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):
- Enabled the mwBETH/wBETH Stableswap gauge on BNB Chain with 1x boost multiplier and 1% emissions cap
- 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.