Hello PancakeSwap Community,

We are excited to announce that CAKE is now live on Ethereum! With this new development, liquidity farming on Ethereum is now native, which means that you can start earning rewards for your liquidity contributions without waiting for cross-chain transactions to complete. Additionally, this integration means that less gas is spent, making transactions faster and more affordable than ever before!

With the ability to claim CAKE natively on Ethereum, you no longer need to go through the process of moving your tokens back and forth between chains. This also means that you don't have to worry about the risk of losing your tokens during the transfer process. Furthermore, you can **[bridge](https://bridge.pancakeswap.finance/)** CAKE between BNB Chain, Ethereum, and Aptos effortlessly without fees in CAKE, although gas fees are still required for source and destination transactions.

Powered by LayerZero’s OFT (Ominichain Fungible Tokens), this integration marks another step in CAKE’s journey towards becoming a multichain token. We aim to create a seamless experience for our users, allowing them to easily move their assets between chains without facing any difficulties.

Thanks to LayerZero's powerful bridging technology, the bridging experience is lightning-quick, taking only around 5 minutes to complete. This is a significant improvement compared to traditional cross-chain transactions, which can take hours to complete. LayerZero's technology has been specifically designed to address the challenges of cross-chain transactions, providing a fast and secure solution that meets the needs of our users. To help our users take advantage of these new features, we have created a comprehensive CAKE **[bridging guide](https://docs.pancakeswap.finance/products/cake-bridging/evms)** that outlines the steps involved in bridging your tokens between chains. 

So what are you waiting for? Join the CAKE community on Ethereum today and start enjoying the benefits of seamless cross-chain transactions. Whether you're a liquidity provider, trader, or just a crypto enthusiast, CAKE's integration with Ethereum is sure to provide you with a better, faster, and more convenient experience.

Stack’em
The Chefs




Experience Seamless Multichain Transactions and Claim CAKE Rewards Effortlessly with LayerZero’s OFT

Introducing CAKE on Ethereum: Lightning-Fast Bridging and Native Liquidity Farming

Hey PancakeSwap Fam, 

We have teamed up with Orbs Network to develop a new feature to level your trading experience. Say hello to TWAP (Time-Weighted Average Price) and Limit orders, now seamlessly integrated into PancakeSwap's ecosystem on the BNB Chain. This feature spans all DEX liquidity sources and versions (v2, v3 StableSwap, etc.). Moreover, we're planning to extend this feature to multiple chains soon.

### **What are TWAP and Limit Orders?**
TWAP, a staple in traditional finance, is designed to break large orders into smaller trade sizes and execute them at regular intervals. This minimizes the order's price impact and allows for implementing a dollar-cost averaging (DCA) strategy. On the other hand, Limit orders empower users to buy or sell assets at a specified price or better, providing more control over trade execution.

### **Why Integrate TWAP and Limit Orders?**
- Price Impact Reduction: With TWAP, the adverse effects of high price impact on large trades or low-liquidity pairs are mitigated, ensuring better outcomes for traders.
- Automation of Dollar-Cost Averaging (DCA): Implementing a DCA strategy becomes effortless as TWAP automates the process, smoothing market volatility over time.

### **How to Get Started with TWAP and Limit Orders:**
1\. Visit **[PancakeSwap](https://pancakeswap.finance/swap/limit)** and connect your wallet to the BNB Chain.
![Screenshot 2024-04-10 at 14.51.04.png](https://sgp1.digitaloceanspaces.com/strapi.space/ae366949140d3eb83ef1973835f10a3f.png)

2\. Specify the token pair and amount you wish to trade.

![Screenshot 2024-04-10 at 14.52.27.png](https://sgp1.digitaloceanspaces.com/strapi.space/392c94d123dd77e7a5298c24ae86580c.png)

3\. Choose whether to set a limit price. Trades will execute only if the market price equals or exceeds the limit price.

![Screenshot 2024-04-10 at 14.52.33.png](https://sgp1.digitaloceanspaces.com/strapi.space/c138e81953f05ec254552a54bb34a49a.png)

4\. Determine the total number of trades and the trade interval to tailor the execution to your preference. Set the maximum duration for the order to ensure timely execution.
![Screenshot 2024-04-10 at 14.52.55.png](https://sgp1.digitaloceanspaces.com/strapi.space/91b2cd7e024464b218310087cf447a9c.png)

If you have more questions, please refer to our documentation **[here](https://docs.pancakeswap.finance/products/pancakeswap-exchange/limit-orders)**.

Empower your trading strategy with TWAP and Limit orders today **[on PancakeSwap](https://pancakeswap.finance/swap/limit)**, and elevate your trading game to new heights!

