tl;dr

• Sable Finance is a decentralized stablecoin protocol that allows users to draw interest-free loans, minting USDS, a USD-pegged stablecoin
• Sable Beta will utilize BNB collateral, while Sable V2 (ETA: Q4) will include multi-asset collateralization, including liquid staked ETH on both BNB Chain and Arbitrum
• There are no previous investors or token sales – the project is 100% community-launched
• PancakeSquad NFT holders and point holders (≥ 1000 points) are eligible for the Private Sale with 20% allocation, while the remaining 80% will be open to a Public Sale
• Flat participation fee of 1% for Public Sales, 0% Participation Fee for Private Sales

Introducing: Community IFO (cIFO) v2.0

As PancakeSwap grows, we recognize that we have a greater responsibility for the ecosystem. Community IFOs will be projects that we believe, while experimental, are potentially important for the ecosystem.

In other words, while these may be riskier plays, cIFO projects will be projects that we believe, if successful, would have a meaningful and positive impact on the community.

For cIFOs, we have also included a short “cIFO Context” description of the impact such projects can have on the community and ecosystem and highlight some of the experimental considerations.

cIFO Context: Sable Finance and the Decentralized Stablecoin Community

Stablecoins play a vital role in any ecosystem. However, currently, the stablecoin landscape is dominated by fiat-backed stables.

Sable Beta (v1 of the protocol) is similar to Liquity Protocol on Ethereum. Liquity’s stablecoin, LUSD, has so far been an effective model for decentralized stablecoins. Hence, we believe that such a model is worth exploring on BNB Chain.

Moreover, with Sable V2, and the inclusion of multi-collateral borrowing, such as Ethereum LSDs, there would be a significant update to this model.

Also, we are not alone in this assessment of Sable’s potential contribution to the BNB Chain Ecosystem – shortly after TGE, their stablecoin USDS will be listed on Wombat Exchange.

Please note, that with most stable-pegged projects, users are exposed to liquidation risks, especially when there is high volatility in the value of underlying assets, or significant increase in the redemption rates. While this can be mitigated with a healthy collateral-to-loan ratio, please Do Your Own Research (DYOR).

Proposal and cIFO Timeline

• Based on previous community feedback, we will publish the proposal on 20 July 0900 UTC, but voting will only start 24 hours later, on 21 July 0900 UTC
• Between proposal publication and the start of voting, please direct any questions you have regarding the cIFO in our #IFO Topic Channel on Telegram, where the Sable Finance team, alongside PancakeSwap Chefs, will be available to answer your questions
• If the Proposal is successful, there will be an AMA on 25 Jul, 1300 UTC for further discussions

What is Sable Finance?

Sable Finance is a decentralized stablecoin protocol built on BNB Chain. It offers a 110% collateral-to-debt ratio against BNB, with the loan itself issued as USDS stablecoin. It will expand to Arbitrum and include liquid staked ETH as collateral in Sable V2.

Sable Beta is the foundation of the protocol: users can borrow USDS by depositing BNB as collateral on BNB Chain. This infrastructure introduces a decentralized and immutable model to establish USDS in the ecosystem.

Sable V2 would be an upgrade of Sable Beta, introducing multi-collateral borrowing on BNB Chain and Arbitrum, including Ethereum LSDs and more, bringing higher yield opportunities and greater capital efficiency to users. More details here.

At the heart of the Sable ecosystem lies the core values of capital efficiency and yield optimization. Both USDS and SABLE holders can unlock enhanced yields through liquidity provisioning in Sable.

By borrowing USDS and participating in Stability Pools, users not only contribute to Sable's stability, but also stand to benefit from potential liquidation gains in the form of BNB or LSDs (scheduled for Q4). Additionally, early adopters of Sable Finance will gain SABLE token incentives as well.

What is $SABLE?

SABLE is the secondary token issued by Sable Finance.

The SABLE token has the following utilities:

• Fee sharing (live at TGE): By staking SABLE-BNB LP tokens, users will capture the fee revenue from loan issuance and redemption, in addition to the trading fees from DEX LP. SABLE rewards will accrue to Sable Beta participants as retrospective rewards.
• Governance (planned for Q4): Governance features will be rolled out in Sable V2, allowing SABLE token holders to lock their SABLE to obtain veSABLE, and vote on the token emission allocation, development and operations of Sable, further decentralizing the protocol.

SABLE Token Distribution

If any of the terms are unclear, please ask our friendly community, or read this article on vesting.

IFO Sale Details

• Sale start time: ~1200 UTC on Wednesday 26 July 2023
• Sale end time: ~1400 UTC on Wednesday 26 July 2023
• Amount to be raised: USD $780,000 in CAKE tokens
• Tokens to be sold: 13,000,000 SABLE (13% of SABLE total supply)
• Price per token: 1 SABLE = $0.060 USD
• Token Vesting Schedule: 20% will be unlocked at Sale end time (~1400 UTC), with the remaining 80% released block-by-block over 90 days.

