Overview
Epoch 22 ended with 33,912,531 veCAKE votes, an increase from 31,430,781 in Epoch 21.
Epoch 23 ended with 33,397,471 veCAKE votes, a slight decrease from 33,912,531 in Epoch 22.
Epoch 24 ended with 33,031,111 veCAKE votes, a slight decrease from 33,397,471 in Epoch 23.
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 22, 23, and 24, 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 1,596,760, 1,359,721, and 1,360,231 veCAKE votes on them for Epoch 22, 23, and 24 respectively, an increase from the 590,473 votes received in Epoch 21:
- 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.
In the past three 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. EIGEN, DEGEN, FBTC).
| Name | Chain | LP Type | Fee Tier | Multiplier | CPD (now) | CPD (old) | Start Date | End Date | Volume (14D avg) | TVL |
|---|---|---|---|---|---|---|---|---|---|---|
| USD0-USDT | ETH | V3 | 0.05% | 2.9x | 80.1 | 11 Sep 2024 | 25 Sep 2024 | 26,494 | 128,545 | |
| uniBTC-BTCB | BNB | V3 | 0.05% | 0.5x | 13.2 | 16 Sep 2024 | 27 Sep 2024 | 9,150 | 330,137 | |
| cbBTC-WBTC | ETH | V3 | 0.01% | 0.4x | 11.2 | 16 Sep 2024 | 27 Sep 2024 | 156,632 | 15,763 | |
| cbBTC-ETH | ETH | V3 | 0.05% | 0.4x | 11.2 | 16 Sep 2024 | 27 Sep 2024 | 3,278 | 23,904 | |
| cbBTC-USDC | ETH | V3 | 0.05% | 0.4x | 11.2 | 16 Sep 2024 | 27 Sep 2024 | 1,181 | 24,217 | |
| cbBTC-ETH | Base | V3 | 0.01% | 0.4x | 11.2 | 16 Sep 2024 | 27 Sep 2024 | 3,316,174 | 755,090 | |
| cbBTC-USDC | Base | V3 | 0.01% | 0.4x | 11.2 | 16 Sep 2024 | 27 Sep 2024 | 757,692 | 107,475 | |
| cbBTC-USDbC | Base | V3 | 0.01% | 0.2x | 5.6 | 16 Sep 2024 | 27 Sep 2024 | 75,707 | 5,275 | |
| WBTC-USDT | BNB | V3 | 0.25% | 1.2x | 33.6 | 19 Sep 2024 | 03 Oct 2024 | 50,419 | 1,405,848 | |
| EGP-ETH | ARB | V3 | 1% | 1.8x | 50.0 | 25 Sep 2024 | 09 Oct 2024 | 61,903 | 61,903 | |
| pufETH-ETH | BNB | V3 | 0.05% | 1.2x | 33.6 | 27 Sep 2024 | 11 Oct 2024 | #N/A | 257,000 | |
| EIGEN-ETH | ETH | V3 | 0.05% | 2x | 55.5 | 01 Oct 2024 | 08 Nov 2024 | 82,539 | 20,303 | |
| DEGEN-ETH | Base | V3 | 0.05% | 1.3 | 36.7 | 14 Oct 2024 | 25 Oct 2024 | 316,354 | 255,452 | |
| FBTC-WBTC | ARB | V3 | 0.25% | 2.6x | 74.0 | 21 Oct 2024 | 18 Nov 2024 | #N/A | 5,449,771 |
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 22, 23, and 24, and have made the following decision(s):
- Enabled the WETH/MGP (0.25% fee tier) ALM gauge from Bril / CupcakeHop on Arbitrum with 1x boost multiplier and 1% emissions cap
- Enabled the wstETH/mstETH (0.05% fee tier) ALM gauge from Bril / CupcakeHop on Arbitrum with 1x boost multiplier and 0.5% emissions cap
- Enabled the WETH-wstETH (0.01% fee tier) ALM gauge from Bril / CupcakeHop on BNB chain with 1x boost multiplier and 1% emissions cap
- Enabled the EGP/WETH (1% fee tier) V3 gauge on Arbitrum with 1x boost multiplier and 2% emissions cap
- Enabled the mBTC/WBTC (0.01% fee tier) V3 gauge on Ethereum with 1x boost multiplier and 1% emissions cap
- Enabled the mBTC/BTCB (0.01% fee tier) V3 gauge on BNB Chain with 1x boost multiplier and 1% emissions cap.
- Enabled the mBTC/WBTC (0.01% fee tier) V3 gauge on Arbitrum with 1x boost multiplier and 1% emissions cap
- Enabled the ynBNB/BNB (0.05% fee tier) V3 gauge on BNB Chain with 1x boost multiplier and 0.5% emissions cap
- Enabled the SDT/BNB (0.25% fee tier) ALM gauge from Bril Finance on BNB chain with 1x boost multiplier and 0.5% emissions cap
- Enabled the BNB/SDT (0.25% fee tier) ALM gauges from Bril Finance on BNB chain with 1x boost multiplier and 0.5% emissions cap
- Enabled the ynBNB/BNB (0.05% fee tier) ALM gauge from Bril Finance on BNB chain with 1x boost multiplier and 0.5% emissions cap.
- Enabled the BNB/ynBNB (0.05% fee tier) ALM gauge from Bril Finance on BNB chain with 1x boost multiplier and 0.5% emissions cap
Whitelisted Gauges
Moving forward, the Kitchen will maintain the list of whitelisted gauges in this public Dune query, which will be updated automatically.