Happy Trading,

The Chef’s

Say hello to TWAP (Time-Weighted Average Price) and Limit orders, now seamlessly integrated into PancakeSwap's ecosystem on the BNB Chain

 PancakeSwap Teams Up with Orbs Network to Introduce TWAP and Limit Orders

### Data Recap
#### Overall
- Total Volume: $44.8B
- Average Daily Volume: $1.4B
- Unique Traders: 2.6M
- Unique Onsite Users: 5.3M
- Web3 Wallet — Onsite Users: 109K
- Web3 Wallet — Average Daily Users: 8K
- Gaming Marketplace - AVG Daily Users: 6k

#### CAKE
- Total burned: 36.2M CAKE ($143.7M)
- Bought back from the market to burn: $5.8M
- N° of holders: 1,640,421 (MoM 2.05%)
- Effective CAKE Emission Rate: 1.36 CAKE/Block

*As our emissions and burn data are calculated and grouped by weeks, not months, the statistics above may not one-to-one reflect our “monthly burn”, and only serves as a guideline. For more information on our burns, please refer to our weekly burn post on our social channels.

#### 🍽✅ Served In March

#### PancakeSwap v4: Your DEX, Your Innovation 

![v4.png](https://sgp1.digitaloceanspaces.com/strapi.space/0d14d562a94e0e569dc341d5caf55bbc.png)

Introducing PancakeSwap v4: For Developers, Traders & Every User.

Since the launch of PancakeSwap in 2020, we've achieved remarkable milestones. While PancakeSwap v3 brought improvements, it lacked composability for leveraging PancakeSwap’s liquidity and user base. Additionally, it didn't offer seamless integration for developers and DeFi protocols to create on top of it. 

That’s why we present PancakeSwap v4, a groundbreaking iteration designed to address these challenges head-on. Our codebase is open-sourced, inviting developers to explore and contribute.

This is just an announcement. The DEX is scheduled to launch in the third quarter of this year on Ethereum and BNB Chain, with intentions to expand to additional chains in the future
Hooks, Singleton, Customized Pool Types, Flash Accounting. A lot of new things are coming to the AMM, and we invite you to come and learn how you can contribute to it! We’re also initializing a $500K Developer Program & CAKE Emission grant program, an initiative to empower and support developers in the DeFi ecosystem.

It’s impossible to put into words how this announcement made us feel! We invite you to check our v4 directory to understand PancakeSwap v4 deeply. 

The moon is made of Pancakes! 

#### **PancakeSwap v4 Directory**

-[**PancakeSwap v4 page**](https://pancakeswap.finance/v4)

-[**Introducing PancakeSwap v4: For Developers, Traders & Every User**](https://blog.pancakeswap.finance/articles/introducing-pancake-swap-v4-for-developers-traders-and-every-user)

-[**PancakeSwap v4 Whitepaper**](https://github.com/pancakeswap/pancake-v4-core/blob/main/docs/whitepaper-en.pdf)

-[**PancakeSwap v4 FAQ**](https://blog.pancakeswap.finance/articles/pancake-swap-v4-answering-all-your-questions-about-v4)

-[**Mochi's vision for PancakeSwap v4**](https://blog.pancakeswap.finance/articles/chef-mochi-s-vision-for-pancake-swap-v4-a-leap-forward-in-de-fi-innovation)

-[**Why should Developers build on PancakeSwap v4 and How to build Hooks**](https://blog.pancakeswap.finance/articles/why-should-developers-build-on-pancake-swap-v4-and-how-to-build-hooks)

-[**Introducing PancakeSwap’s $500K Developer Program and CAKE Emissions Grant Program**](https://blog.pancakeswap.finance/articles/introducing-pancake-swap-s-500-k-developer-program-and-cake-emissions-grant-program)

-[**What’s in it for Developers, DeFi Protocols, Traders, and Liquidity Providers**](https://blog.pancakeswap.finance/articles/everything-you-need-to-know-about-pancake-swap-v4-what-s-in-it-for-developers-traders-liquidity-providers-and-defi-protocols)

-[**PancakeSwap v4 Developer Docs**](https://developer.pancakeswap.finance/)

#### ETH Global London: Our first hackathon! 

![ETHLondon Stand.jpg](https://sgp1.digitaloceanspaces.com/strapi.space/db084d462ab0073cf5c46abfcff3796a.jpg)

During ETH Global London, we unveiled the PancakeSwap v4 announcement. Through our keynote presentation and v4 workshop, helmed by the esteemed Chef Momo and Chef Burger, attendees gained invaluable insights into the transformative benefits and challenges accompanying this pivotal change within the PancakeSwap Kitchen and the whole DeFi ecosystem.

The cherry on top of the pancake is that we hold our first hackathon! Developers were tasked with crafting innovative features utilizing our Custom Layer with Hooks, vying for a chance to claim their share of the $10,000 prize pool! 🐰 A discerning panel of judges, comprised of loved PancakeSwap Chefs, faced the arduous challenge of selecting the deserving winners.

We extend our heartfelt gratitude to all those who visited our booth and offered their unwavering support throughout the event's three days.

