Magpie to enhance the long-term sustainability of PancakeSwap.

As a yield and veTokenomics service provider, Cakepie’s core mechanism involves locking CAKE tokens as veCAKE. This process enables Cakepie to secure enhanced yields and amplified governance power within PancakeSwap, creating opportunities for DeFi users while simultaneously reducing the circulating supply of CAKE.

What is CKP?

CKP is the primary token issued by Cakepie which can be locked for vlCKP (Vote-Locked Cakepie) at a 1:1 ratio.

vlCKP token has the following utilities:

  • Revenue sharing (live at TGE): Earn 8% fee revenue on all boosted CAKE yield of liquidity providers.

  • Governance (live at TGE): Take part in the governance of the Cakepie protocol

  • Earn bribes (planned for Q1): Vote on gauges in Cakepie’s bribe market to earn bribe rewards.

  • Control veCAKE voting power (planned for Q1): Vote to direct CAKE emission for PancakeSwap’s gauges.

CKP Token Distribution

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If any of the terms are unclear, please ask our friendly community, or read this article on vesting.

cIFO Sale Details

  • Sale start time: ~1200 UTC on Thursday 4 Jan 2024

  • Sale end time: ~1400 UTC on Thursday 4 Jan 2024

  • Amount to be raised: USD $300,000 in CAKE tokens

  • Tokens to be sold: 200,000 CKP (2% of CKP total supply)

  • Price per token: 1 CKP = $1.50 USD

  • Token Vesting Schedule: 5% will be unlocked 6 days after the cIFO Sale end time (~1400 UTC on 10 Jan 2024), with the remaining 95% released block-by-block over 120 days.

IMPORTANT: Please note that tokens will only start trading on 10 Jan 2024, ~1400 UTC.

All CAKE raised from the CKP token sale will be given to the cIFO project. Only CAKE collected from the participation fee will be burnt.

Method: Public Sale and Private Sale (Both conducted via the Overflow method).

What is the “Overflow” sale method?

In the “Overflow” sale method, the more funds a user commits, the more cIFO tokens they will get, and they’ll get back any unspent funds. Users can commit as much as they want to the cIFO, and their final allocation will be based on the proportion of their committed funds versus the total pool of committed funds when the cIFO Sale ends. Users will get back any leftover funds when they claim their tokens after the Sale, after accounting for the participation fee.

To participate in the cIFO:

How to participate in the Private Sale

BOTH PancakeSquad NFT holders and point holders will get to participate in this cIFO’s private sale.

To participate in the cIFO, you can either

OR

  • Have ≥ 1100 points

Do not have enough points to join the private sale? Don’t worry! You can grab your Pancake Squad NFT HERE to gain access to cIFO Private Sale.

To check the number of points you have, just perform the following steps:

  • Click on the wallet dropdown menu on PancakeSwap’s website

  • Go to your profile

  • Check the points that you have!

To make sure that your points record is the most up-to-date, please check if you have any unclaimed tokens from previous IFO/cIFO sales. Once you have successfully claimed those tokens, your points record will be updated!

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How to participate in the Public Sale

Refer to the IFO participation guide.

iCAKE cannot be used to buy tokens in the cIFO, so you would need a separate amount of CAKE to commit to the cIFO.

For this cIFO, we have decided on a 1x iCAKE:veCAKE Ratio to allow more users to participate meaningfully in the sale. In other words, for every veCAKE you have, you’re able to commit up to that amount; if you have 1,000 veCAKE, you’ll be able to commit up to 1,000 CAKE in the cIFO.

The iCAKE Ratio is a multiplier applied on a user’s veCAKE value, to arrive at the iCAKE value. Please refer to our Documentation for more details.

An Explainer: What are the 2 different sale sessions?

Private Sale ($30,000, 10% of Sale allocation)

For the Private Sale, participants are required to:

For this Private Sale, the maximum amount of funds that can be committed per user is $200.

The final allocation you receive will still be subject to the total amount raised in this session.

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Public Sale ($270,000, 90% of Sale Allocation)

As the name suggests, the Public Sale is open to all. Your iCAKE value will determine how much funds you can commit to the Sale.

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Participation Fee

In the Public Sale, the participation fee is 1%. This participation fee is applied on a user’s committed funds less the amount used to purchase the cIFO tokens, and will be used to buy back and burn CAKE tokens. Hence, the more oversubscribed an cIFO is, the more CAKE tokens will be burned via the participation fee.

In the Private Sale, there is zero participation fee.

Please do your own calculations and only commit funds that you are comfortable with.

The CKP Syrup Pool:

Stake CAKE tokens to earn CKP!

  • Total Tokens for Syrup Pool: 10,000 CKP

  • Distribution duration: 180 days

  • Start time: 6 days after cIFO Sale ends, approx. 10 Jan 2024, 1400 UTC

  • Finish time: Approx. 180 days after Syrup Pool launch

  • Token rewards per block: 0.00192 CKP

Max Stake per Wallet:

100 CAKE for the first 14 days, then unlimited CAKE staking thereafter – the cap will enable everyone to enjoy pool rewards at a high APY.

For the first 14 days, you need an active PancakeSwap Profile in order to stake in the cIFO Syrup Pool. No PancakeSwap Profile requirement thereafter.

To learn more, visit the project’s official channels:

:warning::warning::warning:BEWARE OF FOOD POISONING​:warning::warning::warning:

CKP Official Token Contract Address: Cakepie (CKP) Token Tracker | BscScan

:rotating_light:PLEASE NOTE: CKP tokens will not be available for trading before or during the cIFO!:rotating_light:

Any other CKP token will be a scam and will result in a financial loss. Always verify the token address before buying tokens. If you receive a CKP token airdrop from another address, it’s probably a scam.

Disclaimer - All projects are subject to high market risk and volatility. Please do your own research and buy with caution. PancakeSwap will not be held responsible for any investment losses.

2 Likes
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so people who converted there veCAKE to mCAKE over the last month so they can have access to the IDO allocation (for $2 a coin) now learn they could’ve had an allocation based on their iCAKE amount and got in for $1.50 a coin? so they converted their veCAKE so they could pay 33% more and have triple the vesting time?

why is the sale only open for a few hours, you are aware people work jobs in the day and dont have access to do this while at work and people will also be asleep?.. the window should be at least 24 hours.

4 Likes
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Hey @sparkes25 , really appreciate your feedback.

So the allocation on PancakeSwap is smaller than Magpie’s launchpad – and so depending on what size you wish to allocate, one may be more suitable than then the other.

The sale is open for only a few hours as the sale currency is in CAKE, a volatile token. From community feedback, the timing of 1400 UTC seems to work well with most users. We do have plans to improve the experience for users like yourself, so please bear with us!

Either way, we hope that if you’re a CAKE holder, you’ll benefit from this IFO – either as a direct participant, or indirectly through the growth of the CAKE ecosystem.

1 Like