Overview
Epoch 15 ended with 27,048,021 veCAKE votes, a slight decrease from 27,587,396 in Epoch 14.
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 15, the Kitchen continued allocating veCAKE votes to core pairs, such as BNB-USDT and CAKE-BNB on 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 581,429 veCAKE votes on them in total, a decrease from 712,264 votes in the previous epoch:
- 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 transitioned the TAIKO-ETH Farm to core pairs to support it for the long term, while we closed the BLB-ETH Farm and will encourage the project team to start bribing for it.
We transitioned the 22 ARB farms to core pairs to continue displaying their APRs on our Farms page without taking up too much of our discretionary CAKE emission limit.
Similarly, we transitioned the ZK farms to core pairs to continue supporting this key token in the ZKsync ecosystem for the long term.
We started an ad-hoc Farm for LISTA-BNB in conjunction with the IFO we conducted for them. We will move them to admin votes for 1 epoch before letting the project team start bribing for this pair in the future.
We also started ad-hoc Farms for ZRO across 4 different chains to capture the high initial trading volume after LayerZero’s airdrop, and will move them to admin votes as they have broadly performed well in market metrics.
| Name | Chain | LP Type | Fee Tier | Multiplier | CPD (now) | CPD (old) | Start Date | End Date | Volume (14D avg) | TVL |
|---|---|---|---|---|---|---|---|---|---|---|
| TAIKO-ETH | ETH | V3 | 1.00% | 1x | 28.5 | 05 Jun 2024 | 21 Jun 2024 | 5,731 | 129,689 | |
| BLB-ETH | ETH | V3 | 1.00% | 1.8x | 51.0 | 14 Jun 2024 | 28 Jun 2024 | 4,587 | 14,211 | |
| ARB-USDC.e | ARB | V3 | 0.01% | 0.1x | 2.6 | 10 Jun 2024 | 21 Jun 2024 | 10,570 | 4,210 | |
| USDC-USDC.e | ARB | V3 | 0.01% | 0.1x | 2.6 | 10 Jun 2024 | 21 Jun 2024 | 67,444 | 57,894 | |
| WBTC-USDC | ARB | V3 | 0.01% | 0.1x | 2.6 | 10 Jun 2024 | 21 Jun 2024 | 54,037 | 29,292 | |
| WETH-USDC.e | ARB | V3 | 0.01% | 0.1x | 2.6 | 10 Jun 2024 | 21 Jun 2024 | 536,716 | 16,815 | |
| ezETH-ETH | ARB | V3 | 0.01% | 0.1x | 2.6 | 10 Jun 2024 | 21 Jun 2024 | 550,254 | 107,362 | |
| PENDLE-ETH | ARB | V3 | 0.05% | 0.1x | 2.6 | 10 Jun 2024 | 21 Jun 2024 | 8,264 | 7,168 | |
| weETH-ETH | ARB | V3 | 0.01% | 0.1x | 2.6 | 10 Jun 2024 | 21 Jun 2024 | 150,607 | 177,889 | |
| GMX-ETH | ARB | V3 | 0.25% | 0.1x | 2.6 | 10 Jun 2024 | 21 Jun 2024 | 12,725 | 34,840 | |
| axlUSDC-USDC.e | ARB | V3 | 0.01% | 0.1x | 2.6 | 10 Jun 2024 | 21 Jun 2024 | 179,070 | 263,299 | |
| fUSDC-USDC | ARB | V3 | 0.01% | 0.1x | 2.6 | 10 Jun 2024 | 21 Jun 2024 | 52,670 | 91,311 | |
| USDV-USDC | ARB | V3 | 0.01% | 0.1x | 2.6 | 10 Jun 2024 | 21 Jun 2024 | 51,706 | 111,133 | |
| USDV-WETH | ARB | V3 | 0.05% | 0.1x | 2.6 | 10 Jun 2024 | 21 Jun 2024 | 1,214 | 77 | |
| MAGIC-ETH | ARB | V3 | 0.05% | 0.1x | 2.6 | 10 Jun 2024 | 21 Jun 2024 | 4,638 | 864 | |
| TIA.n-ETH | ARB | V3 | 0.25% | 0.1x | 2.6 | 10 Jun 2024 | 21 Jun 2024 | 72,115 | 136,782 | |
| RDNT-ETH | ARB | V3 | 0.25% | 0.1x | 2.6 | 10 Jun 2024 | 21 Jun 2024 | 17,286 | 12,787 | |
| USDV-USDT | ARB | V3 | 0.01% | 0.1x | 2.6 | 10 Jun 2024 | 21 Jun 2024 | 47,991 | 11,907 | |
| WOO-ETH | ARB | V3 | 0.05% | 0.1x | 2.6 | 10 Jun 2024 | 21 Jun 2024 | 879 | 487 | |
| MIM-USDC | ARB | V3 | 0.01% | 0.1x | 2.6 | 10 Jun 2024 | 21 Jun 2024 | 169,124 | 22,176 | |