If you missed out on the excitement, fret not! We've prepared a recap video for your enjoyment, ready to be replayed to your heart's content! https://www.youtube.com/watch?v=UBU9Ui9HZTc

#### March 2024: PancakeSwap's CAKE Burn - New ATH

![March Burn Recap 2024-04-07 23.58.27.jpg](https://sgp1.digitaloceanspaces.com/strapi.space/6a5e3ec6d1684e9bf8c5a4582d777b1a.jpg)

Can you smell the burned pancakes? It’s the smell of deflation 
In March, we burned 1,789,306 CAKE, with…drums please 🥁…-731,042 Net Mint! That marks a new ATH in terms of net mint 🔥

🐰This is the 7th consecutive month of CAKE total supply reduction, with a cumulative -2,103,059 CAKE net mint

Take a look at March’s burn report here 👉 https://blog.pancakeswap.finance/articles/march-2024-pancake-swap-s-cake-burn 

#### Affiliates Initiative: Mancake, the first candidate! 

![mancake proposal.jpg](https://sgp1.digitaloceanspaces.com/strapi.space/56f542875cc1bddce20ee9ae9b3f77ab.jpg)

In February, we presented our Affiliates Initiative to the PancakeSwap Community: To assist the PancakeSwap protocol in being up-to-date with the crypto industry’s developments, the Kitchen intends to invite and, on a case-by-case basis, approve forks of PancakeSwap onto any chains that PancakeSwap is not already deployed on, based on certain principles.

You can refresh your memory about it in this Forum Discussion: https://forum.pancakeswap.finance/t/discussion-on-pancakeswap-affiliates-a-multichain-expansion-strategy/395 

The reception was pretty good, and the valuable feedback was all taken! 

During March, we presented the discussion to launch our First Affiliate DEX initiative on the Mantle network with MancakeSwap! 

MancakeSwap; or ‘Mancake’ - is an affiliate fork of PancakeSwap on Mantle Network. Officially supported by  PancakeSwap and Mantle Network, Mancake provides users an all-in-one service to trade, earn, and own various cryptocurrencies in a trustworthy environment with a user-friendly interface.

The Mancake launch is now on voting stage. 🗳 Read more about the proposal and cast your vote for free here: https://pancakeswap.finance/voting/proposal/0xbf8ac28356bd7ad863c7a1bf9fb66901b44430f274986a4e8793639f8214a747 

#### bCAKE Migration: Attention CAKE Stakers!

![bcake migration banner.jpg](https://sgp1.digitaloceanspaces.com/strapi.space/4f5c3bf7b0969ee1cc1cb62c02a8aba4.jpg)

Starting on April 5th, if you’re staking CAKE on BNB CHAIN v2 Farms, StableSwap, & Position Manager, you must migrate your stakings, to continue earning rewards! 

🔍 See how to Migrate ⤵️
https://docs.pancakeswap.finance/products/yield-farming/bcake/migration-guide

![bcake migration pairs.jpg](https://sgp1.digitaloceanspaces.com/strapi.space/bfcba7e4c2c6a00b2e8bc5b34d6a5a6f.jpg)
 
🔜More pairs to be added - stay tuned for updates!

#### PancakeSwap x Wormhole Integration

![PancakeSwap x Wormhole.jpg](https://sgp1.digitaloceanspaces.com/strapi.space/165b14cfaa4fa18250d353d9a9683472.jpg)

🥞 PancakeSwap has now integrated Wormhole Connect, allowing seamless token transfers.

🌐 Transfer assets to BNB Chain hassle-free and enjoy uninterrupted access within the app.

🔗 Experience the multichain development with Wormhole Connect. Learn more: https://twitter.com/wormholecrypto/status/1768276001010942444

#### Position Manager: News 

![DefiEdge news.jpg](https://sgp1.digitaloceanspaces.com/strapi.space/3e3fbdc6487fc21cecde099c7c0390cf.jpg)

DeFiEdge’s Position Manager is now on Arbitrum PancakeSwap! Now you can enjoy DeFiEdge’s strategies on the Arbitrum Network! 

Dive into the 8 pairs LP with 80,000 ARB rewards over 6 weeks! Get started: https://pancakeswap.finance/position-managers?chain=arb 

#### New Pools

![Pools Marchpng.png](https://sgp1.digitaloceanspaces.com/strapi.space/5de943954e8883ef8d29afa22c60b7c2.png)

#### New Farms

![Farms March.png](https://sgp1.digitaloceanspaces.com/strapi.space/67361746805a54c48cfea4efbe1f833b.png)

### Still Cooking - Coming Soon!

**DEX: New Trading Venue**

There is always more to do to improve the PancakeSwap user experience. You can never be user-friendly enough! 

For a few months, we have been working on two new features that we believe will significantly improve how tokens are swapped in PancakeSwap and how users interact with the whole PancakeSwap ecosystem. 

Without giving too many details, we want to let you know that we will soon introduce both features together, and you can be part of that presentation! 

Are you interested in trying them out before anyone else? Let us know! 

**v4: Developers focused-activities**

Following the v4 Announcement and the success of our inaugural hackathon, we're thrilled to announce that this is just the beginning of a series of engaging events to come. 

