**1\. What are these protocols accumulating CAKE for?**

PancakeSwap is aware of at least 3 protocols that are building to accumulate CAKE. As part of the transition to the veCAKE staking model, protocols that accumulate and stake CAKE will be able to increase their voting power within the PancakeSwap protocol (similar to normal users). veCAKE will inherit most, if not all, the benefits of staked CAKE under the current system in addition to functions that are unique to veCAKE. On the whole, this means that these protocols can

- vote to direct future CAKE emissions to different liquidity pools, thereby increasing the CAKE reward on those liquidity pools.
- provide bCAKE boosts (boosts to liquidity mining / farming) to liquidity pools, thereby enabling liquidity providers to get a higher farming boost than if those liquidity providers were staking CAKE themselves
- access revenue sharing (current rCAKE) and veCAKE reward pool (current CAKE pool)
- vote on PancakeSwap governance matters
- access other possible benefits of the current staked CAKE system, including iCAKE and boosts on simple staking yields. These other possible benefits will not be available on launch, and the Kitchen is looking to tie these benefits to veCAKE in the future.

**2\. Do these projects lock CAKE forever? What will happen with all that CAKE that projects buy/receive from users?**

This will depend on the protocols themselves and is not determined by the Kitchen. Generally speaking, we expect that most projects will seek to lock most, if not all, of the CAKE on a rolling basis on the max lock duration to maximize their veCAKE. 

**3\. Can CAKE staked with these protocols be converted back to CAKE?**

This will depend on the protocols themselves and is not determined by the Kitchen. Generally speaking, the answer is no. As CAKE staked with these protocols are in turn staked on PancakeSwap to acquire veCAKE, it is not likely that any CAKE staked by users with these protocols can be converted back to CAKE directly.

However, these 🦇protocols may issue users a token representing the CAKE staked with them (usually in the form of xxxCAKE) which can be used in their ecosystem. There may be a liquidity pool for xxxCAKE/CAKE for users to trade between these two tokens, but this is not strictly a ‘conversion’ and is subject to the AMM curve on which the liquidity pool is based on. 

**4\. What risks should community members be aware of when participating in protocols that accumulate CAKE??**

The primary risks are:
- 3rd party risk - These protocols are not part of, nor managed, by PancakeSwap.
- Smart contract risk - As with any protocol, there is always a degree of smart contract risks, regardless of the audits done.
- Economics/tokenomics design risk - CAKE is the native protocol token of the PancakeSwap protocol, not the native token of these 3rd party protocols. CAKE has its own tokenomics design which is separate from the tokenomics of any 3rd party protocols which accumulate CAKE. 

**5\. How does veCAKE benefit projects/DAOs?**

As a leading DeFi protocol, PancakeSwap is a liquidity venue that may be attractive for Projects/DAOs to focus on for the smooth trading of their token. As veCAKE allows holders to vote on the future CAKE emissions on various PancakeSwap liquidity pools, acquiring veCAKE allows projects/DAOs to consistently emit CAKE emissions on their liquidity pools. This allows projects to build long-term liquidity for their token on PancakeSwap.

Staking CAKE also has other benefits (e.g. revenue sharing, governance voting), which may also be of value to projects/DAOs. 

**6\. Will CAKE and the aggregator-version of these tokens (xxxCAKE) be pegged 1:1?**

As we expect that there will be minimal / no direct redemption from these aggregator-version xxxCAKEs to CAKE, there will be no hard-coded mechanism to peg a 1:1 conversion. As mentioned above, the aggregator-version of these tokens are determined by the market, mostly likely through an AMM curve. Please do your own research of each of the 3rd party protocol’s mechanisms to achieve any pegs. 

**7\. How can I increase my veCAKE position?**

Similar to how CAKE staking works now, veCAKE position will increase either by staking more CAKE (assuming lock time is the same) or locking CAKE for longer (assuming CAKE amount is the same).

**8\. Is there any benefit for liquidity providers?**

Yes. As veCAKE holders, you are able to participate in the gauge voting process to decide which liquidity pools receive future CAKE emissions. As CAKE emissions directly affect the CAKE/block allocation to liquidity pools, there is a direct effect on the incentivization that liquidity pools receive. 

Additionally, we expect that 3rd party aggregators will utilize their aggregated veCAKE position on PancakeSwap to create boosted farm positions for some fee for liquidity providers. Liquidity providers who do not have veCAKE themselves and are comfortable with the 3rd party aggregators can check out their boosted farms when those protocols go live. 

The Kitchen will also ensure that core trading pairs that generate significant trading volumes and CAKE burn will continue to receive adequate incentivization on the farms.

