veCAKE Epoch Report 13


Epoch 13 ended with 27,768,240 veCAKE votes, an increase from 26,082,061 in Epoch 12.

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 13, 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 1,022,926 veCAKE votes on them in total, an increase from 716,554 votes in the previous epoch:

  1. BNB-USDT 0.01% (BNB Chain)
  2. USDT-BNB 0.05% (BNB Chain)
  3. CAKE-BNB 0.25% (BNB Chain)
  4. 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 started an MNT-mETH and a WETH-mETH Farm to support the team for seeding liquidity on our platform. In the long run, we plan to transition these Farms to be controlled by our Kitchen admin votes.

Name Chain LP Type Fee Tier Multiplier CPD (now) CPD (old) Start Date End Date Volume (14D avg) TVL
SolvBTC-BTCb BNB V3 0.05% 0.8x 22.8 09 May 2024 07 Jun 2024 218,454 2,752,244
MNT-mETH ETH V3 0.25% 1x 28.5 24 May 2024 07 Jun 2024 0 5,761,995
WETH-mETH ETH V3 0.05% 0x 28.5 24 May 2024 28 May 2024 11,718 135
WETH-mETH ETH V3 0.01% 1x 28.5 28 May 2024 07 Jun 2024 236,105 1,565,744

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

  1. Enabled the FURY/USDT (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
BNB-BUSD BNB V3 0.01% 1x 5%
USDC-USDC.e zkSync V3 0.01% 1x 5%
USDC-USDT zkSync V3 0.01% 1x 5%
USDC-ETH zkSync V3 0.05% 1x 5%
FURY-USDT BNB V3 0.05% 1x 0.5%
MNT/mETH ETH V3 0.25% 1x 2%
WETH/mETH ETH V3 0.01% 1x 2%

We are maintaining a publicly accessible Google Sheets of:

(i) Whitelisted Gauges
(ii) Gauges under consideration

You can find this information here.