That's right – more activities like these are on the horizon! We're committed to fostering creativity, innovation, and collaboration within our ecosystem, providing developers with opportunities to showcase their talents and push the boundaries of what's possible in decentralized finance. 

Stay tuned for updates and be ready to unleash your creativity in future events. Together, we'll continue to build, innovate, and shape the future of DeFi.

#### Still hungry?
Join us on Twitter , Telegram, in our Discord server, or in our growing Reddit community!

Bon appétit!

_The Chef's 🐰🥞_



PancakeSwap March Recap

GM PancakeSwap Community,

We are excited to announce that PancakeSwap has teamed up with Stryke (formerly Dopex) to introduce CLAMM Options Trading. This product allows the building of on-chain options liquidity and enables users to seamlessly trade options, earn premiums, and earn swap fees. This collaboration represents a significant leap forward in decentralized finance (DeFi), merging PancakeSwap's robust platform with Stryke (formerly Dopex)'s cutting-edge options protocol.

### **Overview of PancakeSwap’s CLAMM Options**
PancakeSwap’s American-style CLAMM options will debut on the Arbitrum chain, offering flexibility with diverse expiry durations (1 hour to 24 hours).
- Markets: ARB/USDC, WETH/USDC, and WBTC/USDC
- Options Types: Call & Put
- Strike Prices: Based on v3 pool ticks
- Expiry Durations: 1H, 2H, 6H, 12H, and 24H
- Exercise Conditions: Exercising positions before closure to avoid in-the-money options expiring worthless. Users can choose to enable auto-exercise to skip further actions and realize profits automatically at expiry. 

 ### **What are Options?**
![trading-campaign (34).jpg](https://sgp1.digitaloceanspaces.com/strapi.space/9391f82952ac74a1d01a4d5d0b5865f6.jpg)
Options are derivative contracts that grant buyers the right, without obligation, to buy or sell an asset at a predetermined strike price in the future. Option buyers pay a premium for this right. If market conditions are unfavorable, option buyers can let the option expire, limiting potential losses to the premium paid. Conversely, if the market moves favorably, the option can be exercised to realize profits.

Options are generally categorized into "call" and "put" contracts. With a call option, the contract buyer acquires the right to buy the asset at a predetermined strike price. With a put option, the buyer can sell the asset at the predetermined price.

### **Key Terminologies**
- Option Positions: Long (buying) or short (writing/selling), call or put options.
- Strike Prices: Locked-in prices for buying (call) or selling (put) the asset at the settlement date/expiry time.
- Expiry: Represents the time till the options contract is valid. Net settlement happens at expiry or on exercise.
- Premiums: The fee received by option sellers and the cost incurred by option buyers.
- American option: Options contract that allows traders to exercise the option rights at any time before and including the expiration day.
- Option Moneyness: This is determined through the relationship between the strike price and asset price. It is used to classify if a strike price is In-the-money (ITM), At-the-money (ATM), or Out-of-the-money (OTM).
- A call option is ITM if the asset price exceeds the strike price. A put option is ITM if the asset price is below the strike price. If a user has purchased an option at a strike that goes ITM, the user will earn profits (excluding cost of buying i.e. premium) by exercising the option.  
- A call option is OTM if the asset price is below the strike price. A put option is OTM if the asset price exceeds the strike price. OTM strikes have no intrinsic value, so exercising doesn’t make sense.

### **Types of Options:**
1\. Call Option (Buy):
- Buyers: Gain the right to buy the asset at a predetermined strike price on a specified date, with potential profits if the price exceeds the strike.
- Sellers: Undertake the obligation to sell the asset, receiving upfront premiums but facing potential losses if the asset's price rises beyond the strike.

**Example**
![trading-campaign (28).jpg](https://sgp1.digitaloceanspaces.com/strapi.space/9d89c11117be0a391a3d3303684ad803.jpg)
- On February 1, 2024, Alice initiated a buy call option at a $2,000 strike price and a $200 Option Premium. After 24 hours, Ethereum rose to $2,500. Now Alice exercises her buy call option, purchasing Ethereum at the strike price of $2,000 (lower than the current market value). Her profit is $2500 - ($2000 - $200), totaling $300, making her position in the money (ITM). 
- On the flip side, the seller, Bob, incurs a loss of $300 as Alice exercises her right to purchase Ethereum at the strike price (lower than the current market price), so he has to sell his Ethereum at the strike price of $2000, which is lower than the current market price marked at $2500.

**Risk/Reward**
![trading-campaign (29).jpg](https://sgp1.digitaloceanspaces.com/strapi.space/e3bdff0c2f38f488ac8fb40867f453e3.jpg)
The trader's (Alice) potential loss from buying a call option is limited to the premium paid. Potential profit is unlimited due to the increasing option payoff and the underlying asset price until expiration.

