How to Participate in an IFO
Last updated
Last updated
We will be bringing several new updates to the IFO process over the coming weeks.
An IFO on MetapleSwap is an Initial Farm Offering. IFOs let you get early access to MetapleSwap’s new tokens as soon as they are added. By being one of the first to have a new token, you can benefit from higher rewards!IFOs are available for a very limited time. Get ready ahead of the event to make sure you can participate!
Before you can join an IFO there are a few things you will need to do to get ready. Follow the steps below to make sure you're ready to buy when the IFO event goes live.
iMLX determines the maximum MLX commit limit in the MetapleSwap IFO public sales. For example, if you have 200 MLX , you will be able to commit 200 iMLX in any upcoming IFO public sales. The number of iMLX you have is based on the number of MLX staked in the fixed-term MLX locking pool and the total staking duration of your current fixed-term staking position.
Once you have iMLX, you will also need to prepare some MLX tokens in your wallet. These will be used to buy the tokens being offered in the IFO. If you are currently staking your MLX in a pool, unstake them prior to the IFO and make sure the tokens are available in your wallet.
Once you’ve followed the steps above, go back to the IFO page. Commit MLX.And that’s it; you’re now ready to participate in an IFO when it goes live!
The IFO is a limited-time event; it usually only lasts one or two hours. You'll want to check the proposal in detail for the IFO timeframe to ensure you don’t miss out!Check the IFO pageIFOs will have a countdown at the top of the IFO page.The (blocks) link will open the BscScan explorer in a new window at the starting block.Use social mediaThere isn’t a set time before an IFO goes live for the countdown to start, so check MetapleSwap’s official social media accounts for news about upcoming IFO times.The countdown and announcements will give you plenty of time to prepare.Once the IFO is liveWhile an IFO is live, you will have 1 hour to participate. If you have done the steps above and have MLX tokens in your wallet, it doesn’t take long at all to buy the new token.Checking if the IFO is liveOn the IFO page, look where the event start countdown was. You will now see a countdown until the IFO sale ends instead. This will let you know how much time you have to buy the offered tokens.Which type of sale should I choose: Basic or Unlimited?There are two sales available: Public Sale and Private Sale. It's possible to participate in both sales if you want to, but each has conditions. You will need to choose which sale you would like to participate in.Public SaleIn the Public Sale, each participant will be able to commit as much MLX as they would like up to the number of iMLX as the limit. If you buy tokens with the Public Sale you will have to pay a small fee.The final amount of IFO tokens one will get will be determined using the basic sale method.Private SaleTo participate in the new Private Sale, participants will need to meet at least one of the requirements presented on the IFO sale card UI.Each participant will be able to commit any amount of MLX up to the maximum commit limit for the Private Sale, which will be published along with the IFO voting proposal. There's no fee in the Private Sale.The final amount of IFO tokens one will get will be determined using the basic sale method.After the IFO has endedWhen the IFO has ended, you will be able to collect your new tokens. How many you will get depends on how many people participated in the IFO. Any extra MLX you have committed to the IFO that aren't used to buy new tokens will be returned to you.Token VestingIf an IFO has token vesting, the details and rules of the vesting will be elaborated in the vote proposal. Be sure to check and get familiar with the vesting schedule before committing to an IFO. You can also click this button in the detail section of an IFO sale to check the proposal directly.Collecting your new tokensIFO without token vestingCollecting your new tokens is incredibly easy. Just go back to the IFO page once the IFO event is finished and click the Claim button under the sale window. Confirm the action with your wallet. You'll now have your new tokens. Congratulations!IFO with token vestingOnce the IFO sale is finished. A vesting interface will be presented in the IFO sale section. You can find all the useful information about the entire vesting schedule. Including but not limited to:The total amount of purchased token.The number of tokens has already been released.The number of tokens available to claim.When the release schedule is finished.You can click the Claim button to claim any tokens available at the moment.Throughout the entire vesting schedule, you can come back to the IFO page at any time and claim any available tokens.Using your new tokens in farmsNow that you've got your shiny new tokens, you can put them to work for you!You can add liquidity for your token to receive LP Tokens. Your LP Tokens will let you collect trading fees for your pair. Read about adding liquidity here.If you've added liquidity for your new token, you can also use your new LP Tokens to yield farm and earn more rewards! Read about farming here.
