Cido Finance IFO on LFGSwap
Cido Finance will launch its IFO (Initial Farm Offering) on LFGSwap, one of the newest members of the Core DAO ecosystem.
The IFO is designed to use the overflow mechanism, where everyone is welcome to participate with their CORE/LFG LP tokens, of which the price will be determined through a snapshot at a specific time before the IFO starts.
Before getting into the IFO details, we should familiarize ourselves with the $CDO tokens distribution first:
· Total Supply: 1,000,000,000 $CDO
· Max Supply: 1,000,000,000 $CDO
📖 What is the so-called “Overflow” sale method?
TLDR: Basically, the more you put in, the more you will get, and you’ll get back anything that doesn’t get spent.
In the “Overflow” method, users can commit as much or as little funds as they want to the IDO (within the determined range), and their final allocation will be based on the amount of funds they put in as a percentage of all funds put in by other users at the time the sale ends.
Generally, users will receive back any unspent funds when they claim their tokens after the sale, to get more details, read on!
☀️ IFO Parameters
The detailed parameters of this IFO will be explained in this section
📅 Starting on March 17th 9:00 am UTC — March 19th 9:00 am UTC
💰 IFO allocation: 100,000,000 $CDO
🧢 IFO Hard cap: 700,000 USDT worth of LFG/CORE LP
🏖️ 1 $CDO = 0.007 USDT
📷 LP price Snapshot time: March 17th, 2023, 07:00 am UTC
⬇️ Minimum commit: 20 USDT in LFG/CORE LP
⬆️ Maximum commit: 6,000 USDT in LFG/CORE LP
☕️ Release: 100% release upon listing on LFGSwap
⏰ Trading time: March 20th, 9:00 am UTC
☀️ IFO Yield Farming
Apart from the funds spent on the IFO, the overflowed unspent LP tokens will be directly submitted to the $CDO Yield Farming Pool, yielding extra rewards from the rewards pool.
How profitable will IFO Yield Farming be?
The APR of the Yield Farming is proportional to the funds committed by the participant compared to the total value committed by all participants.
Yield Farming Total Rewards: 1,000,000 $CDO
In conclusion, the earlier you commit to the IFO, the higher APR you will earn!
Notes: The Yield Rewards can be claimed upon listing.
🎁 Referral Bonus
Thanks to the help from LFGSwap, we are able to leverage the Referral Bonus function to promote this IFO section.
Total Rewards Pool: 1,000,000 $CDO (Allocation from the Marketing & Community Build)
How to participate in the referral mechanism?
Simply Put: Users who participate in IDO can refer their friends to gain extra $CDO rewards, which is a gift from us as appreciation for your participation.
✨ Rewards parameters：
The inviter gets a 0.7% $CDO token reward of the invitee’s committed funds in the IFO value
The invitee gets a 0.3% $CDO token reward for his committed funds
Assuming Alice invites Ben to participate in the HappyFarm IDO on LFGSwap, Alice gets 0.7% $CDO token reward of Ben’s successfully committed funds.
Ben committed 1000 USDT in LP
Alice gets: 7 USDT in $CDO
Ben gets: 3 USDT in $CDO
In the meantime, Ben can also invite his other friends to participate in this IFO, as more friends joined to share this prize pool, the rewards keep accumulating.
Feeling dizzy? No worry, your referral bonus will be displayed on the IDO page, LFGSwap IFO page will do the maths for you!
🎉 Please note that if Alice succeeds in inviting 5 users, her IDO quota can be increased to 12,000 USDT in CORE/LFG LP tokens, which is the maximum participation amount.
From the above examples, it can be concluded that the more people you invite, the more rewards you will get.
About Cido Finance
Cido Finance is a liquid staking solution that provides decentralized liquidity for the staked asset of Core ecosystem.
About LFGSwap
LFGSwap is a community-driven organization built to solve what might be called the “liquidity problem.” One could define this problem as the inability of disparate forms of liquidity to connect with markets in a decentralized way, and vice versa.
SOURCE
https://medium.com/@CidoFinance/cido-finance-initial-farm-offering-b2ae4f8e4c8a
