veCAKE Epoch Report 20 and 21

Governance
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Overview

Epoch 20 ended with 30,278,495 veCAKE votes, an increase from 29,605,669 in Epoch 19.

Epoch 21 ended with 31,430,781 veCAKE votes, an increase from 30,278,495 in Epoch 20.

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 Epochs 20 and 21, 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 511,042 and 590,473 veCAKE votes on them for Epoch 20 and 21 respectively, an increase from the 469,159 votes received in Epoch 19:

  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.

In the past two epochs, we ended a number of short term ad-hoc farms on Arbitrum, Ethereum, BNB Chain, and Base. These served the purpose of bootstrapping initial liquidity for new pairs launched on our DEX, and were mostly quite successful in doing so.

We also started a couple of new short term ad-hoc farms that are either in partnership with the project team to deploy liquidity on us, or to bootstrap liquidity for new assets (e.g. cbBTC).

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
USDe-USDT ETH V3 0.01% 2.6x 73.0 02 Aug 2024 30 Aug 2024 529,361 1,538,976
USDe-USDC ARB V3 0.01% 0.1x 2.5 07 Aug 2024 16 Aug 2024 64,293 109,793
SEED-ETH ARB V3 0.25% 0.7x 27.0 08 Aug 2024 07 Sep 2024 1,799 82,565
swBTC-BTC ETH V3 0.05% 0.1x 2.7 14 Aug 2024 30 Aug 2024 1,058 29,531
wstETH-ETH BNB V3 0.01% 0.1x 2.7 16 Aug 2024 30 Aug 2024 4,429,233 14,939,267
wstETH-BTCB BNB V3 0.05% 0.1x 2.7 16 Aug 2024 30 Aug 2024 782,914 503,340
wstETH-BNB BNB V3 0.05% 0.1x 2.7 16 Aug 2024 30 Aug 2024 810,568 372,131
SolvBTC.ENA-SolvBTC BNB V3 0.05% 0.1x 2.7 16 Aug 2024 30 Aug 2024 666 0
SolvBTC.BBN-SolvBTC BNB V3 0.05% 0.1x 2.7 16 Aug 2024 30 Aug 2024 39,122 0
SolvBTC-WBTC ARB V3 0.05% 0.1x 2.7 16 Aug 2024 30 Aug 2024 15,607 15,607
SolvBTC.BBN-SolvBTC ARB V3 0.05% 0.1x 2.7 16 Aug 2024 30 Aug 2024 0 0
USD0-USDT ETH V3 0.05% 0.1x 2.7 21 Aug 2024 30 Aug 2024 181,050 177,548
WIF-ETH Base V3 0.25% 0.5x 12.0 22 Aug 2024 30 Aug 2024 590 2,032
ORDER-ETH ETH V3 0.25% 2.3x 63.0 26 Aug 2024 16 Sep 2024 184,525 563,226
DOLA-USDC Base V3 0.25% 0.1x 3.7 02 Sep 2024 13 Sep 2024 166 63
USD0-USDT ETH V3 0.05% 2.9x 80.1 11 Sep 2024 25 Sep 2024 181,050 177,548
uniBTC-BTCB BNB V3 0.05% 0.5x 13.2 16 Sep 2024 27 Sep 2024 220 109,486
cbBTC-WBTC ETH V3 0.01% 0.4x 11.2 16 Sep 2024 27 Sep 2024 2,530 20,427
cbBTC-ETH ETH V3 0.05% 0.4x 11.2 16 Sep 2024 27 Sep 2024 0 126
cbBTC-USDC ETH V3 0.05% 0.4x 11.2 16 Sep 2024 27 Sep 2024 0 18
cbBTC-ETH Base V3 0.01% 0.4x 11.2 16 Sep 2024 27 Sep 2024 100,653 44,092
cbBTC-USDC Base V3 0.01% 0.4x 11.2 16 Sep 2024 27 Sep 2024 36,193 11,666
cbBTC-USDbC Base V3 0.01% 0.2x 5.6 16 Sep 2024 27 Sep 2024 20,345 22,538
WBTC-USDT BNB V3 0.25% 1.2x 33.6 19 Sep 2024 03 Oct 2024 43,161 1,000,000

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 20 and 21, and have made the following decision(s):

