Proposal for Corite ($CO) IFO to be Hosted on PancakeSwap

tl;dr

Corite is a blockchain-based music platform with a unique Engage-to-Earn model
Backed by crypto-native VCs such as Shima Capital, Kucoin, LD Capital, Gate.io Labs
Platform and app is live with over 100,000 registered users, and artist partners include Alan Walker, Rico Love (Beyonce, Usher), and more to come
Private Sale Allocation for IFO increased to 25%

What is Corite?

Corite is a blockchain-based music platform jointly powered by fans and artists to finance and promote music in a unique Engage-to-Earn (E2E) model.

Aiming to shake up the music industry, Corite has partnered with industry leaders, such as: Amazon, Spotify, Youtube Music, Tiktok, and more:

Corite has also hosted over 400 fan campaigns with artists such as Alan Walker, Rico Love (producer for artists such as Beyonce) and producers behind the mega hit Dance Monkey, amongst many others!

What is $CO?

CO is Corite’s platform currency, which users can utilize to:

gain early access to top tier crowdfunding campaigns
enjoy increased performance in the E2E model, via staking CO for multiplier and yield
earn rewards (artist-specific NFTs, artist merch, exclusive access to digital content)
and many more planned utilities, such as governance and user incentives.

CO 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 Wed 28 Sep 2022
Sale end time: ~1400 UTC on Wed 28 Sep 2022
Amount to be raised: $1,470,000 USD in CAKE tokens
Tokens to be sold: 42,000,000 CO (4.2% of CO total supply)
Price per token: 1 CO = $0.035 USD
Token Vesting Schedule: 30% will be unlocked at Sale end time (~1400 UTC), with the remaining 70% released block-by-block over 90 days.

All CAKE raised from the CO token sale will be given to the IFO project. Only CAKE raised 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. More details below in the Overflow Multiplier Table.

To participate in the IFO:

Refer to the IFO participation guide and iCAKE article.

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

An Explainer: What are the 2 different sale sessions?

Private Sale ($367,500, 25% of Sale allocation)

For the Private Sale, participants are required to own a Pancake Squad NFT, and set them as your Pancake Profile avatar.

For this Private Sale, the maximum amount of funds that can be committed per user is $1250.

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

Public Sale ($1,102,500, 75% of Sale Allocation)

As the name suggests, the Public Sale is open to all. However, this comes with a participation fee, which will be fully burned!

The fee cliff for the CO IFO is as follows:

Overflow multiplier

The CO Syrup Pool:

Stake CAKE tokens to earn CO!

Total Tokens: 8,000,000 CO
Distribution duration: 60 days
Start time: Shortly after the IFO ends
Finish time: Approx. 60 days after Syrup Pool launch
Token rewards per block: 4.6296 CO

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 CO Farm:

We will host a CO-BUSD farm that will have 1x CAKE rewards for the first week and thereafter, 0.5x CAKE rewards.

At the end of the 60-day period – approx. 1400 UTC on 27 Nov 2022 – the farm will have its rewards adjusted to 0.1x unless the following metrics is comparable with other 0.5x multiplier farms: average daily volume, 14-day volume, unique token holders on BNB Chain, and there are no fundamental token issues etc.

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

Website: https://corite.com
Foundation: https://corite.org
Twitter: https://twitter.com/Coritecom
Discord: https://discord.com/invite/corite
Telegram: https://t.me/corite
Whitepaper https://corite.org/corite_co_whitepaper
Audits: https://corite.org/corite_co_token_audit

⚠️⚠️⚠️BEWARE OF FOOD POISONING⚠️⚠️⚠️

CO Official Token Contract Address: https://bscscan.com/token/0x936B6659Ad0C1b244Ba8Efe639092acae30dc8d6

CO tokens will not be available for trading before or during the IFO. Any other CO token will be a scam and will result in a financial loss. Always verify the token address before buying tokens. If you receive a CO 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.