BooFinance will be launched on PenguinFinance – Is it worth joining?

Have you ever been a part of so-called ICOs (Initial Coin Offerings) or an IEO (Initial Exchange Offering) or something like that? Binance has done this several times and by staking your BNB tokens, you can get a ticket to join the token offering. With Binance, we have often seen that the tokens are sold at 10x the initial price immediately after listing. What will happen with the BooFinance token offering on PenguinFinance? Should you join the party?

I have earlier written about PenguinFinance in my article on generating passive income in the crypto world in 2021. I am a big fan of the platform with all the activities available, and now they will serve as the foundation for a BooFinance token offering. Earlier, there has been one token offering like this through PenguinFinance and that was the sale of Sherpa. The sale price of the token was $0.15 and the Sherpa token is now selling at $2.15 at Pangolin and TraderJoe (two very popular and great decentralized exchanges on the Avalanche blockchain). When the token first hit the exchanges, it sold at $1.2. In other words, those who joined the launchpad sale on PenguinFinance immediately experience a 10x profit based on the token sale.

Can we expect something similar with BooFinance?


The BooFinance tokensale on Penguin Finance

It is important to notice that in order to join the sale, you need to stake more than 500 iPefi tokens on Penguin Finance. The latest time to stake such tokens and to apply for the BooFinance sale is September 29th.

boofinance token sale

If you have a wallet with more than 500 iPefi tokens in the nest, you have the chance to enjoy the following.

  • 1 x Guaranteed allocation for every 500 iPEFI tokens.
  • BOOFI tokens will be offered at $0.125/BOOFI to Ghouls.
  • 1 x Rare Ghoul NFT

If you have more than 10,000 iPefi tokens, you will be entitled to the following.

  • 1 x Guaranteed allocation for every 500 iPEFI tokens.
  • 1.5 x Bonus allocation for every 5000 iPEFI tokens (15% bonus allocations).
  • BOOFI tokens will be offered at $0.115/BOOFI each to Reapers (8% discount).
  • 1 x Epic Reaper NFT

Should you be lucky enough to own more than 50,000 iPefi tokens, then you can look forward to the following.

  • 1 x Guaranteed allocation for every 500 iPEFI tokens
  • 2.5 x Bonus allocations for every 5000 iPEFI tokens (25% bonus allocations).
  • BOOFI tokens will be offered at $0.1/BOOFI each to Demonlords (20% discount).
  • 1 x Legendary Demonlord NFT

According to the official BooFinance website, the total value of the token sale that will take place on Penguin Finance should be $1,000,000 in tokens.

boofinance token sale

If we count $0.15 as the average price of the tokens sold, then that means that there will be a total of somewhere between 6,000,000 and 7,000,000 tokens sold during the initial token sale. If we then consider the fact that this is 20% of the total number of tokens, we are looking at a total token number of somewhere around 30,000,000-40,000,000 BOO tokens in total.

You can take a closer look at the Tokenomics for BooFinance right here. The calculation above is just based on some easy calculations, but they might also be terribly wrong, but based on the numbers found here and counting with an average token price of $0.15 during the token sale, they should be quite accurate.

What is BooFinance about?

BooFinance will run on the Avalanche blockchain, making transactions both cheap and fast (I have experienced that doing several transactions on the different exchanges and in Penguin Finance myself).

According to the BooFinance website, this is their vision.

We want to create a protocol that doesn’t add to the noise on DeFi, and instead stands out from it. Many projects in the space are “just another AMM”, and we want to make sure that doesn’t occur to us. We envision a project that is constantly coming up with clever and fun ways to bring our users a different product than what competition can provide.

To be honest, it is quite vague, so it is hard to understand exactly what they mean by this. They are promising to run with high APYs, and that is very cool… but I am personally curious to learn more about the project!

But, one of the keywords is the so-called Cauldron. If you have experience with liquidity pools, you know that you have to gather rewards from all liquidity pools in separate actions. With BooFinance, you can gather all your liquidity pool tokens in one big cauldron, and that will create a fantastic soup (or something like that). Here is the official explanation of how it will work.

The Cauldron (Yield Farms)
The ghosts behind BooFinance have been cooking up something special. If you’re already in DeFi, you’re accustomed to LP farming. We’re taking this up a notch.
Here’s how:
1. The Cauldron. All LP tokens are added to a single pool.
2. Rewards. Distributed based on the $ value of the LP tokens in the pool.
3. Booster. Each LP token has a unique bonus multiplier. This bonus will change depending on seasonal events.
This makes the yield farming experience simple. No more rummaging through multiple farms. Trying to find your long-lost AVAX/PEFI pair on WhatDoYouCallItSwap. No …
One, simple, profit optimized, other-worldly, farm for all your needs.

Should I invest based on this knowledge?

We know very little about BooFinance as of right now. And considering that the token sale is only a few days ahead, that might sound like a red flag sign. To be honest, it is! But, we also know that things are happening fast in the crypto world, and Jeff Bezos said that “if there is a 10% chance to enjoy a 100x profit, you should take it every time“… we might conclude with the fact that it is worth investing in BooFinance as well!

What do you think? Will you join the BooFinance token sale on PenguinFinance? Do you like the sound of the project? I would love to hear your thoughts and comments!

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