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?
Hot Cross is a multi-chain tool suite that enables blockchain teams and their communities to thrive. To date, they have developed the following products:
- 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 $HOTCROSS?
The native digital cryptographically-secured ecosystem utility token of Hot Cross ($HOTCROSS) is a transferable representation of attributed functions specified in the protocol/code of Hot Cross, which is designed to play a major role in the functioning of the ecosystem on Hot Cross and intended to be used solely as the primary utility token on the protocol/network which allows users to access a various number of products in the Hot Cross suite.
HOTCROSS Token Distribution
The total supply of HOTCROSS token is 500,000,000. Details:
- 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 start block: Approx. 9am UTC on Thursday 20th May 2021)
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?
TLDR: 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 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:
- Create an active PancakeSwap profile
- Buy CAKE and BNB tokens
- Get CAKE-BNB LP tokens by adding CAKE and BNB liquidity
- While the sale is live (9am — 10am UTC on Thursday 20th May 2021), commit your CAKE-LP tokens to buy HOTCROSS tokens at pancakeswap.finance/ifo
- When the sale is complete, claim your HOTCROSS tokens and your unspent funds will also be sent back to you.
- 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)
Want to participate in the IFO and get the most bang for your buck? This is for you.
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)
As the name suggests, the “Unlimited” session has no limits on the amount each person can contribute. However, this comes at the cost of a participation fee.
The number of tokens available in this format will typically account for 70% of the total sale.
How much is the participation fee?
The participation fee will start at 1%, which is only applied to your contribution to the “Unlimited” session.
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:
- You will need CAKE-BNB LP tokens to participate.
- 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:
Stake CAKE tokens, to earn HOTCROSS tokens!
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
In order to host the HOTCROSS Syrup Pool, we will need to provide a HOTCROSS-BNB farm that will have 2x CAKE rewards for the first 48 hours and then 1x CAKE rewards after that.
Project: Hot Cross (HOTCROSS)
Initial Circulating Supply (Day of sale): 86,750,000 HOTCROSS from initial supply of 500,000,000 HOTCROSS
Completed Audits: Slowmist and Beosin: https://github.com/hotcrosscom/audits/tree/main/cross-token/1.0.0
Telegram (EN): https://t.me/HotCross
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.