All CAKE raised from the SABLE token sale will be given to the IFO project. Only CAKE collected from the participation fee will be burnt.

Method: Public Sale and Private Sale (Both conducted via the Overflow method).

What is the “Overflow” sale method?

Basically, the more you put in, the more you will get, and you’ll get back anything that doesn’t get spent. Users can subscribe as much as they want to the cIFO, 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 get back any leftover funds when they claim their tokens after the sale, after accounting for the participation fee.

To participate in the cIFO:

How to participate in Private Sale

BOTH PancakeSquad NFT holders and point holders will get to participate in this cIFO’s private sale.

To participate in cIFO, you can either

• Set PancakeSquad NFT as your Pancake Profile avatar OR
• Have ≥ 1000 points

Do not have enough points to join the private sale? Don’t worry! You can grab your PancakeSquad NFT HERE to gain access to cIFO private sale.

To check the number of points you have, just perform the following steps:

• Click on the wallet dropdown menu
• Go to your profile
• Check the points that you have!

To make sure that your points record is the most up-to-date, please check if you have any unclaimed tokens of CAKE from previous IFO/cIFO sales. Once you have successfully claimed those tokens, your points record will be updated!

How to participate in Public Sale

Refer to the IFO participation guide and iCAKE article.

iCAKE and locked CAKE cannot be used to buy tokens in the cIFO, so you would need a separate amount of CAKE to commit to the cIFO.

For this cIFO, the iCAKE threshold will be adjusted so more Public Sale participants will be eligible for maximum CAKE Commit Limit. We will publicize the iCAKE threshold closer to the cIFO date.

An Explainer: What are the 2 different sale sessions?

Private Sale ($156,000, 20% of Sale allocation)

For the Private Sale, participants are required to:

• Own a Pancake Squad NFT, and set them as your Pancake Profile avatar OR have ≥ 1000 Points.

For this Private Sale, the maximum amount of funds that can be committed per user is $1,000.

The final allocation you receive will still be subject to the total amount raised in this session.

Public Sale ($624,000, 80% of Sale Allocation)

As the name suggests, the Public Sale is open to all.

Participation Fee

In the Public Sale, the participation fee is 1%. This participation fee is applied on a user’s committed funds less the amount used to purchase the cIFO tokens, and will be used to buy back and burn CAKE tokens. Hence, the more oversubscribed an IFO is, the more CAKE tokens will be burned via the participation fee.

In the Private Sale, there is zero participation fee.

Please do your own calculations and only commit funds that you are comfortable with.

The SABLE Syrup Pool:

Stake CAKE tokens to earn SABLE!

• Total Tokens for Syrup Pool: 500,000 SABLE
• Distribution duration: 90 days
• Start time: Shortly after the IFO ends
• Finish time: Approx. 90 days after Syrup Pool launch
• Token rewards per block: 0.192 SABLE

Max Stake per Wallet:

100 CAKE for the first 5 days, then unlimited CAKE staking thereafter – the cap will enable everyone to enjoy pool rewards at a high APY.

For the first 5 days, you need an active PancakeSwap Profile in order to stake in the IFO Syrup Pool. No PancakeSwap Profile requirement thereafter.

The SABLE Farm:

We will host a SABLE-BNB v2 farm that will have 8x CAKE rewards for the first 48 hours and thereafter, 4x CAKE rewards.

During the farm, or at the end of the 90-day period – approx. 1400 UTC on 24 Oct 2023 – the farm will be re-adjusted to a lower or zero multiplier unless the following metrics are comparable with other farms of a similar multiplier: average daily volume, 14-day volume, unique token holders on BNB Chain, and there are no fundamental token issues or concerns related to users’ safety and security.

To learn more, visit the project’s official channels:

• Website: https://sable.finance/
• Twitter: https://twitter.com/SableFinance
• Discord: https://discord.gg/FKU6uFW7Ys
• Telegram: https://t.me/SableFinance
• Medium https://medium.com/@sable_finance
• Docs: https://sable-finance.gitbook.io/docs/
• Audits: https://github.com/Sable-Finance/sable_audit/tree/main/reports

⚠️⚠️⚠️BEWARE OF FOOD POISONING⚠️⚠️⚠️

SABLE Official Token Contract Address: https://bscscan.com/token/0x1eE098cBaF1f846d5Df1993f7e2d10AFb35A878d

🚨PLEASE NOTE: SABLE tokens will not be available for trading before or during the cIFO!🚨

Any other SABLE token will be a scam and will result in a financial loss. Always verify the token address before buying tokens. If you receive a SABLE token airdrop from another address, it’s probably a scam.

Disclaimer - All projects are subject to high market risk and volatility. Please do your own research and buy with caution. PancakeSwap will not be held responsible for any investment losses.