I have written about PenguinFinance before in the IP Address Guide, for example in my article on how to earn passive income with cryptocurrencies. But, I have just had the chance to take part in my first IDO on PenguinFinance in which 20% of the total supply of BOOFI tokens was sold to those who participated in the Launchpad project. So, I joined in on the fun. Was it worth it? Would I do it again? Will I do it again with future projects launching at the PenguinFinance platform?
Just for your information, there was another IDO on PenguinFinance a while ago (Sherpa). I didn’t join that one, but looking at the numbers and comparing the current price of the token with the initial sale price, I had hopes that we would see something similar with the BooFinance launchpad project on PenguinFinance as well. How did it go?
PenguinFinance is a platform running on the Avalanche blockchain, and it is packed with competitions, staking opportunities, farming opportunities, NFTs, games, and much more. You can find their website at www.penguinfinance.org.
What was the BooFinance IDO like?
There are a couple of areas in which the IDO could have been much better. It was very hard to get answers to questions relating to the BooFinance project, and we had to wait for a long time for the documentation about the project to be released. Throughout the process, the best place to get help and find answers about the project wasn’t the BooFinance Discord channel, but the PenguinFinance Discord. The crew and team members there are incredibly helpful and they did their uttermost and sometimes even more than that to try to answer and help those who had questions about the launchpad project and about the Boofi project itself.
But, before the end of the staking period, the information was also released by BooFinance, and by the time the distribution and trading started on September 30th at 22.00 (CET), everyone had the necessary information in order to decide whether or not they wanted to buy the tokens and invest in the project or not.
Was it worth joining? Seen from a financial perspective!
To be honest, we haven’t been able to make LP tool token soup in the cauldrons of BooFinance yet, so as of now, I can just answer this based on what I have experienced so far.
Seen from a financial perspective, you needed 500 iPefi tokens in order to get 1 allocation. If you had 1000 iPefi tokens staked for the project, you would have received 2 allocations. With every allocation, you received a little bit less than 100 Boofi tokens. And, the price of one Boofi token was $0,125. What does that mean?
If you had one allocation, you would get approximately 100 Boofi tokens and pay $12.5 (in Pefi tokens) for this.
You will also receive an NFT that can be used on the Boofi platform, but so far, I haven’t heard much about the NFT. I guess that will turn useful only after the actual launch of the BooFinance application on their website.
What if I just dumped all my Boofi tokens at once?
Let us say that you decide to dump all those Boofi tokens at once. First, you paid with 6 Pefi tokens in order to get 100 Boofi tokens during the token sale. Now you decide to sell your 100 Boofi tokens at once. If you did that, then you would have received approximately 50 Pefi tokens in return. That is almost 10x more than what you actually spent on buying those tokens in the first place.
Immediately after trading opening at TraderJoe, BOOFI was selling for approximately 10x more than the price during the IDO.
Now, I have noticed that many people do not dump their tokens. In fact, many are keeping them, and quite a lot of people are buying even more tokens. It can also be seen that many have used their BOOFI tokens and added them to the liquidity pool for the PEFI-BOOFI pair on TraderJoe. Right after the start of the token distribution, there were only $10,000 worth of tokens in the liquidity pool for PEFI-BOOFI, but now, two hours later, there are tokens worth more than $50,000 in the same pool. 12 hours later, the pool has a size of tokens worth more than $100,000 and it is expected to grow rapidly as the PenguinFinance farm will give further rewards for joining the liquidity pool on TraderJoe.
- Want to read about another project on the Avalanche blockchain that is a fork of OlympusDAO (on of the most hyped cryptos online at the moment? Check our recent article about Wonderland ($TIME).
What is the conclusion?
If you joined the launchpad project on PenguinFinance to earn some quick bucks, this was successful. If you bought the Boofi tokens to use them on the platform, you for sure got your tokens at a very good price. Now you just have to wait for the application to be launched.
I would happily join this once again, and the only thing now is that I need more iPefi tokens in order to get more allocations in the future, something that will make it all the more fun.
This has all in all been a positive experience, and I wish BooFinance all the best in the future and I will their platform will be a success. And I look forward to more similar projects to launch on PenguinFinance in the coming weeks and months and years!