veCAKE Epoch Report 6


Epoch 6 ended with 21,724,936 veCAKE votes, an increase from 20,047,910 in Epoch 5.

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 6, the Kitchen continued allocating veCAKE votes to core pairs, such as BNB-USDT and CAKE-BNB on the 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.

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 decided to stop the PANDORA Farm on 23 Feb 2024 as it exceeded our discretionary CAKE limit, and also wasn’t particularly effective in capturing TVL or volume.

We established a few L2 LST Farms in this epoch to ride the growing LST narrative in the various L2 ecosystems, while also displaying the LP APR figures on our frontend for users to easily notice, hopefully encouraging more liquidity. We will transition these Farms to the Kitchen admin votes in the next epoch.

Name Chain LP Type Fee Tier Farm Multiplier CPD* (now) CPD* (old) Start Date End Date Volume (14D avg) TVL
PANDORA-ETH ETH V3 0.25% 2.5x 0 69 08 Feb 2024 23 Feb 2024 20,233 2,260
DMAIL-USDT BNB V3 1.00% 2.1x 60 19 Feb 2024 227,366 629,212
PIXEL-ETH ETH V3 0.25% 0.7x 20 20 Feb 2024 8,301 10,251
XRGB-BNB BNB V3 1.00% 0.5x 14 21 Feb 2024 108,156 196,199
XRGB-ETH ETH V3 1.00% 0.8x 22 22 Feb 2024 60,406 385,055
wstETH-ETH zkSync V3 0.05% 0.1x 3 22 Feb 2024 130,299 87,748
rETH-ETH zkSync V3 0.05% 0.1x 3 22 Feb 2024 53,074 149,436
wstETH-ETH Polygon zkEVM V3 0.01% 0.1x 3 22 Feb 2024 1 87
rETH-ETH Polygon zkEVM V3 0.01% 0.1x 3 22 Feb 2024 2 15
rsETH-ETH Polygon zkEVM V3 0.01% 0.1x 3 22 Feb 2024 20 210
wstETH-rETH zkSync V3 0.05% 0.1x 3 22 Feb 2024 0 10,800
wstETH-rETH Polygon zkEVM V3 0.05% 0.1x 3 22 Feb 2024 0 6

*CPD = CAKE emissions per day

Gauge Characteristics

As the total bribes in the veCAKE ecosystem increases, we are mindful of how we allocate CAKE emissions towards gauges. We are now setting a 0.5% emission cap as the default for all non-core gauges. If the token pair has demonstrated high volumes and TVL, we are open to raising the cap on a case-by-case basis.

Gauge Applications

We received a number of applications in Epoch 6, and have made the following decision:

  1. Enabled DMAIL/USDT (0.25% fee tier) V3 gauge on BNB Chain with 1x boost multiplier and 1% emissions cap

We are still in discussions with some of the applicants, and will provide an update on their applications in the next Epoch Report.

Whitelisted Gauges

The Kitchen added more gauges to the whitelist, according to the table below.

We are either already in discussions with some of 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
SOL-BNB BNB V3 0.25% 1x 5%
SOL-USDT BNB V3 0.25% 1x 5%
DMAIL-USDT BNB V3 1.00% 1x 1%
WETH-USDbC Base V3 0.05% 1x 25%
cbETH-WETH Base V3 0.05% 1x 5%
DAI-USDbC Base V3 0.01% 1x 25%
WETH-DAI Base V3 0.05% 1x 25%
WETH-USDC Base V3 0.05% 1x 25%
USDC-USDCbC Base V3 0.01% 1x 25%
DAI-USDC Base V3 0.01% 1x 25%
tBTC-WETH Base V3 0.05% 1x 5%
WETH-USDbC Base V3 0.01% 1x 25%
WETH-USDC Base V3 0.01% 1x 25%
USDbC-axlUSDC Base V3 0.01% 1x 5%

We are maintaining a publicly accessible Google Sheets of:

(i) Whitelisted Gauges

(ii) Gauges under consideration

You can find this information here.


awesome! Let’s go $CAKE