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:
- Enabled VIA/USDT (0.25% fee tier) V3 gauge on BNB Chain with 1x boost multiplier and 0.5% emissions cap
- Enabled USDT/DECHAT (0.25% fee tier) V3 gauge on BNB Chain with 1x boost multiplier and 1% emissions cap
- 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.