2\. Put Option (Sell):
- Buyers: Secure the right to sell the asset at a predetermined strike price, anticipating a decrease in the asset's price.
- Sellers: Accept the obligation to buy the asset, earning upfront premiums but facing potential losses if the asset's settlement price is lower than the strike price.

**Example**
![trading-campaign (30).jpg](https://sgp1.digitaloceanspaces.com/strapi.space/4ec80a5cce517c10c75855f54bec824f.jpg)
- Alex initiates a buy put option on February 1, 2024, with a $2,500 strike price and a $250 Option Premium. On February 2, 2024, Ethereum drops to $2,000. Alex exercises his buy put option, selling Ethereum at the strike price of $2,500 (higher than the current market value). Resulting in a $250 profit, $2500 - ($2000 - $250), making his position in the money (ITM). 
- On the flip side, the seller, Dave, incurs a loss of $250 as Alex exercises his right to sell his Ethereum at the strike price (higher than the current market price), so Dave has to buy Alex’s Ethereum at the strike price of $2500, which is higher than the current market price marked at $2000

**Risk/Reward**
![trading-campaign (33).jpg](https://sgp1.digitaloceanspaces.com/strapi.space/1df52b39dfea566a7ccd9117d194e371.jpg)
The potential loss on buying a put option is limited to the premium paid for the options. The maximum profit from the position is capped because the underlying price cannot drop below zero; options are a highly leveraged instrument, and even a capped upside return when buying put options allows users to maximize gains on their capital.

### **Decoding the CLAMM Options: A Liquidity Game-Changer**

Crafted by the Stryke (formerly Dopex) team, the CLAMM options protocol introduces an efficient dual liquidity provision system for options traders (buyers) and PancakeSwap v3 pools. Here's a breakdown of how it operates:
- **Liquidity Addition:** Users adding liquidity to CLAMM options simultaneously contribute to the designated PancakeSwap v3 (CLAMM) pool within their chosen price range.
- **Options Trading:** When an options trader (buyer) initiates a position, the liquidity is extracted from the v3 pool to facilitate options selling. The user thereby becomes an options seller and receives a premium.
- **Idle Liquidity Management:** The unutilized liquidity resides in the PancakeSwap v3 pool, potentially earning trading fees as long as the pool price remains within the liquidity range.
- **Consistent Payoff:** The payoff from selling options and providing liquidity in a v3 pool mirrors the same IL or token balance, ensuring users face no increased risk compared to the conventional method of adding liquidity to v3 pools.
- **Minimal Risks:** Users face fewer risks, as liquidity might remain un-utilized due to lower options buying demand. Additionally, since liquidity is added to the pool in an inactive range, it might not earn any fees.

Refer to our **[step-by-step guide](https://blog.pancakeswap.finance/articles/how-to-provide-liquidity-on-pancake-swap-s-clamm-options)** on how to add liquidity to PancakeSwap CLAMM Options.

### **How Can I Start Trading Options on PancakeSwap?**

Refer to our **[step-by-step guide](https://blog.pancakeswap.finance/articles/how-to-trade-options-on-pancake-swap)** for participating in PancakeSwap’s Options Trading.

### **The Start of Something Even Bigger**
This collaboration marks a significant stride forward, delivering diverse trading opportunities for users and elevating fee-earning potential for liquidity providers. Join us on this transformative journey as we redefine DeFi trading with PancakeSwap and Stryke (formerly Dopex), where each trade unfolds new possibilities and rewards.

Stack’em

The Chefs

PancakeSwap has teamed up with Stryke (formerly Dopex) to introduce CLAMM Options Trading.

Introducing CLAMM Options Trading on PancakeSwap in Collaboration with Stryke (formerly Dopex)

In our March 2024 report, we explore the world of CAKE token supply management on PancakeSwap. Learn how PancakeSwap reduces the total supply of CAKE through strategic burns and the pursuit of ultrasound CAKE.

### **CAKE Total Supply Reduction:**
As of  April 2nd, 2024, PancakeSwap has successfully burned 0.189% of the CAKE total supply for March 2024. To calculate this percentage, we divided the total net mint of -731,042 CAKE by the initial total CAKE supply on March 4th, 2024. This marks the seventh consecutive month of CAKE total supply reduction, with a cumulative -2,103,059 CAKE net mint over September, October, November, December 2023, January, February, and March 2024. 

### **Achieving CAKE Total Supply Reduction through Net Minting:**
In April 2024, PancakeSwap achieved a net mint of -731,042. This negative net mint indicates that more CAKE tokens were burned than minted during the month.