**9\. Can any project participate in CAKE Wars? Will there be a limit?**

There is no limit and any project can participate. As a decentralized protocol, PancakeSwap cannot, and does not try to, limit protocols from accumulating CAKE and staking CAKE for veCAKE. 

**10\. What are the ways to participate in CAKE Wars?**

The sky is the limit. The Kitchen has in each quarter tried to create more and more utilities for CAKE and veCAKE with various DeFi product releases. With more products, we expect the applicability of veCAKE to increase over time. We also encourage the community and protocols to consider how they can better utilize the full suite of PancakeSwap’s products and CAKE token in ways that may not currently exist.

Here are some well-established ways to participate in CAKE wars:
- Participate in 3rd party protocols accumulating CAKE/veCAKE and their products
- Receive vote incentives for your veCAKE position Provide liquidity on 3rd party protocols which provide boosted farms

**11\. How do I choose which protocol to deposit my cake? Am I obligated to use them?**

The Kitchen seeks to provide a fair playing ground for all protocols who build on the CAKE token and veCAKE. We will not provide any recommendations whatsoever on which protocols you should use. There is also no obligation to use any protocols if you feel uncomfortable to do so. Do not participate at all until you have done your research and are absolutely comfortable participating in the projects that are building on top of PancakeSwap. 

We do not expect protocols that are building on veCAKE to have the exact same functionalities or approach. Therefore, please do careful research on each protocol that you might be interested to participate in.

**12\. Can I still deposit the cake directly into PancakeSwap to get my veCAKE and my benefits directly?**

Yes, veCAKE is an open system based on staking the CAKE token. There is no requirement at all to stake via 3rd-party protocols that build on top of PancakeSwap. In fact, individual direct stakers on PancakeSwap enjoy the exact same type of benefits as protocols that are directly staking on PancakeSwap.

**13\. What’s going to happen with IFOs? Will it remain the same?**

The current IFO system will eventually be migrated to veCAKE. We are currently working out how to best do this, especially with 3rd party protocols that accumulate CAKE, so that CAKE stakers via 3rd party protocols are no more disadvantaged than direct CAKE stakers on PancakeSwap. For retail users who lock CAKE directly, the process of participating IFO with your veCAKE will be very similar to the previous iCAKE experience. 

**14\. What are bribes?**

Bribes, or vote incentives, are incentives provided by projects/DAOs who wish to obtain CAKE incentives on their liquidity pool during a voting epoch. Projects can offer bribes/vote incentives through external bribing markets, which are not developed or managed by PancakeSwap. 

As veCAKE is required to direct CAKE emissions on liquidity pools, projects/DAOs who do not possess veCAKE may opt to incentivize veCAKE holders with incentives to direct voting to their liquidity pools. The scale of any incentives provided are determined by the projects/DAOs’s needs.

**15\. Are veCAKE disposable?**

veCAKE is a measure of the weight of your voting power within the PancakeSwap gauges and the governance system. It is derived from the amount of CAKE and the time left on the stake. veCAKE is therefore not a token and cannot be disposed of.

**16\. Will veCAKE and gauge system be available in all the chains?**

Eventually, yes. For gauge weight voting, in the initial rollout, we will start with BNB Chain, Ethereum and Arbitrum. And for yield boosting, we will start with V3 liquidity on the BNB Chain. 

Please note that veCAKE will soon be able to sync across all EVM blockchains, with associated benefits like yield boosting and IFOs. For actual CAKE locking, and casting the gauge weight votes, it will remain on BNB Chain

**17\. Will we need to migrate our current cake locked positions?**

As of 19:30pm (UTC+8) 22nd November 2023, CAKE Syrup Pool is discontinued and will no longer be distributing rewards. For existing stakers, you will have the option to migrate your current locked positions. There will be two types of migrations available.

- Migration of current locked CAKE position to veCAKE (through PancakeSwap)
- Delegation of current locked CAKE position to 3rd party protocols which are accumulating veCAKE. Please note that a delegation is equivalent to staking with the 3rd party protocols and any subsequent actions after delegation is determined by the rules and smart contracts of the 3rd party protocol. (The date of availability for this migration is subject to 3rd party protocols, as of this moment this migration is currently not available yet)

Notable points:
- Both migration and delegation is **one-time, one-way.** With all locked CAKE currently in the CAKE pool. Partial migration or delegation is not available.
- Please note that 3rd party protocols may choose to do a **one-way** staking conversion by accepting delegated CAKE, and then returning you, the user, a liquid xxxCAKE token. The action is non-reversible as the delegated CAKE will be staked by the protocol for veCAKE.
- Migrated positions will generate veCAKE number and obtain the same benefits as native veCAKE locks. However, migrated positions can not be modified. Therefore you will not be able to add more CAKE or extend its locking period. To perform such actions, follow the UI and set up a native veCAKE. The total veCAKE you have will be a sum of the migrated position and native position.

