How to Participate in an IFO
Last updated
Last updated
An IFO on LFGSwap is an Initial Farm Offering. IFOs let you get early access to LFGSwap’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.
To take part in an IFO, you'll need a LFGSwap profile. Having a profile protects the security of the IFO and makes it fair for everyone. The small cost of a profile also helps keep the total LFG supply down by burning a little LFG from each profile created. To create a profile, you can follow our How to Set Up an NFT Profile guide here.
LLP determines the maximum LFG commit limit in the LFGSwap IFO public sales. For example, if you have 200 LLP, you will be able to commit 200 LFG in any upcoming IFO public sales. The number of LLP you have is based on the number of LFG staked in the fixed-term LFG staking pool and the total staking duration of your current fixed-term staking position.
To get LLP, go to the IFO page here. Locate the LFG pool card, and click "Locked" under "Stake LFG" to proceed.
To learn more about LLP and how is LLP calculated, check out the doc here.
Once you have a profile and LLP, you will also need to prepare some LFG tokens in your wallet. These will be used to buy the tokens being offered in the IFO. If you are currently staking your LFG 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 here. Scroll down to the ‘How to Take Part’ section.
You should see your progress is currently at step 3, Commit LFG, like in the picture above. If for some reason you aren’t at step 3, go back through the guides linked up higher on this page.
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!
IFOs will have a countdown at the top of the IFO page.
The (blocks) link will open the EthereumPoW explorer in a new window at the starting block.
There isn’t a set time before an IFO goes live for the countdown to start, so check LFSwap’s official social media accounts for news about upcoming IFO times.
The countdown and announcements will give you plenty of time to prepare.
While an IFO is live, you will have 1 hour to participate. If you have done the steps above and have LFG tokens in your wallet, it doesn’t take long at all to buy the new token.
On 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.
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.
In the Public Sale, each participant will be able to commit as much LFG as they would like up to the number of LFG as the limit. If you buy tokens with the Public Sale you will have to pay a small fee. To learn more about the participation fees, please refer to the details in the IFO proposal (vote) for the specifics of the IFO you want to take part in.
The final amount of IFO tokens one will get will be determined using the “Overflow” sale method.
To 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 LFG 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 “Overflow” sale method.
Overflow Sale Method
Basically, the more you put in, the more you will get, and you’ll get back anything that doesn’t get spent.
In the “Overflow” method, users can subscribe as much as they want to the IFO, and their final allocation will be based on the amount of funds they put in as a percentage of all funds put in by other users at the time the sale ends. Users will get back any leftover funds when they claim their tokens after the sale.
1. Let's commit some LFG to the Public Sale. Click the Commit button under Public Sale. A window will appear.
2. In the new window, choose the amount of LFG you want to commit in the field.
Remember, you can only commit up to to the number of LLP you have. And any LFG you cannot spend on new tokens will be returned to you, so you don’t need to worry about losing any tokens.
3. Click the Confirm button and confirm the action with your wallet. Once your LFG are committed, the Public Sale section will show your committed amount.
You can add more LFG at any time during the IFO event as long as you haven’t reached the maximum limit. If you have, you will see "Max Committed" on the faded button. Keep in mind there is a fee for the Public Sale, listed next to “Additional fee”.
If you don’t want to commit more LFG to the IFO, you can skip ahead to the next section, Collecting your new tokens.
1. The checkbox in the Private Sale card will light up if you are eligible to participate in the Private Sale. To use your LFG in the Private Sale, click the Commit button under Private Sale. A window will appear.
2. In the new window, choose the amount of LFG you want to commit in the field.
Remember, you can only commit the amount of LFG equal to the maximum commit limit for the Private Sale. And any LFG you cannot spend on new tokens will be returned to you, so you don’t need to worry about losing any tokens.
3. Click the Confirm button and confirm the action with your wallet. Once your LFG are committed, the Private Sale section will show your committed amount.
You can add more LFG at any time during the IFO event as long as you haven’t reached the maximum limit. If you have, you will see "Max Committed" on the faded button.
When 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 LFG you have committed to the IFO that aren't used to buy new tokens will be returned to you.
If 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.
IFO without token vesting
Collecting 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 vesting
Once 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.
Now 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.
