Listapie IFO Discussion Thread

Governance
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tl;dr

  • Listapie focuses on locking LISTA tokens to obtain voting rights and active engagement rewards within Lista DAO

  • PancakeSquad NFT holders and point holders (≥ 1700 points) are eligible for the Private IFO with 10% allocation, while the remaining 90% will be open to a Public IFO

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

IFO Timeline

  • IFO Details Posted: 17 Jan 2025, 1200 UTC

  • IFO Duration: 21 Jan 2025, 1000 UTC - 22 Jan 2025, 1000 UTC

Please comment under the forum topic if you have any questions about the IFO

What is Listapie?

Listapie enables the conversion of LISTA tokens to mLISTA, allowing users to obtain governance rights and active engagement rewards within Lista DAO. Furthermore, depositors on Listapie can gain increased yield without needing to lock LISTA tokens as veLISTA. mLISTA holders can exit their positions at any time by selling them in the secondary market.

Lista DAO is a permissionless DeFi liquidity protocol built on BNB Chain that offers users the ability to collateralize BNB, ETH, and stablecoins to borrow the decentralized stablecoin, lisUSD. The platform implements the veToken model for its governance token LISTA. LISTA holders can lock their tokens as veLISTA on Lista DAO to own governance rights and earn rewards. In order to get the maximum benefits of veLISTA, users must lock their LISTA for up to 1 year.

What is LTP?

LTP is the governance and active participation reward earning token of Listapie. Users can lock their LTP tokens as Vote-Locked LTP (vlLTP) at a 1:1 ratio.

vlLTP token has the following utilities:

  • Governance: Participate in the governance of Lista DAO and Listapie. The collective voting power that Listapie amasses through holding veLISTA is distributed among vlLTP holders. This enables them to participate in the governance decision-making of Lista DAO and influence the distribution of LISTA emissions.

  • Revenue share: vlLTP holders will receive a portion of the performance fees Listapie charges liquidity providers (LPs) for the boosted yield. A 20% performance fee will be charged to LPs for boosted yields, with 8 percentage points allocated to vlLTP. All voting bribes are also allocated to vlLTP holders who vote regularly in Listapie’s upcoming bribe market.

LTP Token Distribution

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

IFO Details

  • Chain: BNB Chain

  • Start date: 21 Jan 2025 1000 UTC

  • End date: 22 Jan 2025 1000 UTC

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

  • IFO tokens: 300,000 LTP (3% of LTP’s total supply)

  • Price per token: 1 LTP = $1 USD

  • Token vesting schedule: 100% unlock at TGE

  • TGE date / IFO tokens claimable on: 27 Jan 2025 1400 UTC

When the IFO ends on 22 Jan 2025 1000 UTC, unspent CAKE in the IFO will become claimable. However, please note that the IFO tokens can only be claimed from 27 Jan 2025 1400 UTC onwards. This will also be the TGE date/time for LTP.

All CAKE raised from the IFO will be given to the IFO project.

Method: Public IFO and Private 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 Private IFO

BOTH PancakeSquad NFT holders and PancakeSwap Profile Point holders will get to participate in the Private IFO.

To participate in the IFO, you can either

Do not have enough points to join the Private IFO? Don’t worry! You can grab your Pancake Squad NFT here to gain access to the Private IFO.

To check the number of points you have, 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/cIFOs. Once you have successfully claimed those tokens, your points record will be updated!

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How to participate in the Public IFO

Refer to the 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, we have decided on a 5x iCAKE:veCAKE Ratio to encourage users to participate IFO. In other words, if you have 1,000 veCAKE, you’ll be able to commit up to 5,000 CAKE in the IFO.

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 IFO sessions?

Private IFO ($30,000, 10% of total IFO allocation)

For the Private IFO, participants are required to:

For this Private IFO, 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 IFO ($270,000, 90% of total IFO Allocation)

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

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Participation Fee

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

In the Private IFO, there is zero participation fee.

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

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

:warning::warning::warning: BEWARE OF ONCHAIN DANGER :warning::warning::warning:

LTP Official Token Contract Address: Listapie (LTP) Token Tracker | BscScan

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

Any other LTP 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.

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This IFO presents several issues:

  1. Procedural Issues Traditionally, the distribution ratio and method of an IFO are approved through a Governance Vote. This step has been omitted. I understand this in the case of SOLV due to its relations with CEXs like Binance and the brief disclosure period. However, this is not the case for this Token.
    Even if skipping the Governance Vote is unavoidable, an explanation should at least be provided. This was the practice in the past.