**Note: PancakeSwap is not directly involved in developing projects or third-party external markets built for veCAKE. PancakeSwap neither endorses nor is officially affiliated with these projects.**

**Users are strongly advised to conduct thorough research and exercise caution before engaging with any third-party services related to veCAKE. Understanding the risks and benefits associated with external platforms is essential, as they operate independently of PancakeSwap. PancakeSwap holds no responsibility for external projects' actions, performance, or results, and users are encouraged to exercise heightened diligence in their decision-making processes.**

FAQ for veCAKE and Gauges Voting

2024 was a transformative year for PancakeSwap, as we doubled down on our mission to bring DeFi back to its roots—accessible, simple, and empowering for everyone. Here’s a quick recap of the highlights and what’s next.

## **Numbers That Matter: Key Achievements in 2024**

![image1.jpg](https://sgp1.digitaloceanspaces.com/strapi.space/a025f14dc286f99fd13de252b6f49e59.jpg)

At PancakeSwap, we let the numbers do the talking. Here’s a look at the major milestones we reached:

- **Total Trading Volume:** $310.6B across 9 blockchains, reflecting a 179% YoY growth from $111.3B in 2023 to $310.6B in 2024.
- **2024 Highest Daily Trading Volume:** $3.47 billion on December 16, 2024
- **Total Value Locked (TVL):** $2.17B
- **Total Unique Traders:** 14.38M+ users

We focused on providing a seamless, multi-chain experience that’s easy for anyone to access, making PancakeSwap the go-to DEX for millions of users worldwide.

## **CAKE: Fueling Growth & Sustainability**

![image6.png](https://sgp1.digitaloceanspaces.com/strapi.space/fbd8adce3991c119545e85c6a33403a3.png)

CAKE remains the backbone of PancakeSwap’s ecosystem, driving value for holders and supporting long-term growth.

- **455.5M CAKE Burned** in 2024, increasing scarcity
- **5.3M CAKE Net Burned**, reinforcing the ecosystem’s strength
- **1.79M CAKE Holders** globally, fueling the token’s sustainability
- **1.37% of the Total Supply Burned**, boosting scarcity

Through strategic burns and strong community support, CAKE continues to play a critical role in ensuring the long-term success and stability of the PancakeSwap platform.

## **Putting User's Experience First: Products That Matter**

![image2.png](https://sgp1.digitaloceanspaces.com/strapi.space/e223fc24dce67008071c66b48c0afee0.png)
In 2024, PancakeSwap focused on delivering products that solve real user needs, making DeFi more efficient and accessible than ever:

- **Gauges Voting & veCAKE Upgrade**: Multi-chain support on Base, Polygon zkEVM, Linea, opBNB, and more, with external bridging platform integrations like StakeDAO and Hidden Hand.
- **PancakeSwapX**: Gasless, zero-fee swaps on Ethereum and Arbitrum.
- **SpringBoard**: A no-code, zero-fee platform for launching tokens on the BNB Chain.
- **AI-Powered Prediction**: The first AI-powered predictions in DeFi on Arbitrum.
- **Telegram Swap & Prediction Bot**: Swap and predict DeFi assets directly within Telegram.
- **Swap, Farm, and Bridge Page Upgrade:** A sleeker, faster, and more intuitive user interface.

## **v4 Development & Milestones**

2024 marked a major milestone for PancakeSwap v4 with key achievements:

- **v4 Whitepaper:** Released at EthGlobal London in March.
- **$500K Developer Grant:** Supporting hackathons and workshops at EthGlobal London and Brussels, with 20+ submissions at each event.
- **v4 Online Hackathon (collaboration with Brevis):** 115 hackers, 26 builds, 5 winners.
- **[$50K Yield Enhancement Grant](https://forum.pancakeswap.finance/t/request-for-proposal-rfp-yield-enhancement-hook/960):** This grant encourages the development of strategies to optimize LP yields.
- **Keynotes & Panels:** PancakeSwap also delivered v4 keynote presentations and participated in panels with partners such as Linea, Monad, Chainlink, and more.

## **v4: Where We Are Now and Looking Ahead to 2025**

At PancakeSwap, we’ve always prioritized user security, believing the best results come from careful, thoughtful work. While we had initially set a target for a Q3 2024 release, we’ve chosen to take a bit more time to conduct additional security audits and gather further feedback. We've completed the first round of audits and are using this valuable input to refine and enhance the protocol.

Rather than rushing the process, we focus on delivering a product that meets the highest standards and is ready for the community. We’re currently in the final stages of internal testing, making final tweaks based on feedback to ensure the best possible outcome.

