Penguin Launchpad: BinaryCat IDO Tiers & Guidelines

These past few weeks have been very exciting for Penguin Finance users, as we’ve proven just how beneficial being a Penguin really is. By reviving the Penguin Launchpad and distributing Avalanche Rush AVAX incentives through the Igloos, PEFI has completely decoupled from the rest of the markets and has gained traction across the crypto space.

Tomorrow, Friday 17th will be even more exciting, as the registration phase for the BinaryCat IDO goes live on the Penguin Launchpad. This time around, the barrier of entry to participate has been halved, and there’ll be over twice the number of allocations.

Additionally, we’ve gotten rid of lockup periods and completely revamped our Launchpad page with new information and a friendlier participation process. Whether you’re a new user or an OG Penguin, here are some guidelines to help you successfully participate in the BinaryCat event.

How can you participate in the Penguin Launchpad?

The amount of KITTY you’ll be able to purchase will depend on the amount of iPEFI you hold. If you don’t have any PEFI yet, you can buy it through the most popular Avalanche DEXs: Pangolin and Trader Joe. Once you’ve acquired PEFI, follow this guide to learn how to stake it into the Nest to receive iPEFI.

Introducing the Penguin Launchpad Tiers (Exclusive to BinaryCat Distribution):

Tier I: GrumpyCat (250 iPEFI minimum)

This is the minimum amount of iPEFI you must have to acquire KITTY tokens through the Penguin Launchpad. If you don’t have enough iPEFI, you can participate in the upcoming Club Penguin initiative, in which we’ll distribute the unsold KITTY tokens.

Any wallet with at least 250 iPEFI tokens will receive:

  • 1 x Guaranteed allocation for every 250 iPEFI tokens.

Tier II: AstroCat (6,000 iPEFI or more)

Any wallet with at least 6,000 iPEFI tokens will receive:

  • 1 x Guaranteed allocation for every 250 iPEFI tokens.
  • 2.5% bonus on all allocation points.

Tier III: NyanCat (60,000 iPEFI or more)

Any wallet with at least 60,000 iPEFI tokens will receive:

  • 1 x Guaranteed allocation for every 250 iPEFI tokens
  • 5% bonus on all allocation points.
  • 1 x Legendary BinaryCat Penguin Collectible

Allocation Airdrop explained: Why it’s important you hold your iPEFI throughout the event

Penguin Finance has redesigned how the launchpad works, with a new method of distributing purchasing power to users: Allocation Airdrops. By shifting to this new method of participation, users won’t have to lock up their tokens in another contract and be unable to use their iPEFI tokens for other purposes, such as the Club Penguin or iPEFI Igloo.

That being said, once you register it is essential you hold these tokens for the remainder of the event, as the snapshot that will determine your allocations will be taken at a random point in time. This means that after registration if you sell your tokens you most likely won’t receive a share. To guarantee yourself a spot in the BinaryCat launchpad, you must hold your tokens until the distribution phase starts.

Afterward, you will receive your allocations to purchase KITTY.

What is an allocation?

An allocation represents a share of all KITTY tokens to be distributed. The number of KITTY tokens you can acquire will depend on the number of allocation points (AP) you have.

How can I acquire the KITTY tokens for my entitled share?

You’ll be able to exchange PEFI (not iPEFI) to get KITTY tokens at the exchange rate for your tier. The price of PEFI will be determined at the start of the distribution phase to have an accurate exchange rate. We recommend having enough PEFI to cover your allocation amount since the price may fluctuate due to interest in the $KITTY Launchpad distribution.

How will the Launchpad event work?

On Dec 17th at 18:00 UTC, the registration will start and users with over 250 iPEFI will be able to opt-in for the BinaryCat IDO. There’s a 4-day window to register. After this time has passed (Dec 21st 23:59 UTC), new users won’t be able to register.

On Dec 22nd 18:00 UTC, the distribution phase for KITTY will begin. It’ll consist of users exchanging PEFI for KITTY tokens. You’ll have 5 days to buy your tokens, and once the event (Dec 27th) is over, we’ll re-distribute any leftover KITTY tokens through our Club Penguin staking dApp.

Disclaimer: You should do your due diligence before engaging in any decision. IDOs can be a risky endeavor given the considerable volatility swings that tokens have in their infancy.

About Penguin Finance

Penguin Finance is a platform powered by Avalanche, building an innovative set of decentralized applications, financial products, and documentation for technologically savvy individuals and those with absolutely no knowledge of cryptocurrency.

We’re bridging the gap between DeFi and mass adoption by offering ultra-low fees, an intuitive UX design, and the best documentation/tutorials. PeFi is made for penguins by penguins.

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Penguin Finance (PeFi) is an exciting new yield farming project on $AVAX.