DeFi Bank Kalmar to Host IFO on PancakeSwap

According to a PancakeSwap blog post from 24 May, 12.5% of the total supply of KALM tokens will be reserved for the initial farm offering (IFO). Following the IFO, approximately 15% of the total supply will be circulating in the market. 

The token sale event will begin on 27 May at approximately 1:00 PM UTC and last for an hour. Kalmar, the decentralized bank, said it expects to raise $2.5 million in CAKE-BNB LP tokens, setting the sale price of $2 per 1 KALM. 

Kalmar’s tokens will be sold through the Basic and Unlimited sale models, with both being conducted via the Overflow method. In the Overflow method, users can subscribe as much or as little they want to the IFO. The final allocation is then based on the amount they put in as a percentage of all funds put into the sale. Any leftover funds that don’t get spent once the token sale ends are returned to the users.

There will be 855,000 KALM tokens, or 30% of the sale allocation, available in the Unlimited sale. The session has no limits on the amount of CAKE-BNB LP tokens each buyer can contribute but comes with a participation fee of 1%. A total of 375,000 KALM tokens will be allocated to the Basic sale, which has a participation limit of $100 worth of CAKE-BNB LP tokens. 

Kalmar will become the third protocol to host an IFO on PancakeSwap using its updated token sale model. The previous two tokens sales, held by Horizon Protocol and Hot Cross, were hugely successful. Last week’s HOTCROSS IFO saw over $370 million committed, with the Basic and Unlimited sales oversold by 1,528.49% and 33,416.32%, respectively.