| GRAI-ETH | ARB | V3 | 0.25% | 0.1x | 2.6 | 10 Jun 2024 | 21 Jun 2024 | 47,458 | 179,620 | |
| STG-USDC | ARB | V3 | 0.25% | 0.1x | 2.6 | 10 Jun 2024 | 21 Jun 2024 | 6,933 | 1,294 | |
| rsETH-ETH | ARB | V3 | 0.01% | 0.1x | 2.6 | 10 Jun 2024 | 21 Jun 2024 | 1,226,643 | 586,411 | |
| ETHx-ETH | ARB | V3 | 0.01% | 0.1x | 2.6 | 10 Jun 2024 | 21 Jun 2024 | 52,686 | 64,793 | |
| ZK-ETH | zkSync | V3 | 1.00% | 0.3x | 7.8 | 19 Jun 2024 | 21 Jun 2024 | 220,033 | 457,719 | |
| ZK-ETH | zkSync | V3 | 0.25% | 0.3x | 7.8 | 19 Jun 2024 | 21 Jun 2024 | 2,208,174 | 1,135,680 | |
| ZK-USDC.e | zkSync | V3 | 1.00% | 0.3x | 7.8 | 19 Jun 2024 | 21 Jun 2024 | 65,658 | 86,255 | |
| ZK-USDC.e | zkSync | V3 | 0.25% | 0.3x | 7.8 | 19 Jun 2024 | 21 Jun 2024 | 38,836 | 22,846 | |
| ZK-USDC | zkSync | V3 | 1.00% | 0.3x | 7.8 | 19 Jun 2024 | 21 Jun 2024 | 6,215 | 63,000 | |
| ZK-USDC | zkSync | V3 | 0.25% | 0.3x | 7.8 | 19 Jun 2024 | 21 Jun 2024 | 55,359 | 45,000 | |
| LISTA-BNB | BNB | V3 | 1.00% | 2x | 52.0 | 20 Jun 2024 | 05 Jul 2024 | 351,127 | 515,132 | |
| ZRO-ETH | ARB | V3 | 0.25% | 0.1x | 2.6 | 20 Jun 2024 | 05 Jul 2024 | 302,893 | 183,857 | |
| ZRO-ETH | Base | V3 | 0.25% | 0.1x | 2.6 | 20 Jun 2024 | 05 Jul 2024 | 67,279 | 43,968 | |
| ZRO-BNB | BNB | V3 | 1.00% | 0.1x | 2.6 | 20 Jun 2024 | 05 Jul 2024 | 79,930 | 182,457 | |
| ZRO-ETH | ETH | V3 | 0.25% | 0.1x | 2.6 | 20 Jun 2024 | 20 Jul 2024 | 4,587 | 14,211 |
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 emission caps to account for their volume, TVL, and/or expected bribe amounts. Core gauges on non-BNB Chains generally have 2-5% emission caps.
Gauge Applications
We received a number of applications in Epoch 15, and have made the following decision(s):
- Enabled the RF/ETH (1% fee tier) V3 gauge on zkSync with 1x boost multiplier and 0.5% emissions cap
- Enabled the BLB/WETH (1% fee tier) V3 gauge on Ethereum with 1x boost multiplier and 0.5% emissions cap
- Enabled the LISTA/USDT (0.25% fee tier) V3 gauge on BNB Chain with 1x boost multiplier and 0.5% emissions cap
- Enabled the LISTA/BNB (1% fee tier) V3 gauge on BNB Chain with 1x boost multiplier and 2% emissions cap
- Enabled the SolvBTC.ena/SolvBTC (0.05% fee tier) V3 gauge on Arbitrum with 1x boost multiplier and 0.5% emissions cap
- Enabled the SolvBTC.ena/SolvBTC (0.05% fee tier) V3 gauge on BNB Chain with 1x boost multiplier and 0.5% emissions cap
Whitelisted Gauges
The Kitchen added more gauges to the whitelist, according to the table below.
For the most part, we are 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 |
|---|---|---|---|---|
| ZK-ETH | zkSync V3 | 1.00% | 1x | 5% |
| ZK-ETH | zkSync V3 | 0.25% | 1x | 5% |
| ZK-USDC.e | zkSync V3 | 1.00% | 1x | 5% |
| ZK-USDC.e | zkSync V3 | 0.25% | 1x | 5% |
| ZK-USDC | zkSync V3 | 1.00% | 1x | 5% |
| ZK-USDC | zkSync V3 | 0.25% | 1x | 5% |
| LISTA-BNB | BNB V3 | 1.00% | 1x | 2% |
| RF-ETH | zkSync V3 | 1.00% | 1x | 0.5% |
| LISTA-USDT | BNB V3 | 0.25% | 1x | 0.5% |
| SolvBTC.ena-SolvBTC | ARB V3 | 0.05% | 1x | 0.5% |
| BLB-ETH | ETH V3 | 1.00% | 1x | 0.5% |
| SolvBTC.ena-SolvBTC | BNB V3 | 0.05% | 1x | 0.5% |
| ZRO-ETH | ARB V3 | 0.25% | 1x | 1% |
| ZRO-ETH | Base V3 | 0.25% | 1x | 1% |
| ZRO-BNB | BNB V3 | 1.00% | 1x | 1% |
| ZRO-ETH | ETH V3 | 0.25% | 1x | 1% |
We are maintaining a publicly accessible Google Sheets of:
(i) Whitelisted Gauges
(ii) Gauges under consideration
You can find this information here.