  2. Excessively High Multiplier According to the explanation, a 5x iCAKE:veCAKE Ratio has been adopted. This means that participants wishing to purchase a certain amount of LTP need to commit five times more CAKE, leading to higher fees and consequently higher purchase prices.
    However, LTP, being a prior product of Magpie DAO like CKP or EGP, has significantly lower Revenue and two orders of magnitude lower TVL. Why should a higher pricing and risk be accepted without a Governance Vote, especially with the same $1/1Token pricing?

  3. Opaque Changes According to the latest announcement from Cakepie, due to a policy change at PancakeSwap, the ratio has been adjusted to 1x iCAKE:veCAKE*. However, I am unable to confirm this in any PancakeSwap announcement, and no explanation has been provided. There has been no discussion about how this change was made. Shouldn’t such discussions be public on this Forum?

It feels as though the Community is being disregarded by the management of PancakeSwap. I hope to see improvements in the future.

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Hi @KUWADA, thank you for raising your concerns. I will share from the Kitchen’s perspective.

  1. As explained in the Eigenpie IFO post, IFOs in the past had to go through a vote as it involved Farm emissions which were decided by governance. Now, we provide IFO projects with emissions from our Kitchen-controlled CAKE emissions and admin votes so a governance vote is not necessary. The Kitchen works hard to bring good IFOs to the PancakeSwap community, but if a user feels otherwise, he/she can choose not to participate.

  2. I think you might be mistaken. A 5x iCAKE:veCAKE ratio means for every 1 veCAKE a user has, he/she can now commit up to 5 CAKE in the IFO, as opposed to 1 CAKE if the ratio were 1x. The amount of LTP tokens you eventually receive will still be weighed against the rest of the CAKE commits in the IFO, and is not dependent on the iCAKE ratio.

  3. There was a miscommunication between Cakepie and us as they wrongly interpreted that they would also receive a 5x iCAKE ratio. We have maintained a 1x ratio for veCAKE Managers for the past 2 IFOs now, as data shows that it is more than sufficient. The goal of raising the iCAKE ratio for native veCAKE lockers is to increase the total amount of locked CAKE, which the Solv IFO managed to accomplish (that previous IFOs did not).

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Thank you for your kind response. I understand your perspective; however, I still have some concerns.

  1. Procedural Issues I had not fully understood the details of the Eigenpie IFO. Thank you for clarifying.

  2. Excessively High Multiplier I try to explain my concern for this point. Both Solv and LTP have a flat 1% fee structure. As explained, the more people participate, the more CAKE is burned, which means that the less total CAKE committed by participants, the cheaper the IFO target tokens can be purchased. Conversely, the greater the total amount of CAKE committed by participants, the more expensive the IFO target tokens become. Enabling participants to commit 5x CAKE reduces the attractiveness of participating in the IFO in this sense. This is a concern I wanted to express.
    IFOs not only increases the value of CAKE by directly burning it but also should promote the holding of veCAKE as a ticket to participate in IFOs. The Solv IFO worked perfectly as a price discovery mechanism. The actual price of Solv from the IFO results and its subsequent market price were nearly identical. However, if they are equal, why take the risk to participate in the IFO? I am concerned that such outcomes could undermine the value of CAKE.
    While I trust the Kitchen, but wouldn’t it have been necessary to at least hold a vote to check the market temperature when making these decisions? A dialogue to decide whether 5x or 3x would be better could have been beneficial.

  3. I understand the situation regarding Cakepie and other aggregators. It is clearly disadvantageous for them, but given that Cakepie appears to be under a misunderstanding, it seems that there has been no proper communication. I sincerely hope you do not forget that those who stake CAKE in aggregators are also CAKE holders. If aggregators lose their appeal, their mCAKE-like LST will be sold off, leading to a similar decline in CAKE demand.

To reiterate, I am not suggesting that the useless discussions in forums like some Ethereum DeFi projects. I belive Kitchen as always and huge fun from the very first day.

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Appreciate you voicing out your opinion as a long-term user - we definitely need more productive discussions like this to help move PancakeSwap forward.

On multiplier: in my opinion, the amount of commits an IFO receives is largely dependent on how attractive users perceive the IFO to be, and not so much because of the iCAKE ratio. Users may have been expecting Solv to TGE at a higher valuation than what it was valued at during the IFO, which was why they were willing to take part.

That said, we understand the situation was not ideal and we are evaluating the IFO format to see if any changes need to be made. We’ll provide more updates in due time.

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