### **March Mint Breakdown**
- Farms: 816,702
- CAKE Syrup Pool: 117,600
- Other Product Usage: 123,962
- Total March Mint: 1,058,264

_Please note that we have excluded CAKE mints that directly contribute to burning, calculating the mint based on raw CAKE/block emission (including emission changes over the months) for a precise monthly mint estimate._

### **March Burn Categories**
- Swaps and Perpetual Trading Fees: 1,470,456
- Prediction: 190,134
- Pancake Protectors: 5,296
- Lottery, NFT Market, Profile & Factory: 123,420
- Total March Burn: 1,789,306

_Note: To ensure accuracy, we pro-rate weekly CAKE burns over two months. For example, burns occurring at the end of March and stretching into April receive a proportionate allocation between the two months._

### **Proof of Burn for March:**
- March 6: **[Link](https://bscscan.com/tx/0xddfc376c4cf0b13d02cc5feaaebbe084be4529a9c5db69be09777369dc312681)**
- March 11: **[Link](https://bscscan.com/tx/0xdf7c1def8b6f00e7a9c31e381fc045f82a4d53172f132c6e9098806293613abf)**
- March 18: **[Link](https://bscscan.com/tx/0xa5861c373be4ae42126094baea795553fb3c96994d8ca69ee2f650fb47124ac4)**
- March 25: **[Link](https://bscscan.com/tx/0x36d7c2768daca14123ac8d00882ff69ad826340557adbd1ab8f1fa2e3f6daad4)**
- April 2: **[Link](https://bscscan.com/tx/0xa486253829e13db5851890a04fd1bef6583b4092ff13d8e572bbd715deeb78a9)**

In our March 2024 report, we explore the world of CAKE token supply management on PancakeSwap.

March 2024: PancakeSwap's CAKE Burn

PancakeSwap's journey began with a simple AMM model and has evolved into a leading multichain DEX offering a suite of DeFi products. Since the launch of PancakeSwap in 2020, we've achieved remarkable milestones: 711B in total volume, 1.8M active users, 2.24B total value locked, and expansion onto nine chains.

While PancakeSwap v3 brought improvements, such as enhanced capital efficiency for traders and optimized yield generation for liquidity providers (LPs), it lacked composability for leveraging PancakeSwap’s liquidity and user base. Additionally, it didn't offer seamless integration for developers and DeFi protocols to create customized features for liquidity pools or introduce new pricing curves tailored to specific assets or market demands.

Today, we're thrilled to unveil PancakeSwap v4, a groundbreaking iteration designed to address these challenges head-on. Our **[codebase](https://github.com/pancakeswap/pancake-v4-core)**  is open-sourced, inviting developers to explore and contribute. Technical details are available in the **[whitepaper](https://github.com/pancakeswap/pancake-v4-core/blob/main/docs/whitepaper-en.pdf)**, with comprehensive **[documentation](https://developer.pancakeswap.finance/)** to support integration and development efforts.

The DEX is scheduled to launch in the third quarter of this year on Ethereum and BNB Chain, with intentions to expand to additional chains in the future. Developers can begin building and engaging with our platform immediately.

### PancakeSwap v4 Vision: Beyond a DEX

Our vision for PancakeSwap v4 extends beyond just a DEX upgrade. We aim to foster the most comprehensive flexibility and functionality within the AMM space, built together by the Kitchen and DeFi developers in the crypto community. Hence, PancakeSwap v4 code will be released under an open-source license.

Addressing the shortcomings of current AMMs, including inflexibility in pricing models for all assets, lack of CEX-level execution functions, impermanent loss for liquidity providers, and pricey on-chain gas fees for users, is paramount to our mission.

Furthermore, PancakeSwap v4 will enhance the DEX experience and complement with existing and upcoming features, like veCAKE, enabling PancakeSwap to evolve into the highest-functionality DeFi platform.

### **Key Features of PancakeSwap v4:**

#### **Hooks: Tailored Features and Fee Management**

Externally deployed contracts, known as hooks, can be integrated to enhance the functionality of swaps and liquidity pools. These contracts, deployed separately from the core AMM logics and pool managers, act as customizable add-ons, enabling developers and protocols to execute predefined logic during key pool and swap actions.

The possibilities are endless with hooks – from dynamic fees, order types, custom oracles, active liquidity management modules, and more. Additionally, fees can be imposed on actions like swapping and liquidity withdrawals, with the flexibility to collect the fees as a hook creator or distribute them to stakeholders.

#### **Custom Pool Types and Donate: Empowering Liquidity Provisioning & Incentivisation**

At launch, PancakeSwap v4 supports multiple pool types, including CLAMM and Liquidity Book. The architecture offers flexibility to incorporate any new AMM design to address current AMM models' drawbacks or cater to new types of assets that may be priced better by new curves.

In PancakeSwap v4, we implement the innovative Liquidity Book AMM alongside the widely adopted CLAMM design. While CLAMM follows the X*Y = K formula, the Liquidity Book AMM operates on a constant sum formula: X + Y = K. The liquidity is stacked in price bins rather than following a uniform distribution across a price range, as in the CLAMM design. This allows for liquidity to be deposited in various shapes.

#### Liquidity Book AMM:

Utilizing a constant sum formula within each bin ensures that traders benefit from 0 price impact trades within a bin, eliminating impermanent loss (IL) for LPs.

The fungibility of liquidity makes position adjustments cost-effective for LPs, supporting single-sided liquidity provisioning and enabling native limit orders akin to an order book model. This is the first Liquidity Book AMM implementation supporting hooks, allowing developers to introduce tailored features and optimizations to these pools.

