veCAKE Epoch Report 11

Overview

Epoch 11 ended with 27,337,447* veCAKE votes, an increase from 26,002,052 in Epoch 10.

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

*The reported total veCAKE votes was 25,795,999, but one of the veCAKE Managers voted on two invalid gauges with 1,541,448 votes. We took that into account when allocating CAKE emissions, and hence the actual total was 27,337,447.

Kitchen’s veCAKE Votes

In Epoch 11, 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.

In the upcoming epoch, we will be directing 500 CAKE per day worth of emissions as bribes on our veCAKE Managers, as mentioned in this vote proposal.

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 ended the NMT and MASA Farms, and have transitioned them to our Kitchen admin votes. They performed well in terms of volume and TVL.

We started a new weETH-ETH Farm on BNB Chain to attract liquidity and volume for Ether.fi, one of the leading liquid restaking protocols. This is to tap on the hot LRT narrative.

We started a new WBTC-USDC Farm on Arbitrum, to build up TVL so that our Stryke Options Trading product can utilize the liquidity in the pool.

Name Chain LP Type Fee Tier Multiplier CPD (now) CPD (old) Start Date End Date Volume (14D avg) TVL
NMT-USDC ETH V3 0.25% 1.5x 30.4 02 Apr 2024 26 Apr 2024 109,996 825,947
NMT-WBNB BNB V3 1.00% 0.1x 2.6 02 Apr 2024 26 Apr 2024 57,798 88,684
BONK-USDT BNB V3 1.00% 0.1x 2.6 09 Apr 2024 09 May 2024 37,680 163,014
BONK-BNB BNB V3 1.00% 0.1x 2.6 09 Apr 2024 09 May 2024 30,541 53,585
XCAD-USDT opBNB V3 1.00% 0.1x 2.6 11 Apr 2024 09 May 2024 4,465 9,300
MASA-BNB BNB V3 0.25% 0.1x 2.6 12 Apr 2024 26 Apr 2024 106,210 317,189
MASA-ETH ETH V3 0.25% 0.1x 2.6 12 Apr 2024 26 Apr 2024 155,639 420,797
weETH-ETH BNB V3 0.01% 1.8x 52.0 29 Apr 2024 13 May 2024 20,642 195,340
WBTC-USDC ARB V3 0.05% 1x 28.0 29 Apr 2024 10 May 2024 14,648 27,225

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 11, and have made the following decision(s):

  1. Enabled the mwBETH/wBETH Stableswap gauge on BNB Chain with 1x boost multiplier and 1% emissions cap
  2. Enabled the MGP/ETH (0.25% fee tier) ALM gauge from DefiEdge on Arbitrum 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
CKP-WBNB BNB ALM 0.25% 1x 2.0%
WETH-MGP ARB ALM 0.25% 1x 2.0%
mwbETH-wbETH BNB StableSwap 1x 1.0%
WBTC-ETH ARB V3 0.01% 1x 5.0%
WETH-ARB ARB V3 0.01% 1x 5.0%
ARB-USDC ARB V3 0.01% 1x 5.0%
ARB-USDT ARB V3 0.01% 1x 5.0%
WETH-USDT Polygon zkEVM V3 0.01% 1x 5.0%
DAI-USDC Polygon zkEVM V3 0.01% 1x 5.0%
FOXY-ETH Linea V3 1.00% 1x 0.5%
SDT-WBNB BNB ALM 0.25% 1x 2.0%

We are maintaining a publicly accessible Google Sheets of:

(i) Whitelisted Gauges

(ii) Gauges under consideration

You can find this information here.

1 Like