PancakeSwap Hosts First IFO on Aptos for BlueMove NFT Marketplace – BSC NEWS

PancakeSwap is hosting its first Initial Farm Offering event on the Aptos Network, as part of the launch of the BlueMove NFT marketplace's MOVE token.
PancakeSwap is rolling out its suite of products on the Aptos Network, with its first Initial Farm Offering (IFO) set for Feb. 9. The IFO is intended to raise $400,000 for the BlueMove NFT marketplace through the sale of its MOVE governance token.
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Soon: https://t.co/6EPSXpWXbr pic.twitter.com/eP0TuvR4QH
From 12:00-14:00 UTC on Feb. 9, users who hold $CAKE on Aptos can participate in the sale, with 10 million $MOVE on the block for $0.04 apiece.
Unlike IFOs on BNB Chain, participants in the BlueMove IFO are not required to stake or lock $CAKE — they just have to hold $CAKE on Aptos and commit their tokens to the sale.
1/12 🌊 BlueMove IFO will take place on Aptos PancakeSwap on Thu, 9 Feb from 1200-1400 UTC!

To clear up a few FAQs, read this thread 🧵
PancakeSwap is using the Overflow method of allocation, so if the IFO is oversubscribed, users will receive the percentage of the supply they committed to purchasing, along with the relevant $CAKE refund.
Upon the Move Token Generation Event (TGE … or ‘launch’), 40% of the tokens will be unlocked (i.e. made available to sell or trade), with the remaining 60% unlocked over three months.
The 10 million $MOVE in the IFO represents 3.33% of the total token supply.
9/12 How many tokens will be unlocked from IFO on TGE?

40% of tokens will be unlocked on TGE, and the remaining 60% will be unlocked block-by-block over 3 months.
For detailed information on the Overflow method and the IFO, read this PancakeSwap Medium post.
As part of the IFO, PancakeSwap is hosting a year-long $MOVE Syrup Pool and a 120-day $MOVE-$APT Farm.
As BlueMove’s name implies, the NFT Marketplace is live on both the Aptos mainnet and the Sui testnet. Aptos and Sui are blockchains powered by the Move programming language that was originally developed for Facebook’s scrabbed Diem project.
PancakeSwap is a Decentralized Exchange (DEX) built on BNB Chain. It offers users various features such as Liquidity Pools, Swapping, Yield Farming, Syrup Pools, Automated Market Maker, Initial Farm Offering (IFO), NFT profile system, and many others.
In addition, the protocol helps users make the most out of their crypto assets by trading, earning through yield farming, and winning via lottery, prediction, and NFT collectibles. With the highest trading volumes in the market, PancakeSwap is the leading DEX on the BNB Chain.
Website | Twitter | Medium | GitHub
Aptos is a new, independent project focused on delivering the safest and most production-ready Layer 1 blockchain in the world. The team includes the original creators, researchers, designers, and builders of Diem, the blockchain that was first built to serve this purpose.
Website | Twitter | Telegram | Medium | Discord |
Both Polkadot’s largest community in China, and the founder of a now-shuttered project, have taken to social media to voice their concerns about one of the largest ecosystems in the industry by market capitalization.
PolkaWorld, Polkadot’s largest community in China, according to Wu Blockchain, has halted operations.
PolkaWorld, which made the announcement on X (Twitter), points to OpenGov, Polkadot’s initiative aimed at furthering decentralized governance, as the driving factor behind the winding down of its operations.
According to PolkaWorld, the introduction of OpenGov has rendered treasury management a “most controversial aspect” and has resulted in “long-term contributors and organizations” being “rejected by the treasury” – Many of which are now “leaving the Polkadot ecosystem”.
In its announcement, PolkaWorld explained that the community is fearful of converting treasury funds into cash, presumably owing to supply pressure, and that it therefore tends to “vote against all proposals”.
PolkaWorld concluded its message with a positive note, however:
Interestingly, PolkaWorld’s post was quoted above a 25-post thread posted by Markian Ivanichok – the founder of Polkadot ecosystem project, Brushfam.
In the thread, Ivanichok explained the startup’s journey, beginning at a time when Polkadot was a “promising technology”. However, the founder quickly went on to voice his frustration with the state of the Polkadot ecosystem today. 
It was further detailed how a proposal made by 727 Ventures, of which Ivanichok is also the founder, for an offline business development event, was shut down by “valorous $DOT voters”.
From there, Ivanichok’s critique only grew harsher:
Polkadot was one of a handful of names to dominate the cryptocurrency ecosystem, and accompanying headlines, throughout the 2021 bull market, and its founder being a co-founder of Ethereum was impressive in and of itself. 
$DOT was a sweetheart of the blockchain ecosystem, boasting institutional adoption, and a market capitalization of nearly $53 billion. Since then, however, its market cap has shed more than 90% of its value, and problems in the ecosystem are beginning to emerge, demonstrated by comments detailed above.
But is it really the end for $DOT…?

Though the crypto-world is undeniably wrought with surprises (both good and bad), it certainly seems unlikely that $DOT, and the wider Polkadot ecosystem, will fade to inexistence any time soon. $DOT still commands a market capitalization of around $5 billion, and there exists dry powder in its arsenal even if, at present, it seems unwilling to distribute it.
Whilst matters are certainly looking bleaker for Polkadot in recent months, still the 13th largest cryptocurrency, it may still be a name worth watching. 
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Buy Crypto with a bank transfer, credit or debit card, P2P exchange, and more. Not investment advice. All trading risk. Terms apply.
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Buy Crypto with a bank transfer, credit or debit card, P2P exchange, and more. Not investment advice. All trading risk. Terms apply.

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