Overview
Epoch 12 ended with 26,082,061 veCAKE votes, a slight decrease from 27,337,447 in Epoch 11.
We appreciate the enthusiastic adoption of veCAKE, and would like to encourage community members and project teams to apply for gauges whitelisting here.
Update on veCAKE Pool Rewards
Due to an infrastructure issue, we did not manage to inject the rewards for the veCAKE Pool two weeks ago. We have since completed a direct CAKE deposit to most addresses affected by this.
For affected addresses that did not receive the direct CAKE deposits (users whose rewards were <0.1 CAKE), we added their respective CAKE reward amounts on top of last week’s distribution. All rewards should have been properly distributed.
Kitchen’s veCAKE Votes
In Epoch 12, 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.
Based on this vote proposal, we directed 500 CAKE per day worth of emissions as bribes to our various veCAKE Managers for the following pairs, and received 716,554 veCAKE votes on them in total:
- BNB-USDT 0.01% (BNB Chain)
- USDT-BNB 0.05% (BNB Chain)
- CAKE-BNB 0.25% (BNB Chain)
- CAKE-USDT 0.25% (BNB Chain)
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 BONK Farms, and transitioned them to our Kitchen admin votes. They performed well in terms of volume and TVL so we will keep them at 0.1x multipliers.
We ended our short-term support for the XCAD-USDT Farm, as our partner has taken over and started voting for their own gauge.
We ended the weETH-ETH Farm, and will look to encourage the protocol to take over voting / bribing for their gauge. The pair has performed decently well.
We ended the WBTC-USDC Farm on Arbitrum, and will transition it to our Kitchen admin votes to sustain TVL so that our Stryke Options Trading product can utilize the liquidity in the pool.
We started a small SolvBTC-BTCb Farm to support our partner’s launch on BNB Chain.
| Name | Chain | LP Type | Fee Tier | Multiplier | CPD (now) | CPD (old) | Start Date | End Date | Volume (14D avg) | TVL |
|---|---|---|---|---|---|---|---|---|---|---|
| BONK-USDT | BNB | V3 | 1.00% | 0.1x | 2.6 | 09 Apr 2024 | 10 May 2024 | 27,555 | 174,664 | |
| BONK-BNB | BNB | V3 | 1.00% | 0.1x | 2.6 | 09 Apr 2024 | 10 May 2024 | 26,637 | 65,446 | |
| XCAD-USDT | opBNB | V3 | 1.00% | 0.1x | 2.6 | 11 Apr 2024 | 10 May 2024 | 2,436 | 12,845 | |
| weETH-ETH | BNB | V3 | 0.01% | 1.8x | 52.0 | 29 Apr 2024 | 13 May 2024 | 247,530 | 187,262 | |
| WBTC-USDC | ARB | V3 | 0.05% | 1x | 28.0 | 29 Apr 2024 | 10 May 2024 | 149,338 | 79,156 | |
| SolvBTC-BTCb | BNB | V3 | 0.05% | 0.1x | 2.6 | 09 May 2024 | 24 May 2024 | 4,976 | 1,606,089 |
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 12, and have made the following decision(s):
- Enabled the SolvBTC/BTCB (0.05% fee tier) V3 gauge on BNB Chain with 1x boost multiplier and 0.5% emissions cap
- Enabled the STONE/ETH (0.05% fee tier) V3 gauge on BNB Chain with 1x boost multiplier and 0.5% 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 |
|---|---|---|---|---|
| USDT±USD+ | zkSync V3 | 0.01% | 1x | 1% |
| USDT-USDT+ | zkSync V3 | 0.01% | 1x | 1% |
| WBTC-USDC | ARB V3 | 0.05% | 1x | 5% |
| SolvBTC-BTCB | BNB V3 | 0.05% | 1x | 0.5% |
| STONE-ETH | BNB V3 | 0.05% | 1x | 0.5% |
| USDC.e-WETH | Linea ALM | 0.05% | 1x | 2% |
| WBTC-WETH | Linea ALM | 0.05% | 1x | 2% |
| USDC.e-USDT | Linea ALM | 0.01% | 1x | 2% |
| wstETH-WETH | Linea ALM | 0.05% | 1x | 2% |
We are maintaining a publicly accessible Google Sheets of:
(i) Whitelisted Gauges
(ii) Gauges under consideration
You can find this information here.