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PancakeSwap, a leading decentralised exchange (DEX) platform with over $1.52 billion in total locked-value, is seeking the community’s vote on whether to support the upcoming IFO of decentralised stablecoin protocol Sable Finance.
Sable Finance is built on the BNB Chain, and its Beta will utilise BNB collateral. Meanwhile, Sable V2, which is expected to go live in Q4, will bring multi-asset LSDfi collateralization, including for liquid staked ETH on the BNB Chain and Arbitrum.
While PancakeSwap published the proposal on July 20, voting opened at 0900 UTC on July 21 and will end on July 22. If the community adopts the proposal, PancakeSwap has scheduled an AMA on July 25 for more discussion on the initial farming offering.
When will the IFO take place?
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Per the IFO sale details, both the private and public sale will be between 1200 UTC and 1400 UTC on Wednesday, July 26, 2023. The private sale will only be open to PancakeSquad NFT holders, or users with 1,000+ points. On the other hand, the public sale will be open to anyone with CAKE tokens and is able to stake in the SABLE Syrup pool.
Sable Finance targets raising $780,000 from the sale, with 13,000,000 SABLE representing 13% of its total supply on offer. The price per token will be $0.060.
According to PancakeSwap, the token vesting schedule for the 13 million SABLE has been highlighted as 20% immediate unlock after the sale, while the remaining 80% will be unlocked block-by-block over the next 90 days.
CAKE, PancakeSwap’s native token, was trading around $1.55 at the time of writing. According to data from CoinGecko, the token’s price has declined by about 3% in the past week but is up 11% over the past 30 days.