Penguin Launchpad: BooFinance IDO Tiers are Here!
How do normal Launchpads work?
A launchpad platform is a tool that allows projects to distribute their new tokens to as broad an audience as possible in a fair fashion. As a result, projects benefit from the added exposure, easy token distribution and can focus on what matters most, building value through their token and products.
In theory, it sounds great. Unfortunately, this is not the case with most launchpad platforms that exist within the crypto sphere today. Many platforms have centralized their token for the benefit of the developer team and keep upwards of 30% of their launchpad token’s supply for developers, advisors, etc. They also avoid a fair launch to centralize most of their launchpad allocations in the hands of as few as 5 to 8 individuals.
How did we create the best Launchpad on Avalanche?
Instead of basing our Launchpad in a new token with no utility or inherent value, we’ve decided to utilize iPEFI to ensure that no centralized entity can manipulate the token offering for their interests. iPEFI is the token that represents staked $PEFI, which is a product of a fair launch and is famed for being one of the most decentralized tokens within the Avalanche Ecosystem.
How can you participate in the Penguin Launchpad?
The amount of BOOFI 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 through Pangolin or Trader Joe. Follow this guide to learn how to stake your PEFI into the Nest to receive iPEFI.
What is iPEFI?
iPEFI is an ARC20 token that is always exchangeable for PEFI. When you stake your PEFI into the iPEFI Nest, you effectively exchange your PEFI for iPEFI. The Nest is the primary single-asset staking mechanism on the Penguin Finance ecosystem. All fees collected within the Penguin Finance Ecosystem are directly distributed to iPEFI holders.
Once you trade your PEFI for iPEFI, your PEFI value begins to grow. Your iPEFI can only ever be worth more than PEFI, and thus it’s the ultimate investment in Penguin Finance. Additionally, Paper Hand Penalties are collected from paper-handed polar bears and distributed to the Nest, significantly increasing APY.
Check out our How to Use the Nest step-by-step guide to get started with staking.
- The highest single-asset staking APY on Avalanche.
- There is no risk of impermanent loss.
- The Nest collects rewards automatically! You don’t have to worry about reinvesting.
- Future access to PEFI governance decisions through the Penguin DAO.
- Exclusive Airdrops.
- Exclusive access to the Penguin Emperor and Penguin Arena dApps.
Introducing the Penguin Launchpad Tiers (Exclusive to BooFinance Distribution):
Tier I: Ghoul (500 iPEFI minimum)
This is the minimum amount of iPEFI you must have to acquire BOOFI tokens through the Penguin Launchpad. If you don’t have enough iPEFI, you can participate in the upcoming Club Penguin initiative for free BOOFI, SHERPA, AVAX, and other tokens.
Any wallet with at least 500 iPEFI tokens will receive:
- 1 x Guaranteed allocation for every 500 iPEFI tokens.
- BOOFI tokens will be offered at $0.125/BOOFI to Ghouls.
- 1 x Rare Ghoul NFT
Tier II: Reaper (10,000 iPEFI or more)
Any wallet with at least 10,000 iPEFI tokens will receive:
- 1 x Guaranteed allocation for every 500 iPEFI tokens.
- 1.5 x Bonus allocation for every 5000 iPEFI tokens (15% bonus allocations).
- BOOFI tokens will be offered at $0.115/BOOFI each to Reapers (8% discount).
- 1 x Epic Reaper NFT
Tier III: Demonlord (50,000 iPEFI or more)
Any wallet with at least 50,000 iPEFI tokens will receive:
- 1 x Guaranteed allocation for every 500 iPEFI tokens
- 2.5 x Bonus allocations for every 5000 iPEFI tokens (25% bonus allocations).
- BOOFI tokens will be offered at $0.1/BOOFI each to Demonlords (20% discount).
- 1 x Legendary Demonlord NFT
What is an allocation?
An allocation refers to a share of all BOOFI tokens to be distributed. The number of BOOFI tokens you can acquire will depend on the number of allocations you’ve earned. For example: if there are 100 total allocations, with 5 allocations, you’ll be able to acquire up to 5% of all BOOFI tokens distributed through the Launchpad.
The numbers used for the example are for example purposes only. There will be much more total allocations on the actual event.
How can I acquire the BOOFI tokens for my entitled share?
You’ll be able to exchange PEFI to get BOOFI tokens at the exchange rate for your tier. The price of PEFI will be determined at the start of the Launchpad event. Hence, we recommend having enough PEFI to cover your allocation amount since it may fluctuate because of interest in the $BOOFI Launchpad distribution.
How will the Launchpad event work?
On September 24th, the allocation staking phase will commence. Once released, users will have five days to stake their iPEFI into the Launchpad, and it’ll get locked for the remainder of the event.
The day after the staking phase has ended, the distribution of BOOFI will begin. Distribution starts on September 30th, consisting of users with allocation power exchanging PEFI for cheap BOOFI tokens. You’ll have seven days to buy your tokens, and once the event is over, we’ll re-distribute any BOOFI tokens that didn’t sell through our Club Penguin staking dApp.
Disclaimer: The information and stipulations outlined in this article are subject to change. This is not the final guideline for the token distribution, and thus, you should not consider any information provided within this article as final. Lastly, 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. Please get advice from a registered financial advisor.
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.