Tenet ( TEN ) is going to be the next IFO ( Initial farm offering ) at Pancakeswap the #1 AMM and yield farming on BINANCE Smart Chain for all CAKE holders and liquidity providers.
Like you can see on the self TEN description, the project is a cross-chain automated market maker ( AMM ) connector that provides a decentralized liquidity tap for various tokens, at the same times it gives more incentives for all liquidity providers.
WHAT IS AN IFO AND HOW TO PARTICIPATE?
An Initial Farm Offering is similar to an Initial Coin Offering ( ICO ) , but the main difference is that in an IFO you don't participate providing Bitcoin, Ethereum or BNB, in this case you provide your liquidity provider tokens from Pancakeswap for the pair CAKE - BNB . This is used because when you add liquidity you have to provide same quantity of both tokens equivalent on american dollars USD , so it means that half of the total raised ( in this case is 1 million dollars ) is going to be BNB and the other is going to be of CAKE ( Native token of Pancakeswap ) . Remember, when you add liquidity you receive an LP token ( Liquidity provider ) that is the one that shows you have added liquidity and you must have it if you want claim again your tokens.
So, in all Pancakeswap IFO's the BNB goes to the project, in this case is Tenet that is used for development. All collected CAKE ( $ 500,000 ) is burned forever, is used as a deflationary system, it means this quantity of CAKE ( Aproximately 1 million tokens ) are going to disappear from circulating supply forever and that is good for CAKE price to pump.
The event is going to take place on Tuesday 5th January 2021 from 3pm - 4pm SGT
Amount to be raised is $1 million dollars on LP tokens.
The tokens that are going to be sold are one million, that is the 13% of total TEN supply
TEN tokens are going to circulate on the Binance Smart Chain BSC and on Ethereum network.
- In order to participate on the IFO you must:
1. BUY CAKE and BNB (See below where to buy CAKE )
2. Add liquidity on pancakeswap for the pair CAKE-BNB
3. When the event sale is live, you must add your LP tokens
4. When the event ends, your contribution is calculated proportionally on the amount you have contributed compared with others participants. You have to claim your TEN tokens and ALL UNSPENT FUNDS OR LP TOKENS ARE GOING TO BE SENT BACK INSTANTLY WHEN YOU CLAIM YOUR TEN TOKENS.
ALL PARTICIPANTS GETS TEN TOKENS IN PROPORTION OF THEIR CONTRIBUTION OF THE EVENT.
SO, PARTICIPATE AND LET'S BURN CAKE !
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