veCAKE Epoch Report 8

Overview

Epoch 8 ended with 23,740,799 veCAKE votes, an increase from 21,425,486 in Epoch 7.

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 8, 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 stopped the PIXEL-ETH Farm as it was not performing well, while we stopped the XRGB-ETH Farm as we are moving the team towards bribing for liquidity.

We started two new Farms on BNB Chain - MB4-BNB and MC-USDT, but we stopped them after a few days as they did not attract healthy levels of TVL.

We stopped most of the 0.1x Farms that we introduced since the last epoch, and will transition them to kitchen admin votes so that we can continue displaying their APRs on our frontend, aiming to attract more liquidity providers for these pairs.

We stopped the ad-hoc Farms - wstETH-USDC on zkSync and wstETH-ETH on Linea, and let the organic veCAKE votes take over. The bribes we earned were distributed to veCAKE holders.

Name Chain LP Type Fee Tier Multiplier CPD (now) CPD (old) Start Date End Date Volume (14D avg) TVL
PIXEL-ETH ETH V3 0.25% 0.7x 19.6 20 Feb 2024 08 Mar 2024 6,026 384
XRGB-ETH ETH V3 1.00% 0.8x 22.0 23 Feb 2024 08 Mar 2024 88,383 239,546
WETH.e-WETH zkSync V3 0.05% 0.1x 2.6 29 Feb 2024 15 Mar 2024 2,482 23,530
CAKE-USDC Polygon zkEVM V3 1.00% 0.1x 2.6 29 Feb 2024 15 Mar 2024 4,796 36,663
CAKE-ETH Polygon zkEVM V3 1.00% 0.1x 2.6 29 Feb 2024 15 Mar 2024 1,973 21,445
BNX-USDT BNB V3 0.05% 0.1x 2.6 29 Feb 2024 15 Mar 2024 10,690,043 3,780,465
CAKE-ETH Linea V3 1.00% 0.1x 2.6 29 Feb 2024 15 Mar 2024 26,924 71,076
CAKE-ETH Base V3 1.00% 0.1x 2.6 29 Feb 2024 15 Mar 2024 63,462 112,463
USDC-DAI ETH V3 0.01% 0.1x 2.6 29 Feb 2024 15 Mar 2024 30,107 150,553
wstETH-USDC zkSync V3 0.05% 1.1x 31.0 01 Mar 2024 15 Mar 2024 72,991 56,486
wstETH-ETH Linea V3 0.05% 1.8x 52.0 01 Mar 2024 15 Mar 2024 70,622 222,076
AIOZ-BNB BNB V3 0.25% 0.1x 2.6 05 Mar 2024 15 Mar 2024 2,515,011 3,597,239
FET-BNB BNB V3 1.00% 0.1x 2.6 05 Mar 2024 15 Mar 2024 401,044 487,340
TWT-BNB BNB V3 0.25% 0.1x 2.6 07 Mar 2024 15 Mar 2024 382,774 199,365
TRUMP-BNB BNB V3 0.25% 0.1x 2.6 07 Mar 2024 15 Mar 2024 289,384 378,267
FIL-BNB BNB V3 0.25% 0.1x 2.6 07 Mar 2024 15 Mar 2024 1,002,350 960,010
ezETH-ETH BNB V3 0.05% 0.1x 2.6 07 Mar 2024 15 Mar 2024 19,156 228,804
MB4-WBNB BNB V3 0.25% 0.1x 2.6 12 Mar 2024 19 Mar 2024 427,403 556,147
MC-USDT BNB V3 0.25% 0.1x 2.6 12 Mar 2024 19 Mar 2024 1,219,275 816,673

*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 emissions caps to account for their volume, TVL, and/or expected bribe amounts.

Gauge Applications

We received a number of applications in Epoch 8, and have made the following decisions:

  1. Enabled VIA/USDT (0.25% fee tier) V3 gauge on BNB Chain with 1x boost multiplier and 0.5% emissions cap
  2. Enabled USDT/DECHAT (0.25% fee tier) V3 gauge on BNB Chain with 1x boost multiplier and 1% emissions cap
  3. Enabled GRAI/USDC.e (0.05% fee tier) V3 gauge on Polygon zkEVM with 1x boost and 1% emissions cap

We are reviewing some of the applications, and will provide an update 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 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
XRGB-ETH ETH V3 1.00% 1x 1%
VIA-USDT BNB V3 0.25% 1x 0.5%
TRUMP-BNB BNB V3 0.25% 1x 0.5%
FIL-BNB BNB V3 0.25% 1x 0.5%
ezETH-ETH BNB V3 0.05% 1x 0.5%
PEPE-WBNB BNB V3 1.00% 1x 0.5%
DECHAT-USDT BNB V3 1.00% 1x 1%
GRAI-USDC.e Polygon zkEVM V3 0.05% 1x 1%

We are maintaining a publicly accessible Google Sheets of:

(i) Whitelisted Gauges

(ii) Gauges under consideration

You can find this information here.

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