Hot Cross (HOTCROSS) IFO to be Hosted on PancakeSwap

CAKE holders, we are delighted to announce Hot Cross (HOTCROSS) as the next Initial Farm Offering to be hosted on the PancakeSwap IFO platform, using the IFO format explained here.

What is Hot Cross?

  • Cross Bridge: An easy-to-use ETH to BSC bridge that has brought a number of fantastic teams into the Binance Smart Chain ecosystem.
  • Cross Pool: Launchpool on Binance Smart Chain, which is launching May 24th and has been audited by 6 of the best firms in the entire industry.
  • Cross Mint: A simple NFT minter that is focused on rapid NFT creation on Binance Smart Chain and Ethereum.
  • Cross Connect: A reusable UI component for connecting to ETH and EVM Network chains like BSC, Heco Chain, and Polygon.
  • Cross API: A soon-to-be open API that contains all information in the Hot Cross ecosystem including pools on Cross Pool, Cross Bridge TVL, the price of LP tokens on PancakeSwap, and much more.

In short, Hot Cross is a tooling company that is ETH and EVM Network focused, with a true passion for building retail-friendly products that blockchain teams need at their disposal.

What is $HOTCROSS?

HOTCROSS Token Distribution

  • 10.0% (50,000,000 HOTCROSS) will be reserved for the IFO on PancakeSwap.
  • 12.5% (62,500,000 HOTCROSS) will be reserved for Incubators and Strategic Placements.
  • 4.4% (22,000,000 HOTCROSS) will be reserved for Liquidity Provision purposes
  • 26.5% (132,500,000 HOTCROSS) will be reserved for Ecosystem Growth
  • 26.6% (133,000,000 HOTCROSS) will be reserved for Protocol Incentives
  • 10.0% (50,000,000 HOTCROSS) will be reserved for the Team allocation
  • 10.0% (50,000,000 HOTCROSS) will be set aside for Reserves

Following the IFO, approximately 17% of the total supply will be circulating in the market.

To learn more about Hot Cross, click https://www.hotcross.com/.

IFO Sale Details

Sale end block: Approx 10am UTC on Thursday 20th May 2021)

Amount to be raised: $2,500,000 USD in CAKE-BNB LP tokens

Tokens to be sold: 50,000,000 HOTCROSS (10% of initial HOTCROSS total supply)

Price per token: 1 HOTCROSS = $0.05 USD

Cake to be burnt from sale: $1,250,000 USD

Method: Basic Sale and Unlimited Sale (Both sales will be conducted via the Overflow method)

What is the “Overflow” sale method?

In the “Overflow” method, users can subscribe as much or as little 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 receive back any leftover funds when they claim their tokens after the sale.

To participate in the IFO:

Before Sale:

  1. Buy CAKE and BNB tokens
  2. Get CAKE-BNB LP tokens by adding CAKE and BNB liquidity

During Sale:

After Sale:

  1. Done! In the case of an overflow you can unstake your remaining CAKE-BNB LP tokens.

If you decide to acquire CAKE-BNB LP tokens before the IFO starts, you can stake them here to earn CAKE token rewards while waiting for the sale.

Please note — while you are holding CAKE-BNB LP tokens you will be at risk of Impermanent Loss.

An Explainer: What are the 2 different sale sessions?

Basic Sale ($750,000, 30% of Sale allocation)

In the “Basic” session, each person can contribute a MAXIMUM of $100 equivalent in CAKE-BNB LP tokens.

The amount of tokens available in this format will typically represent around 30% of the total sale.

Note that the final allocation you receive will still be subject to the total amount raised in this session, but the good news is you’re not battling any whales.

Unlimited Sale ($1,750,000, 70% of Sale Allocation)

The number of tokens available in this format will typically account for 70% of the total sale.

How much is the participation fee?

The 1% participation fee decreases in cliffs, based on the percentage of overflow from the “Unlimited” portion of the sale.

The fee cliff for the Hot Cross IFO is as follows:

In the “Unlimited Sale” method, users can subscribe as much or as little 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 receive back any leftover funds when they claim their tokens after the sale.

Please note — The final USD price per CAKE-BNB LP token will be set a few minutes before the sale starting at block (9AM SGT on Thursday 20th of May 2021) and will be broadcasted on all channels.

While a few things may be subject to initial change, two things are sure:

  1. You will need CAKE-BNB LP tokens to participate.
  2. If the full $2,500,000 USD allocation is raised, then at least $1,250,000 USD of CAKE tokens will be burned forever.

We will also be running a Syrup Pool and Farm for Hot Cross, which will commence at the conclusion of the IFO.

The Syrup Pool:

Total Tokens: 6,000,000 HOTCROSS

Distribution duration: 60 days

Start Time: 10am UTC on May 20th

Finish Time: 10am UTC on July 19th

Token rewards per block: 3.4722 HOTCROSS

The Farm:

Project Details

Website: https://www.hotcross.com/

Initial Circulating Supply (Day of sale): 86,750,000 HOTCROSS from initial supply of 500,000,000 HOTCROSS

Contract Address:

https://bscscan.com/address/0x4FA7163E153419E0E1064e418dd7A99314Ed27b6

Completed Audits: Slowmist and Beosin: https://github.com/hotcrosscom/audits/tree/main/cross-token/1.0.0

Twitter: https://twitter.com/hotcrosscom

Telegram (EN): https://t.me/HotCross

Discord: https://discord.com/invite/RAs2B9Uc

Disclaimer — All projects are subject to both high market risk and volatility. Please, do your own research and full due diligence before even considering investing your funds in any project and please, make your investments very cautiously. PancakeSwap will not be held responsible for any investment losses.

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