tl;dr
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Eigenpie is a liquid restaking protocol for EigenLayer
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Users can restake their ETH or Liquid Staking Tokens (LSTs) via Eigenpie to validate other services and receive a Liquid Restaking Token (LRT)
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veCAKE holders are eligible for the Public IFO with 50% allocation, while all users are welcome to join the Basic IFO with the remaining 50% allocation
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1% participation fee for the Public IFO and 1.5% participation fee for the Basic IFO
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PancakeSwap’s first ever IFO on Arbitrum One
IFO goes to Arbitrum One
As part of our multichain strategy, PancakeSwap aims to bring our best products cross-chain. We are excited to introduce the first Initial Farm Offering (IFO) on Arbitrum One.
To familiarize our Arbitrum user base with our IFO product, 50% of the IFO allocation will be conducted in a Basic IFO format where there are no conditions needed for participation, apart from possessing CAKE tokens.
IFO Timeline
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IFO Details Posted: 18 Sep 2024, 1300 UTC
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IFO Duration: 24 Sep 2024, 1015 UTC - 25 Sep 2024, 1015 UTC
Please comment under the forum topic if you have any questions about the IFO
Why is there no vote proposal?
Previously, IFO Vote Proposals were published to ensure we could seek the community’s decision on allocating precious CAKE towards the initial farms.
As we will be using CAKE from our Kitchen-discretionary CAKE emissions and Kitchen admin votes for these initial farms, we will be transitioning the IFO Vote Proposal to a discussion instead, and announce IFO details for discussion on our PancakeSwap Forum.
What is Eigenpie?
Eigenpie is a Liquid Restaking Platform built on top of EigenLayer that allows users to restake their ETH or LSTs to validate new services while earning rewards and maintaining liquidity through LRTs.
EigenLayer is a protocol that allows users to restake their ETH or LSTs and extend cryptoeconomic security to external services to earn rewards. This allows any service to tap into the pooled security of restakers and increase its trust guarantees.
How it works: users can deposit their ETH or LSTs into Eigenpie, who will then restake these assets through Node Operators on EigenLayer. The Node Operators will use the ETH and LSTs to support Actively Validated Services (AVSs), which are services that will pay for the cryptoeconomic security they receive from the restaked ETH.
For example, a new L1 blockchain could be an AVS that pays to receive cryptoeconomic security from EigenLayer. Node Operators will run software to ensure the operational security of the L1 blockchain, and if they behave maliciously, they will have their stakes slashed.
Users will receive Liquid Restaking Tokens (LRTs) in return for depositing ETH or LSTs into Eigenpie, allowing them to maintain a liquid token position, earn additional yield provided by AVSs, and interact with other DeFi protocols using their LRTs.
Eigenpie also introduces the idea of Isolated Liquid Restaking and offers a unique LRT for each LST that is supported by the platform. This isolates risks and performance related to any specific LST asset for depositors in Eigenpie.
What is EGP?
EGP is Eigenpie’s governance token, which can be locked as vlEGP to receive the following utility:
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Governance: Participate in the governance of Eigenpie
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Rewards: Receive rewards for active user engagement on the platform
EGP Token Distribution
If any of the terms are unclear, please ask our community ambassadors, or read this article on vesting.
IFO Details
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Chain: Arbitrum One
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Start date: 24 Sep 2024 1015 UTC
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End date: 25 Sep 2024 1015 UTC
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Amount to be raised: USD $60,000 in CAKE tokens
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IFO Tokens: 100,000 EGP (1% of EGP total supply)
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Price per token: 1 EGP = $0.60 USD
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Token Vesting Schedule: Linear vesting over 18 months
All CAKE raised from the EGP token IFO will be given to the IFO project
Method: Basic IFO and Public IFO (both conducted via the Overflow method)
What is the “Overflow” IFO method?
In the “Overflow” IFO method, the more funds a user commits, the more IFO tokens they will get, and they’ll get back any unspent funds. Users can commit as much as they want to the IFO, and their final allocation will be based on the proportion of their committed funds versus the total pool of committed funds when the IFO ends. Users will get back any leftover funds when they claim their tokens after the IFO.
To participate in the IFO:
How to participate in the Basic IFO
There are no requirements apart from having CAKE to participate in the Basic IFO - all users can join. You may commit as many CAKE as you would like to in the Basic IFO.
How to participate in the Public IFO
Refer to the Cross-Chain IFO participation guide.
iCAKE cannot be used to buy tokens in the IFO, so you would need a separate amount of CAKE to commit to the IFO.
For this IFO, users who natively lock CAKE as veCAKE on PancakeSwap will have a 2x iCAKE:veCAKE Ratio. In other words, for every veCAKE you have, you’re able to commit up to two times that amount; if you have 1,000 veCAKE, you’ll be able to commit up to 2,000 CAKE in the IFO. veCAKE Managers that lock CAKE as veCAKE will have a 1x iCAKE:veCAKE Ratio.
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.
As veCAKE only exists on BNB Chain, users will need to sync their credentials (e.g. veCAKE balance, PancakeSwap Profile) between BNB Chain and Arbitrum. More information on this will be provided in the coming days.
The veCAKE balance snapshot used to decide users’ allocation will be taken at the end of the IFO, that is, 25 Sep 2024 1015am UTC. It will still be possible to increase your allocation while the IFO is ongoing by locking more or extending your CAKE lock duration, though you will need to re-sync your new iCAKE balance.
An Explainer: What are the 2 different IFO sessions?
Basic IFO ($30,000, 50% of IFO allocation)
Anyone with CAKE on Arbitrum can join the Basic IFO. The final allocation you receive will be subject to the total amount raised in this session.
Public IFO ($30,000, 50% of IFO Allocation)
The Public IFO is open to users with veCAKE on BNB Chain. Your iCAKE value will determine how much funds you can commit to the IFO.
Participation Fee
The Public IFO has a participation of 1%, while the Basic IFO has a participation fee of 1.5%.
The fee will be applied on the excess funds raised in the IFO.
For example, if the total committed funds is $100,000 in the Public IFO, the 1% fee will be applied on $70,000 (excess funds) and paid proportionally by users based on how much each of them committed to the IFO.
100% of the Participation Fee (in CAKE) will be burned.
To learn more, visit the project’s official channels:
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Website: https://www.eigenlayer.magpiexyz.io/
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Twitter: x.com
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Discord: Magpie XYZ
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Audits: Audit Reports | Eigenpie
BEWARE OF FOOD POISONING:warning:
EGP Official Token Contract Address: Eigenpie (EGP) Token Tracker | Arbitrum One
PLEASE NOTE: EGP tokens will not be available for trading before or during the IFO!
Any other EGP token will be a scam and will result in financial loss. Always verify the token address before buying tokens.
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.