  1. Enabled the kBTC/BTCB (0.05% fee tier) V3 gauge on BNB Chain with 1x boost multiplier and 0.5% emissions cap
  2. Enabled the wstETH/ETH (0.01% fee tier) on BNB Chain with 1x boost multiplier and 10% emissions cap
  3. Enabled the wstETH/BNB (0.05% fee tier) on BNB Chain with 1x boost multiplier and 5% emissions cap
  4. Enabled the wstETH/BTCB (0.05% fee tier) on BNB Chain with 1x boost multiplier and 5% emissions cap
  5. Enabled the mBTC/WBTC (0.02% fee tier) Stableswap gauge on Ethereum with 1x boost multiplier and 2% emissions cap
  6. Rejected the QUO/USDT (0.25% fee tier) V2 gauge on BNB Chain
  7. Enabled the DOLA/USDC (0.25% fee tier) V3 gauge on Base with 1x boost multiplier and 0.5% emissions cap
  8. Enabled the mBTC/WBTC (0.02% fee tier) Stableswap gauge on Arbitrum with 1x boost multiplier and 1% emissions cap
  9. Enabled the mBTC/BTCB (0.02% fee tier) Stableswap gauge on BNB chain with 1x boost multiplier and 1% emissions cap
  10. Enabled the WETH-SEED (0.25% fee tier) V3 gauge on Arbitrum with 1x boost multiplier and 0.5% emissions cap
  11. Enabled the WBNB/MGP (0.25% fee tier) ALM gauge from CupcakeHop on BNB Chain with 1x boost multiplier and 1% emissions cap
  12. Enabled the WBNB/MGP (0.25% fee tier) ALM gauge from CupcakeHop on BNB Chain with 1x boost multiplier and 1% 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
wstETH-ETH BNB V3 0.01% 1x 10%
wstETH-BTCB BNB V3 0.05% 1x 5%
wstETH-BNB BNB V3 0.05% 1x 5%
kBTC-BTCB BNB V3 0.05% 1x 0.5%
mBTC-WBTC ETH StableSwap 0.02% 1x 2%
WIF-ETH Base V3 0.25% 1x 0.5%
ETH-BNB BNB V3 0.01% 1x 0.5%
ETH-USDT BNB V3 0.01% 1x 0.5%
BTCB-USDT BNB V3 0.01% 1x 0.5%
ORDER-ETH ETH V3 0.25% 1x 2%
AERO-USDC Base V3 0.25% 1x 0.5%
AERO-ETH Base V3 0.25% 1x 0.5%
USDC-ETH Base V3 0.25% 1x 0.5%
ezETH-ETH Base V3 0.01% 1x 0.5%
OVN-USD+ Base V3 0.25% 1x 0.5%
MOG-ETH Base V3 0.25% 1x 0.5%
USDC-eUSD Base V3 0.01% 1x 0.5%
gUSDC-USDC ARB V3 0.01% 1x 0.5%
USD±USDT ARB V3 0.01% 1x 0.5%
DOLA-USDC Base V3 0.25% 1x 0.5%
POL-USDC.E Polygon zkEVM V3 0.05% 1x 0.5%
POL-USDT Polygon zkEVM V3 0.05% 1x 0.5%
POL-ETH Polygon zkEVM V3 0.05% 1x 0.5%
POL-MATIC Polygon zkEVM V3 0.01% 1x 0.5%
uniBTC-BTCB BNB V3 0.05% 1x 0.5%
mBTC-BTCB BNB StableSwap 0.02% 1x 1%
mBTC-WBTC ARB StableSwap 0.02% 1x 1%
SEED-ETH ARB V3 0.25% 1x 0.5%
WBNB-CKP BNB ALM 0.25% 1x 1%
WBNB-MGP BNB ALM 0.25% 1x 1%
cbBTC-WBTC ETH V3 0.01% 1x 0.5%
cbBTC-ETH ETH V3 0.05% 1x 0.5%
cbBTC-USDC ETH V3 0.05% 1x 0.5%
cbBTC-ETH Base V3 0.01% 1x 0.5%
cbBTC-USDC Base V3 0.01% 1x 0.5%
cbBTC-USDbC Base V3 0.01% 1x 0.5%

We are maintaining a publicly accessible Google Sheets of whitelisted gauges here.

1 Like
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Thanks Chef! I was wondering the other day - have we conducted any form of surveying or polling on users actually engaging with the gauges, iCAKE, etc since their debut?

My thoughts are all of this hard work you’re putting in while incredibly impressive I imagine would come result in “cognitive overload” or simply information overload in many users. As there is a point in humans where the level/depth of information is so intricate they (consciously or not) decide it’s “too much” and don’t bother with the matter.

I only ask as even with my background, the CAKE derivatives mixed with our already VERY unique (but far from simple) ecosystem of farms, position managers, syrup pools, etc.

Point being I think it’s worth considering finding the metrics on this sort of thing. If I’m correct in that a notable % of veCAKE holders don’t bother with their gauge powers or other benefits — it may be beneficial to consider further breaking down these derivatives more than is already available.

The benefit would presumably result in a much more resilient and strong CAKE community as it’s possible that group isn’t able to appreciate the added benefits of all these variations & their intended benefits for users.

Below is an article I found regarding this sort of phenomenon in humans & how to best approach a scenario like the one I mentioned (if it is in fact true)

Effective Study Techniques for Complex Subjects

I just think it’s best to assume as far as clients go ESPECIALLY in our industry — that we remember it consists of all types of people & isn’t exclusive to the CeFi professionals you know. :blush:

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Thanks for the feedback @Nasdaq_Nico! These Epoch Reports are meant more for transparency than anything else.

Though I agree that we should do more to simplify and educate the community about our products, which we have been doing via blogs and educational threads.

2 Likes
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Yeah of course, and trust me I appreciate the transparency PancakeSwap provides regarding almost everything concerning client funds a LOT

My apologies I just didn’t really know who else to post this and didn’t feel that it was worth creating some topic for you know.

Not sure if you’re familiar with the “Pancake Lords” (ambassadors) but I think it that’s going to be something I’ll focus on producing material on :grin: will also mention to Chef Fran & @Juapia if maybe this is something we should have our team focus on for October or November :slight_smile:

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I think it would be a good initiative to translate this into a more understandable language to educate the community about the gauges/vecake system and how pools and CAKE distribution work. Pancake Lords exists for that : )

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Let’s get to work then my friend! :hugs::hugs::hugs:

1 Like