[PancakeSwap] Introducing PancakeSwap Farm Auctions. Get Instant Liquidity For Your Token With CAKE!
BSC Projects teams! Have you ever hoped for a quick and simple way to bring volume and liquidity for your token on BSC, while at the same time rewarding your token liquidity providers with sweet CAKE to farm?
If yes, then the new PancakeSwap Farm Auction is for you. Learn more about how to participate and get a 1x CAKE farm for your token below! We will give a further update when the first auction starts within 1–2 weeks.
Please note — Only projects that have been whitelisted beforehand will be able to participate in the auction.
What are Farm Auctions?
If you’ve been following our farm and syrup pools over the last 6 months, you would have noticed that we’ve spaced them out to around one a day to ensure that our farm multiples are not overly diluted. However, the unfortunate downside of this is that we have not been able to accommodate the sheer number of projects on BSC that have applied.
To solve this (and to also let fair market forces take over), we are introducing weekly Farm Auctions, where project teams can compete with each other to bid for a week-long incentivized farm for their token, by bidding with CAKE tokens.
Not only will this bootstrap and bring immediate liquidity for their token, it also means that their liquidity providers can farm CAKE at a high APY!
How can I bid for a farm?
To bid for a farm in the auction, you will need to apply here for some light screening of your project and for the address that you wish to contribute CAKE from. Your address will be connected to your project’s token address and placed on a participation whitelist.
Once your address is on the whitelist, you may head to our auction page when an auction is live and bid for a farm for your token with CAKE. The CAKE must be contributed from your whitelisted address.
How do I win the auction?
For the first farm auction to start in 1–2 weeks, we will provide FIVE 1x CAKE multiplier farms for projects to bid on. Simply bid enough CAKE to be in the top five projects by the end of the auction to win a 1x CAKE multiplier farm for your token! The CAKE tokens contributed by the five winning projects will be taken as payment and burned in each week’s CAKE burn.
If you do not end up contributing enough CAKE to be in the top five projects, do not worry! You will be able to claim your CAKE back and try again in the next farm auction in a week.