IFOs: Initial Farm Offerings on Polycat Finance
It’s time. We’ve been planning this for a while.
First of all, what’s an IFO?
- A new project gets funded
- Polycat burns FISH
- You get new tokens.
We allow innovative new projects to get listed on our platform to raise funds.
The sale of a new project’s token will mainly be in USDC, along a small FISH tax that gets burned.
Why did we choose this method?
As our supply is limited (3 million FISH will only ever exist), we don’t want to burn too much too fast.
Another kind of IFO exists where only the native token (FISH) is staked. This causes too much price fluctuation as the token gets bought (and pumps) for the IFO, then sold by the IFO project for funds (then dumps). Even with a 50% burn on the sale, the volatility caused by IFOs can still cause massive swings.
We firmly believe FISH has long-term value and will be worth a lot more than it is now (which is why we haven’t sold any from the developer wallet). We will therefore only allow a small amount of FISH to be burned per sale.
We vet very seriously for IFOs, we dive deep into the project’s fundamentals, structure and plan. Our users will be trading real value for the IFO. We make sure that these projects already have functional code, a full team, a white/litepaper, and an already existing community.
Our first IFO is happening very, very soon. Stay tuned.