Crunchy Network

Oct 21, 2021

4 min read

Initial Farm Offerings (IFOs): Launching With A $CRUNCH

Current as of 30 October 2021
Disclaimer: This is NOT financial advice…

With the merger of Rocket Launchpad and Crunchy, we wanted to really focus our efforts to align best practices with lessons learned from our other launches. With that, we have decided to make our standard fundraising method the Initial Farm Offering (IFO) concept. This also opens up more individuals to participate in exciting projects at the ground level as IFOs are not country restricted. For this iteration of an IFO, we are making some changes to drastically improve the participation and distribution of the IFO token.

Short-Term Farming for Post-IFO Token Distribution

For the upcoming IFO, users will have 48 hours to stake their XTZ before the IFO closes. Once the IFO closes, users will be deducted a fee based on the amount of IFO tokens they are farming. Below are two examples:

Example 1:

IFO project funding goal: $100,000
Total actual XTZ value staked: $200,000
This IFO was 2x over subscribed so users will only be able to farm half the amount they staked.

User 1 staked value: $10,000
User 1 fee: $5,000
User 1 returned XTZ value: $5,000
User 1 will farm $5,000 worth of the IFO token over a period of 15 days.

User 2 staked value: $1,000
User 2 fee: $500
User 2 returned XTZ value: $500
User 2 will farm $500 worth of the IFO token over a period of 15 days.

Example 2:

IFO project funding goal: $100,000
Total actual XTZ value staked: $50,000
This IFO was 50% under subscribed so users will only be able to farm all of the value they staked.

User 1 staked value: $10,000
User 1 fee: $10,000
User 1 returned XTZ value: $0
User 1 will farm $10,000 worth of the IFO token over a period of 15 days.

User 2 staked value: $1,000
User 2 fee: $1,000
User 2 returned XTZ value: $0
User 2 will farm $1,000 worth of the IFO token over a period of 15 days.

Immediately after the sale, liquidity will be added to Quipuswap and trading will begin. At that point, all tokens will be distributed to users over a 15-day farm. During this period, you may harvest tokens as they accrue. The entire allocation a user secured during the IFO phase will be distributed over those 15 days.

Do I Need to Stake CRUNCH to Participate?

The PixelPOTUS $PXL IFO

IFO will go live 30 October 2021 at 1400 UTC!

For this particular launch, we will not be using a LP pair and will only require $XTZ to stake in the IFO to participate. We want to make the transition as easy as possible to give everyone a feel for the process. Many were confused on how the previous $CRUNCH LP IFO process played out, so we want to give users plenty of time to become familiar with it. For the future however, we will be moving towards using $CRUNCH LP, where the $XTZ from the sale will be used as funds raised and a portion of the $CRUNCH will be burned. This adds a deflationary aspect to the $CRUNCH token, on top of giving it some further utility.

We will be releasing a ton of new info about the merger, the IFO process, and many other things to come on the Crunchy platform! As always, we appreciate all of your support and hope to continue our pursuit of delivering the best possible product to our users!

Make sure you join our media outlets for the latest and greatest for Crunchy!

Discord: http://discord.crunchy.network/
Telegram: https://t.me/crunchy_network
Twitter: https://twitter.com/CrunchyTez
Website: https://app.crunchy.network/#/