**Donate:** The Donate method empowers stakeholders to incentivize in-range LPs, fostering the liquidity ecosystem.

#### **Singleton and Flash Accounting: Gas Optimization Techniques**

In contrast to  v3, where each pool requires a separate contract, v4 consolidates all pools into a single contract (singleton), reducing the deployment cost by 99%.  Gas cost is further reduced for multi-hop swaps as there is no need to transfer tokens between separate contracts.

Flash Accounting optimizes the accounting process by computing net balances for a batch of transactions and settling them collectively, reducing gas consumption compared to previous models. It relies upon a lock mechanism to update internal net balances before executing external transfers, minimizing gas fees for multi-hop transactions. Enabled by EIP-1153, Flash Accounting benefits from "Transient Storage," which stores data temporarily, avoiding serialization costs associated with permanent storage, thus enhancing cost-effectiveness.

#### **Open-Source Licensing**

Our v4 mission is crystal clear: to champion open-source principles and uplift the entire DeFi landscape. We're proud to announce that PancakeSwap v4 code will be released under an open-source license, empowering developers to innovate, customize, and collaborate freely. To facilitate the rapid adoption of PancakeSwap v4 across multiple chains, DeFi protocols forking PancakeSwap under the **[Affiliate initiative](https://forum.pancakeswap.finance/t/discussion-on-pancakeswap-affiliates-a-multichain-expansion-strategy/395)** will be warmly welcomed and officially recognized by the Kitchen. Join us in building a more inclusive and vibrant DeFi ecosystem for all.

#### **$500,000 Developer Program**

With the introduction of PancakeSwap v4, we're committed to providing developers with the resources and support to thrive in the DeFi landscape. Hence, we are launching a $500,000 Developer Program to encourage innovation, creativity, and collaboration within the developer community through Growth Campaigns, Hackathons, a Developer Ambassador Program, and a CAKE Emissions Grants Program.

As part of the CAKE Emission Grants Program: PancakeSwap will allocate CAKE emissions to developers building hooks and other promising solutions on PancakeSwap v4. More details on this initiative will be announced in the coming months.

For more details of the Developer Program, please refer to our official announcement **[here](https://blog.pancakeswap.finance/articles/introducing-pancake-swap-s-500-k-developer-program-and-cake-emissions-grant-program?utm_source=v4announcementblog&utm_medium=blog&utm_campaign=v4announcementblog&utm_id=v4announcementblog)**.

#### **What's Next for v4?**

The DEX is scheduled to launch in the third quarter of this year on Ethereum and BNB Chain, with intentions to expand to additional chains in the future. Developers can start building on PancakeSwap immediately by reading the v4 whitepaper and codebase. To get started or learn more about PancakeSwap v4, visit our **[v4 website](https://pancakeswap.finance/v4?utm_source=v4announcementblog&utm_medium=blog&utm_campaign=v4announcementblog&utm_id=v4announcementblog)**. 

The Chefs



#### **PancakeSwap v4 Directory**

[**PancakeSwap v4 page**](https://pancakeswap.finance/v4)

[**Introducing PancakeSwap v4: For Developers, Traders & Every User**](https://blog.pancakeswap.finance/articles/introducing-pancake-swap-v4-for-developers-traders-and-every-user)
 
[**PancakeSwap v4 Whitepaper**](https://github.com/pancakeswap/pancake-v4-core/blob/main/docs/whitepaper-en.pdf)

[**PancakeSwap v4 FAQ**](https://blog.pancakeswap.finance/articles/pancake-swap-v4-answering-all-your-questions-about-v4)

[**Mochi's vision for PancakeSwap v4**](https://blog.pancakeswap.finance/articles/chef-mochi-s-vision-for-pancake-swap-v4-a-leap-forward-in-de-fi-innovation)

[**Why should Developers build on PancakeSwap v4 and How to build Hooks**](https://blog.pancakeswap.finance/articles/why-should-developers-build-on-pancake-swap-v4-and-how-to-build-hooks)

[**Introducing PancakeSwap’s $500K Developer Program and CAKE Emissions Grant Program**](https://blog.pancakeswap.finance/articles/introducing-pancake-swap-s-500-k-developer-program-and-cake-emissions-grant-program)

[**What’s in it for Developers, DeFi Protocols, Traders, and Liquidity Providers**](https://blog.pancakeswap.finance/articles/everything-you-need-to-know-about-pancake-swap-v4-what-s-in-it-for-developers-traders-liquidity-providers-and-defi-protocols)

[**PancakeSwap v4 Developer Docs**](https://developer.pancakeswap.finance/)

PancakeSwap's journey began with a simple AMM model and has evolved into a leading multichain DEX offering a suite of DeFi products.

Introducing PancakeSwap v4: For Developers, Traders & Every User

We are excited to announce our Developers Program, an initiative to empower and support developers in the DeFi ecosystem. With $500K USD allocated, our program is designed to foster innovation, creativity, and collaboration within the developer community.

