Omega Network, a new cryptocurrency mining project has announced that it would start selling its Initial Farming Offering (IFO) in order to raise funds for its expenses. The pre-seed sale is worth $0.11, and it will be available from February 22 to March 22.
Omega Network will launch the sale using their Web3 platform, and a link will be made available once the time for the sale is due, the project team announced in a tweet;
Open sale of SEED-IFO round of Omega Network:
Time: 00:00 February 22nd, 2023 to 23:59:59 March 22nd, 2023 (GMT)
Selling price: $0.11
Omega Network will open for sale officially through our web3. We will announce the link on the Omega app on February 21st. pic.twitter.com/ZpUYVFll1R
— OM (@OMCoreTeam) February 13, 2023
Initial Farm Offering (IFO) is a fundraising model that helps new DeFi projects raise capital by participating in pre-sales events hosted after stern project vetting by decentralized exchanges.
The initial coin offering (ICO), a technique of crowdsourcing used by cryptocurrency companies to raise money in the beginning, was replaced by the initial token offering (IFO).
By purchasing native tokens during a pre-sale event organized by the DEX, investors can help fund projects at it’s initial stage. Typically, DEX teams create a proposed list of the most profitable initiatives to introduce during the farming event. It is important to keep in mind, too, that the tokens obtained through IFO do not clearly outperform those raised through other fundraising strategies. Despite careful examination by the DEX experts, market attitudes might impact a token’s value.
About Omega Network
Omega Network is built for blockchain technology in order to provide an open internet platform and a Dapp ecosystem (decentralized application). The goal is to bring these blockchain applications—such as blockchain social networks, e-commerce, Web3, and e-wallets—to reality.
The project aims to strike a balance between popularity and scarcity. Users’ OM rewards would reflect how much they contribute to the network as users (pioneers). Building a comprehensive economic model that is sufficiently complex to accomplish this purpose is the main goal of OM.
