Overview
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:
- 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.