$CAKE Price Surges 30% WoW As PancakeSwap Preps for Initial Farm Offering 2.0

Published April 9, 2021 | Updated April 9, 2021

$CAKE Price Surges 30% WoW As PancakeSwap Preps for Initial Farm Offering 2.0

$CAKE, the native cryptocurrency of BSC-based platform PancakeSwap has gained 10% today hitting its all-time high of $22.30 with its market cap crossing $3.3 billion. Over the last week, $CAKE price has delivered a strong performance gaining 30%.

The recent $CAKE price rally is also backed by massive surge in the transaction volumes on the PancakeSwap platform. In the last 24 hours, the PancakeSwap platform registered a total of 900K transactions reaching much closer to Ethereum’s 1.3 million transactions.

Besides, there are some other important developments scheduled in the coming week on Monday, April 12. PancakeSwap is launching the Initial Farm Offering 2.0 under its new format the next week. To participate, users need to have an active PancakeSwap profile.

Participating In the PancakeSwap (CAKE)IFO 2.0

To participate in the IFO 2.0, PancakeSwap has put forward two ways: Basic and Unlimited. In the Basic Sale session, each user can contribute a MAXIMUM of $100 equivalent in CAKE-BNB LP tokens. The Basic sale will account for 30% of the total sale.

The final allocation depends on the total amount raised in this session. The good thing, however, is that individuals won’t be battling with whales. “The “Basic” session will ensure people get a much larger allocation for a much smaller commitment ($100 equivalent) than they would have in the previous method,” notes PancakSwap.

On the other hand, the ‘Unlimited’ sale in the IFO 2.0 will have no limit on the amount that each person can contribute. This ‘Unlimited’ sale will account for 70% of the total sale. However, the ‘Unlimited’ sale comes with a 1% participation fee. As PancakeSwap explains:

“The participation fee collected goes straight to the kitchen and is yeeted into the fire. The CAKE-BNB LP tokens from the participation fee will be decomposed, then we will use the BNB portion to market buy the CAKE equivalent, then finally throw all of the CAKE in for the weekly burn”.

As it turns out, “Whales or those participating in the “Unlimited” session will pay more for their tokens than those that participate in the “Basic” session.”

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Bhushan Akolkar 713 Articles
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
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