#### **Why a Developers Program?**

As PancakeSwap continues to evolve as a leading multichain DEX, we recognize the developer's critical role in driving innovation and enhancing user experiences. With the launch of PancakeSwap v4, we're committed to providing developers with the resources and support they need to thrive in the DeFi landscape.

The PancakeSwap Developers Program includes a range of initiatives aimed at nurturing talent, driving growth, and advancing the boundaries of DeFi. Here's a glimpse into some of the key initiatives:

**1. CAKE Emission Grants Program:** We will allocate CAKE emissions to developers building hooks and other promising solutions on PancakeSwap v4. More details on this initiative will be announced in the coming months, so stay tuned for updates! If you're already  building hooks with early ideas, feel free to submit your hooks in advance **[here](https://pancakeswapforms.fillout.com/PancakeSwap_Hooks_Submission)**.

**2. Hackathons:** PancakeSwap will organize and sponsor hackathons to inspire developers to build on PancakeSwap. We are excited to host our **[first-ever hackathon](https://ethglobal.com/events/london2024/prizes#pancakeswap)** as a part of the PancakeSwap Developers Program at ETH London with a 10,000 USD prize pool; this hackathon will allow developers to showcase their creative hooks ideas.

**3. Developer Ambassador Program:** Our program will enable passionate individuals to represent PancakeSwap within their communities to drive awareness, education, and adoption of PancakeSwap among developers. Our Dev ambassadors will play a key role in supporting developers through forums and [Discord channels](https://discord.com/channels/897834609272840232/1207724381212770315) and providing developer resources, ensuring that developers can access the tools and support they need to build.

**4. Bounty Campaigns:** Developers can participate in our [**bounty campaign**](https://docs.pancakeswap.finance/developers/bug-bounty) to earn rewards for completing specific tasks, from bug bounty to feature enhancements and protocol optimizations. We will offer incentives for valuable contributions that enhance our platform's user experience and security.

**5. Growth Campaigns:** Our growth campaigns will focus on expanding the reach of PancakeSwap among developers worldwide and engaging developers through targeted marketing efforts, community outreach, and educational content to expand our developer ecosystem to onboard new talent and cultivate a vibrant developer community.

**6. Educational Initiatives:** Through educational initiatives such as workshops, webinars, and tutorials, we aim to empower developers with the knowledge and skills needed to succeed in the fast-paced world of DeFi.

**7. Networking Events:** PancakeSwap will host and sponsor networking events, meetups, and conferences where developers can connect, collaborate, and share ideas. These events provide invaluable opportunities for networking, learning, and professional growth within the DeFi community.

#### **Join Us in Building the Future of DeFi**

The PancakeSwap Developers Program marks a significant milestone in our journey to support developers and fuel breakthroughs in DeFi. Whether you're an experienced developer or just starting your journey, we invite you to join us in shaping the future of DeFi.

Stay tuned for more updates and announcements on [**Twitter**](https://twitter.com/PancakeSwap) and **[Discord](https://discord.com/channels/897834609272840232/1207724381212770315)** as we roll out the various initiatives under the PancakeSwap Developers Program.

The Chefs


#### **PancakeSwap v4 Directory**

[**PancakeSwap v4 page**](https://pancakeswap.finance/v4)

[**Introducing PancakeSwap v4: For Developers, Traders & Every User**](https://blog.pancakeswap.finance/articles/introducing-pancake-swap-v4-for-developers-traders-and-every-user)
 
[**PancakeSwap v4 Whitepaper**](https://github.com/pancakeswap/pancake-v4-core/blob/main/docs/whitepaper-en.pdf)

[**PancakeSwap v4 FAQ**](https://blog.pancakeswap.finance/articles/pancake-swap-v4-answering-all-your-questions-about-v4)

[**Mochi's vision for PancakeSwap v4**](https://blog.pancakeswap.finance/articles/chef-mochi-s-vision-for-pancake-swap-v4-a-leap-forward-in-de-fi-innovation)

[**Why should Developers build on PancakeSwap v4 and How to build Hooks**](https://blog.pancakeswap.finance/articles/why-should-developers-build-on-pancake-swap-v4-and-how-to-build-hooks)

[**Introducing PancakeSwap’s $500K Developer Program and CAKE Emissions Grant Program**](https://blog.pancakeswap.finance/articles/introducing-pancake-swap-s-500-k-developer-program-and-cake-emissions-grant-program)

[**What’s in it for Developers, DeFi Protocols, Traders, and Liquidity Providers**](https://blog.pancakeswap.finance/articles/everything-you-need-to-know-about-pancake-swap-v4-what-s-in-it-for-developers-traders-liquidity-providers-and-defi-protocols)

[**PancakeSwap v4 Developer Docs**](https://developer.pancakeswap.finance/)

We are excited to announce our Developers Program, an initiative to empower and support developers in the DeFi ecosystem.