The price of Cakepie (CKP) during cIFO is $1.5.
On Jan. 4, the token is set to launch on PancakeSwap. Cakepie is a token associated with Magpie, a project in the realm of decentralized finance (DeFi) yields. Within this project, several tokens exist, including Magpie, Penpie, and Radpie.
Only 1 hour remains until the commencement of our $CKP token cIFO on @PancakeSwap. The countdown is on!
Are you ready?
pic.twitter.com/mBRGKrGLOn
— Cakepie
(@Cakepiexyz_io) January 4, 2024
How does Cakepie work?
Within the Cakepie ecosystem, mCAKE holds a pivotal position. It serves as Cakepie’s counterpart to PancakeSwap’s CAKE token. Users engaging in the conversion of their CAKE tokens to Cakepie receive mCAKE at a 1:1 ratio. Simultaneously, the converted CAKE becomes locked in PancakeSwap as veCAKE under the management of Cakepie.
Participants in the Cakepie ecosystem can leverage mCAKE by placing bets to increase their share of CAKE revenue. Additionally, they have the option to engage in the Initial Farm Offering (IFO) on PancakeSwap through the mCAKE Stability Vault.
CKP, the forthcoming token for revenue management and distribution in Cakepie, offers users the option to secure their CKP tokens by converting them into vlCKP, an abbreviation for Vote-Locked CKP, within the Cakepie platform.
When discussing vlCKP, it’s important to highlight that it enables users to receive a portion of the revenue generated by the Cakepie platform and exert influence over management decisions in both PancakeSwap and Cakepie.
Through the control of Cakepie’s veCAKE voting rights, holders of vlCKP have the ability to shape the distribution of CAKEs within PancakeSwap pools by participating in the voting process. Those possessing vlCKP are entitled to an 8% share of the overall revenue generated by Cakepie and stand to earn rewards from ecosystem partners seeking their voting support.
According to the project spokesperson, Cakepie’s smart contracts have passed audits from BlockSec and PescSheld.
