veCAKE Epoch Report 9

Overview

Epoch 9 ended with 25,800,684 veCAKE votes, an increase from 23,740,799 in Epoch 8.

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 9, 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 started a short-term PEPE-BNB Farm as part of a Syrup Pool arrangement in the team, but will be transitioning the pair to bribes shortly.

We provided two NMT Farms in response to the team seeding sizable liquidity on us, and will also look to transition them to bribes after the Farms end.

Name Chain LP Type Fee Tier Multiplier CPD (now) CPD (old) Start Date End Date Volume (14D avg) TVL
PEPE-BNB BNB V3 1.00% 1x 28.7 01 Apr 2024 12 Apr 2024 88,273 124,473
NMT-USDC ETH V3 0.25% 1.5x 30.4 02 Apr 2024 30 Apr 2024 183,026 1,097,587
NMT-WBNB BNB V3 1.00% 0.1x 2.6 02 Apr 2024 30 Apr 2024 55,216 120,442

*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 9, and have made the following decisions:

  1. Enabled EGO/USDT (0.25% fee tier) V3 gauge on BNB Chain with 1x boost multiplier and 0.5% emissions cap
  2. Enabled mPENDLE/PENDLE (0.25% fee tier) Stableswap gauge on Arbitrum with 1x boost multiplier and 5% emissions cap
  3. Enabled mdLP/dLP (0.25% fee tier) Stableswap gauge on Arbitrum with 1x boost multiplier and 2% emissions cap
  4. Enabled SDT/BNB (0.25% fee tier) gauge on BNB chain with 1x boost multiplier and 0.5% 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
EGO-USDT BNB V3 0.25% 1x 0.5%
ezETH-ETH Linea V3 0.05% 1x 1%
WETH-USDT ARB ALM 0.05% 1x 2%
WETH-ARB ARB ALM 0.05% 1x 2%
WBTC-WETH ARB ALM 0.05% 1x 2%
ARB-USDC ARB ALM 0.05% 1x 2%
WETH-USDC ARB ALM 0.05% 1x 2%
RDNT-WETH ARB ALM 0.25% 1x 2%
GMX-WETH ARB ALM 0.25% 1x 1%
LINK-WETH ARB ALM 0.25% 1x 1%
swETH-ETH ETH ALM 0.05% 1x 2%
wstETH-ETHX ETH ALM 0.01% 1x 1%
ETHX-USDC ETH ALM 0.05% 1x 1%
mPENDLE-PENDLE ARB StableSwap 1x 5%
mdLP-dLP ARB StableSwap 1x 2%
CAKE-WETH ARB ALM 0.25% 1x 2%
SDT-BNB BNB V3 0.25% 1x 0.5%

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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