Overview
Epoch 18 ended with 29,349,191 veCAKE votes, a slight increase from 29,304,793 in Epoch 17.
Epoch 19 ended with 29,605,669 veCAKE votes, a slight increase from 29,349,191 in Epoch 18.
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 18 and 19, 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 532,967 and 469,159 veCAKE votes on them for Epoch 18 and 19 respectively, a slight decrease from the 568,326 votes received in Epoch 17:
- 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 will be ending the SolvBTC.ENA-SolvBTC Farm on ARB, and the project has plans to encourage veCAKE holders to vote for their gauge by utilizing their points program.
We started two ad-hoc Farms for deUSD on ETH to support their liquidity deployment, and transitioned them to core pairs as there is potential for high TVL and volumes. We will closely monitor their performance.
We started an ad-hoc Farm for USDe-USDT on ETH and it has received healthy TVL and volumes so far. We will continue monitoring if it makes sense to transition it to a core pair.
We started an ad-hoc Farm for USDe-USDC on ARB as we began incentivizing it via Merkl, and would like to display the APRs on our Farms frontend page.
We started two short term ad-hoc Farms for SEED-ETH on ARB and swBTC-BTC on ETH, and will look to transition the teams to bribe afterwards.
| 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 | 16 Aug 2024 | 5,116 | 98,000 | |
| deUSD-USDC | ETH | V3 | 0.01% | 0.3x | 8.7 | 31 Jul 2024 | 02 Aug 2024 | 2,384 | 11,815 | |
| deUSD-USDT | ETH | V3 | 0.01% | 0.3x | 8.7 | 31 Jul 2024 | 02 Aug 2024 | 2,192 | 12,317 | |
| USDe-USDT | ETH | V3 | 0.01% | 2.6x | 73.0 | 02 Aug 2024 | 30 Aug 2024 | 2,289,748 | 237,664 | |
| USDe-USDC | ARB | V3 | 0.01% | 0.1x | 2.5 | 07 Aug 2024 | 16 Aug 2024 | 191,546 | 205,021 | |
| SEED-ETH | ARB | V3 | 0.25% | 1.1x | 27.0 | 08 Aug 2024 | 07 Sep 2024 | 634 | 104,030 | |
| swBTC-BTC | ETH | V3 | 0.05% | 1.8x | 50.0 | 14 Aug 2024 | 30 Aug 2024 | 0 | 707 |
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 18 and 19, and have made the following decision(s):
- Enabled the WSI/USDT (0.25% fee tier) V3 gauge on BNB Chain with 1x boost multiplier and 0.5% emissions cap
- Enabled the SolvBTC.BBN/SolvBTC (0.05% fee tier) V3 gauge on Arbitrum with 1x boost multiplier and 0.5% emissions cap
- Enabled the SolvBTC.BBN/SolvBTC (0.05% fee tier) V3 gauge on BNB Chain with 1x boost multiplier and 0.5% emissions cap
- Enabled the SolvBTC/WBTC (0.05% fee tier) V3 gauge on Arbitrum with 1x boost multiplier and 0.5% emissions cap.
- Enabled the stBTC/BTCB (0.01% fee tier) V3 gauge on BNB Chain with 1x boost multiplier and 0.5% emissions cap.
- Enabled the USD0/USDT (0.05% fee tier) V3 gauge on Ethereum 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 |
|---|---|---|---|---|
| WSI-USDT | BNB V3 | 0.25% | 1x | 1% |
| wstETH-mstETH | ARB V3 | 0.05% | 1x | 0.5% |
| MIGGLES-ETH | Base V3 | 0% | 1x | 1% |
| deUSD-USDC | ETH V3 | 0.01% | 1x | 1% |
| deUSD-USDT | ETH V3 | 0.01% | 1x | 1% |
| USDT-DAI | ARB V3 | 0.01% | 1x | 0.5% |
| USDT-USDC | Base V3 | 0.01% | 1x | 0.5% |
| USDe-USDT | ETH V3 | 0.01% | 1x | 0.5% |
| SolvBTC-WBTC | ARB V3 | 0.05% | 1x | 0.5% |
| SolvBTC.BBN-SolvBTC | ARB V3 | 0.05% | 1x | 0.5% |
| SolvBTC.BBN-SolvBTC | BNB V3 | 0.05% | 1x | 0.5% |
| stBTC-BTCB | BNB V3 | 0.01% | 1x | 0.5% |
| USDe-USDC | ARB V3 | 0.01% | 1x | 0.5% |
| USDC-AERO | Base V3 | 0.05% | 1x | 0.5% |
| USDC-USD+ | Base V3 | 0.01% | 1x | 0.5% |
| USD±USDbC | Base V3 | 0.01% | 1x | 0.5% |
| USDz-USDC | Base V3 | 0.01% | 1x | 0.5% |
| USDz-ETH | Base V3 | 0.01% | 1x | 0.5% |
| USD0-USDT | ETH V3 | 0.05% | 1x | 0.5% |
| PENDLE-WETH | ARB V3 | 0.05% | 1x | 0.5% |
| BRETT-ETH | Base V3 | 0.25% | 1x | 0.5% |
| DEGEN-ETH | Base V3 | 0.25% | 1x | 0.5% |
| MIGGLES-ETH | Base V3 | 0.25% | 1x | 0.5% |
| swBTC-BTC | ETH V3 | 0.05% | 1x | 2% |
We are maintaining a publicly accessible Google Sheets of whitelisted gauges here.