veCAKE Epoch Report 10

Overview

Epoch 10 ended with 26,002,052 veCAKE votes, an increase from 25,800,684 in Epoch 9.

We appreciate the enthusiastic adoption of veCAKE, and would like to encourage community members and project teams to apply for gauges whitelisting here.

Kitchen’s veCAKE Votes

In Epoch 10, the Kitchen continued allocating veCAKE votes to core pairs, such as BNB-USDT and CAKE-BNB on the BNB Chain, ensuring optimal incentives for pairs driving protocol revenue.

These pairs contribute significantly to trading volumes and therefore, CAKE buyback-and-burn; by ensuring incentives continue to flow to these core pairs, we can continue on our path of ultrasound CAKE.

Kitchen-Discretionary CAKE Emissions

As this vote proposal was passed, the Kitchen now has up to 0.67% of all veCAKE emissions to be used for ad-hoc Farms. These are short-term Farms to capture TVL and volume for token pairs where community interest is high. We will track the additions and removals of these Farms in our Epoch Reports for greater transparency.

We started and ended a short term WETH-rsWETH Farm in response to high TVL in the pool.

We started 0.1x BONK and MASA Farms to display their high APRs on our Farms page, and will transition them to our Kitchen admin votes soon.

We started a short term XCAD-USDT Farm on opBNB to kick start some activity on the chain while providing some support to our long-term partner. We will be transitioning them to veCAKE votes in the next epoch.

Name Chain LP Type Fee Tier Multiplier CPD (now) CPD (old) Start Date End Date Volume (14D avg) TVL
PEPE-BNB BNB V3 1.00% 1x 28.7 01 Apr 2024 12 Apr 2024 63,396 134,521
NMT-USDC ETH V3 0.25% 1.5x 30.4 02 Apr 2024 26 Apr 2024 215,450 1,074,632
NMT-WBNB BNB V3 1.00% 0.1x 2.6 02 Apr 2024 26 Apr 2024 99,999 144,150
WETH-rswETH ETH V3 0.05% 0.8x 20 09 Apr 2024 12 Apr 2024 2,777,909 15,779,250
BONK-USDT BNB V3 1.00% 0.1x 2.6 09 Apr 2024 09 May 2024 17,731 131,234
BONK-BNB BNB V3 1.00% 0.1x 2.6 09 Apr 2024 09 May 2024 6,452 39,040
XCAD-USDT opBNB V3 1.00% 2x 14.3 11 Apr 2024 26 Apr 2024 8,279 20,339
MASA-BNB BNB V3 0.25% 0.1x 2.6 12 Apr 2024 26 Apr 2024 465,552 342,574
MASA-ETH ETH V3 0.25% 0.1x 2.6 12 Apr 2024 26 Apr 2024 579,213 461,209

*CPD = CAKE emissions per day

Gauge Characteristics

Non-core gauges retained their 0.5% emissions cap, while core gauges retained their 25% emissions cap. Some non-core gauges have been whitelisted with higher emissions caps to account for their volume, TVL, and/or expected bribe amounts.

Gauge Applications

We received a number of applications in Epoch 10, and have made the following decision(s):

  1. Enabled XCAD/USDT (0.25% fee tier) V3 gauge on opBNB with 1x boost multiplier and 2% emissions cap

We are reviewing some of the applications, and will provide an update in the next Epoch Report.

Whitelisted Gauges

The Kitchen added more gauges to the whitelist, according to the table below.

We are either already in discussions with these project teams or have plans to onboard them as future veCAKE lockers and/or bribers.

Gauge Chain / Type Fee Tier Gauge Boost Emissions Cap
USDC.e-GRAI zkEVM ALM 0.05% 1x 0.50%
MATIC-GRAI zkEVM ALM 0.25% 1x 0.50%
rBNB-WBNB BNB ALM 0.01% 1x 0.50%
WBNB-rBNB BNB ALM 0.01% 1x 0.50%
rETH-WETH ETH ALM 0.05% 1x 1.00%
USDT-CAKE BNB ALM 0.25% 1x 2.00%
USDT-WBNB BNB ALM 0.05% 1x 2.00%
WBNB-CAKE BNB ALM 0.25% 1x 2.00%
BTCB-USDT BNB ALM 0.05% 1x 2.00%
WETH-rswETH ETH ALM 0.05% 1x 5.00%
BNB-USDT opBNB V3 0.05% 1x 5.00%
FDUSD-USDT opBNB V3 0.01% 1x 1.00%
ETH-BNB opBNB V3 0.25% 1x 5.00%
NMT-WBNB BNB V3 1.00% 1x 2.00%
NMT-USDC ETH V3 0.25% 1x 2.00%
WETH-rswETH ETH V3 0.05% 1x 5.00%
XCAD-USDT opBNB V3 1.00% 1x 2.00%
MASA-BNB BNB V3 0.25% 1x 2.00%
MASA-ETH ETH V3 0.25% 1x 2.00%
WBNB-CAKE BNB ALM 0.25% 1x 2.00%
USDT-WBNB BNB ALM 0.05% 1x 2.00%
USDC-USDbC Base ALM 0.01% 1x 2.00%
USDC-WETH zkSync ALM 0.05% 1x 2.00%
BTCB-CAKE BNB ALM 0.25% 1x 1.00%
ETH-CAKE BNB ALM 0.25% 1x 1.00%
ETH-USDC BNB ALM 0.05% 1x 2.00%
USDT-USDC BNB ALM 0.01% 1x 2.00%
USDT-WBNB BNB ALM 0.05% 1x 2.00%
mPENDLE-PENDLE ARB StableSwap 1x 5.00%
mdLP-dLP ARB StableSwap 1x 2.00%
USDT-WBNB BNB ALM 0.05% 1x 2.00%
CAKE-WBNB BNB ALM 0.25% 1x 2.00%
USDT-USDC ETH ALM 0.01% 1x 2.00%
WETH-USDT ETH ALM 0.05% 1x 2.00%
WETH-USDC zkSync ALM 0.05% 1x 2.00%
USDT-WETH zkSync ALM 0.05% 1x 2.00%
WETH-USDT ETH ALM 0.05% 1x 2.00%

We are maintaining a publicly accessible Google Sheets of:

(i) Whitelisted Gauges

(ii) Gauges under consideration

You can find this information here.

2 Likes