Initial Ape Offerings (IAOs)

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Getting Started with Official IAOs
An Initial Ape Offering (IAO) is a fundraising vehicle used to launch new tokens and bring liquidity to those tokens. Users can participate in an Official IAO using either BNB or GNANA. When you participate in an IAO, you are trading those tokens for the token being launched. 
After an IAO concludes, the project receives the raised BNB, and ApeSwap converts the raised GNANA to BANANA and then burns it.
Why GNANA for an IAO?
Golden Banana offers more efficient model, leveraging the unique attributes of the GNANA token. Since you get 1.389x purchasing power with GNANA (relative to BANANA), it helps incentivize and reward GNANA holders. The burn fees the users incur when converting and out of GNANA also help to mitigate the ability of any one well-capitalized investor to someone to acquire a large proportion of the partner tokens available in an IAO.
The GNANA allocation of each IAO rewards our most deeply committed users for their participation in IAOs by providing larger token allocations to those holders.
The “Overflow” Model
The overflow model ensures that the more you commit to an IAO relative to other users, the more partner tokens you will receive, and that you’ll get back anything that doesn’t get spent.
Using the overflow method, users can commit as much or as little BNB or GNANA as they want to an IAO, and their final partner token allocation is based on the amount of funds they put in as a proportion of all funds put in by other users. This proportion is calculated at the end of the applicable sale. Users receive back any leftover funds when they claim their tokens after the sale.
NOTE: If an Official IAO is oversubscribed, you will receive a portion of your committed tokens back as a refund. These tokens will not be used to purchase tokens of the IAO project, therefore you will receive fewer project tokens relative to your initial commitment.
Example
Imagine a project is offering 100 tokens for sale via IAO, valued at 1 BNB each, and that 50 are sold via BNB and 50 are sold via GNANA. For the 50 tokens sold via the BNB raise, if 10 users all commit 5 BNB, each user's allocation will be 5 project tokens (i.e., no overflow).
If 20 users all commit 5 BNB (100 BNB total vs 50 BNB available), and the BNB allocation is oversold, the 20 users each receive a proportional share of project tokens (2.5 each), with the "overflow" of 2.5 BNB per user committed being refunded.
If you decide to commit additional BNB/GNANA to an IAO, you can do so as long as the contribution window is still open.
How To Buy A Treasury Bill
How To Participate In An Official IAO
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Outline
Getting Started with Official IAOs
The “Overflow” Model