Overview
Epoch 16 ended with 26,983,179 veCAKE votes, a slight decrease from 27,048,021 in Epoch 15.
Epoch 17 ended with 29,304,793 veCAKE votes, a sizable increase from 26,983,179 in Epoch 16.
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 16 and 17, 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 599,118 and 568,326 veCAKE votes on them for Epoch 16 and 17 respectively, similar to the 581,429 votes received in Epoch 15:
- 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 started a SolvBTC.ENA-SolvBTC Farm on ARB to support their deployment on ARB, and will encourage the project team to bribe after the ad-hoc farm ends.
We started an ad-hoc Farm for SQD-ETH on ARB to support their liquidity deployment on ARB, and we have since transitioned them to core pairs at a lower multiplier.
| Name | Chain | LP Type | Fee Tier | Multiplier | CPD (now) | CPD (old) | Start Date | End Date | Volume (14D avg) | TVL |
|---|---|---|---|---|---|---|---|---|---|---|
| SolvBTC.ENA-SolvBTC | ARB | V3 | 0.05% | 1.4x | 39.5 | 03 Jul 2024 | 31 Jul 2024 | 5,116 | 98,000 | |
| SQD-ETH | ARB | V3 | 1.00% | 3x | 86.5 | 05 Jul 2024 | 19 Jul 2024 | 40,891 | 162,043 |
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 16 and 17, and have made the following decision(s):
- Rejected the DSC/USDT (0.25% fee tier) V3 gauge on BNB Chain
- Enabled the mstETH/wstETH (0.05% fee tier) ALM gauge from DefiEdge on Arbitrum with 1x boost multiplier and 2% emissions cap
- Enabled the SQD/ETH pool (1% tier fee) on Arbitrum with 1x boost multiplier and 0.5% emissions cap
- Enabled the BOXY/DEXE (0.01% 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 |
|---|---|---|---|---|
| mstETH-wstETH | ARB ALM | 0.05% | 1x | 2% |
| weETH-ETH | BNB V3 | 0.01% | 1x | 0.50% |
| SQD-WETH | ARB V3 | 1% | 1x | 1% |
| ZK-WETH | zkSync ALM | 0.25% | 1x | 0.50% |
| WETH-ZK | zkSync ALM | 0.25% | 1x | 0.50% |
| DEXE-BOXY | BNB V3 | 0.01% | 1x | 0.50% |
| ETH-BRETT | Base V3 | 0.05% | 1x | 0.50% |
| ETH-USDT | Base V3 | 0.01% | 1x | 0.50% |
| ETH-DEGEN | Base V3 | 0.05% | 1x | 0.50% |
| ETH/AERO | Base V3 | 0.05% | 1x | 0.50% |
| WBTC-USDT | ARB V3 | 0.01% | 1x | 0.50% |
| WBTC-USDC.e | ARB V3 | 0.01% | 1x | 0.50% |
| wstETH-USDC.e | ARB V3 | 0.01% | 1x | 0.50% |
| ZRO-ETH | ARB V3 | 0.05% | 1x | 0.50% |
| PENDLE-ETH | ARB V3 | 0.01% | 1x | 0.50% |
| USDe-USDT | ARB V3 | 0.01% | 1x | 0.50% |
| TAP-ETH | ARB V3 | 0.25% | 1x | 0.50% |
| ETH±ETH | ARB V3 | 0.01% | 1x | 0.50% |
| ETH-GRT | ARB V3 | 0.05% | 1x | 0.50% |
| weETH-ETH | Base V3 | 0.01% | 1x | 0.50% |
We are maintaining a publicly accessible Google Sheets of:
(i) Whitelisted Gauges
(ii) Gauges under consideration
You can find this information here.