PancakeSwap, a prominent decentralized exchange operating on the BNB Chain, has recently announced the release of an Initial Farm Offering. PancakeSwap is launching the IFO of Solv Protocol on BNB Chain on the 16th and 17th of January, delivering a thrilling opportunity for consumer engagement with liquidity and Bitcoin ($BTC) staking solutions. The platform revealed this development on its official social media account.
📢 The @SolvProtocol IFO is coming to BNB Chain PancakeSwap!
🥞 Stake CAKE to join the IFO from 16 – 17 Jan 2025: https://t.co/GbmwKtiFfA pic.twitter.com/vC8YYq6uGC
— PancakeSwap (@PancakeSwap) January 14, 2025
PancakeSwap Releases IFO of Solv Protocol on BNB Chain to Boost User Engagement
PancakeSwap mentioned that the Solv Protocol’s IFO will go live on BNB Chain on this month’s 16th and 17th. This launch will increase user engagement with latest solutions dealing with $BTC staking as well as liquidity. Solv Protocol reportedly leverages SolvBTC along with SolvBTC.LSTs to maximize the $BTC assets’ utility.
SolvBTC serves as a token pegged into $BTC for simplified DeFi participation and cross-chain transactions. In addition to this, SolvBTC.LSTs are the liquid-staking tokens focusing on delivering yields to the $BTC holders while upholding liquidity. In this respect, $SOLV (the native token of Solv Protocol) delivers key utilities, such as staking to generate rewards, governance voting, and fee concessions on transfers.
IFO to Occur from 16th to 17th in 2 Phases, Including ‘Private IFO’ and ‘Public IFO’
The IFO will span from the 16th to the 17th of January, including cumulative 3,220K $SOLV tokens. It targets to raise $100,000 during this timeframe. The token price will potentially be $0.0310559006 for each $SOLV token. Subsequently, by the 17th of January, 100% of the respective tokens will be unlocked. The interested people will have to pay one percent in the case of Public IFO while Private IFO will not implement any fee. The funds collected during the IFO will back Solv Protocol while the raised $CAKE tokens will be burned.
According to PancakeSwap, the Solv Protocol IFO will have 2 phases, including “Private IFO” and “Public IFO.” Private IFO will account for ten percent of tokens while Public IFO will comprise the other ninety percent. In the case of Private IFO those holding PancakeSquad NFTs or owning 1.6K profile points at least will be deemed eligible. The maximum allocation of Private IFO includes $200 for each user at maximum. On the other hand, Public IFO’s eligibility criteria will be based on the participants’ $veCAKE holdings. Following the IFO, users will be able to trade tokens on 17th.