Looking ahead to 2025, we're confident that the extra care we’re putting into this release will result in a secure, seamless launch. We appreciate the community’s patience as we continue fine-tuning PancakeSwap v4 to ensure it’s the best it can be.

## **A Global Community: Growing Stronger Every Day**

![image4.png](https://sgp1.digitaloceanspaces.com/strapi.space/6aadbf639217a70a9013e4a611121a4a.png)
PancakeSwap's community continued to expand globally in 2024, fostering deeper connections and engagement across regions:

- **Global Expansion**: 6 Community meetups in Turkey, Brazil, Spain, Vietnam, and Nigeria
- **2.37M+ Social Media Followers** across platforms
- **40+ Ambassadors** driving engagement worldwide
- **Event Highlights**: PancakeSwap attended major blockchain events, including ETHGlobal London, BNB Incubation Alliance, ETHGlobal Brussels, ETH CC, Live on Linea, Binance Blockchain Week, and more.

Our global community continues to grow stronger, creating meaningful connections and solidifying PancakeSwap’s position as a DeFi leader.

## **Looking Ahead: This is only the beginning**

2024 was a year of tremendous growth, but none of it would have been possible without the incredible support of our community. Together, we’ve turned ambitious goals into concrete achievements, transforming PancakeSwap from a platform into a thriving global ecosystem.

As we look ahead to 2025, we’re more excited about what we’ll accomplish together. The journey is just beginning, and we can’t wait to continue building a better, more inclusive DeFi future with you.

Thank you for making PancakeSwap your home in DeFi.

With gratitude,

**The Chefs** 🥞

_The data presented in all the visuals and all the blog information have been collected and verified up to 20 December 2024._

2024 was a transformative year for PancakeSwap, as we doubled down on our mission to bring DeFi back to its roots—accessible, simple, and empowering for everyone. Here’s a quick recap of the highlights and what’s next.

Inside PancakeSwap 2024: Make DeFi Great Again

## **Action Needed: Vote in the New Gauges Voting Contract Starting Epoch 28 (December 5, 00:00 UTC)!**

The veCAKE Gauges Voting system has been upgraded to streamline operations and improve voting. As part of this update, the Gauges Voting contract has been moved to a new address.

**Starting from Epoch 28 (December 5, 00:00 UTC)**, **all users must vote again** in the new gauges contract to participate in the veCAKE gauges voting. **Any votes cast before this date will expire, be reset to 0, and** **not** be counted from Epoch 28 onward. You must vote again on the new contract to continue directing CAKE emissions to your preferred pools.

### **Important Action Required: Vote in the New Contract from Epoch 28 (December 5, 00:00 UTC) and Beyond**

- **Voting on the new contract is mandatory** for all Gauges Voters starting from Epoch 28 (December 5, 00:00 UTC).
- Votes placed on or before Epoch 27 (December 4, 00:00 UTC) will expire, reset to **0, and** **not count** for the upcoming CAKE emissions distribution. You must vote again in the new contract from Epoch 28 (December 5, 00:00 UTC) to ensure your vote is counted.
- If you miss voting in the new contract during **Epoch 28**, you can still vote in future epochs, as there’s no deadline for switching to the new contract. However, remember that **votes cast before Epoch 28 will not count** toward CAKE emissions in any future epochs, so be sure to start voting in the new contract from now on!

### **How to Vote in the New Gauges Voting Contract (from Epoch 28 onwards December 5, 00:00 UTC):**

### **1. Ensure You Hold veCAKE:**

- To vote, you **must hold veCAKE**. If you’re unsure how much veCAKE you have, visit th[e Gauges page](https://pancakeswap.finance/gauges-voting) to check.
- Don’t have veCAKE yet? Simply [**stake CAKE**](https://pancakeswap.finance/cake-staking) to receive veCAKE and gain voting power.

### **2. Go to the Gauges Voting Section**

- Navigate to [Gauges Voting](https://pancakeswap.finance/gauges-voting), and you’ll see:
    
![1.png](https://sgp1.digitaloceanspaces.com/strapi.space/c7035f215e3075fddb10b5e9806fe32f.png)
    
- The **snapshot time** and **voting end time** for the current epoch.
- The **total CAKE rewards will** be distributed in the next epoch based on current votes.

![2.png](https://sgp1.digitaloceanspaces.com/strapi.space/1bf3f8a9c4c35094dba6c23a938f21f4.png)

- **Your votes from Epoch 27 and earlier will be reset to 0**, so you must vote again in the new contract.**
- Your total **veCAKE** balance.

**Important:** If you can see your current votes appear in the "Current Votes" section under the "My Votes" dashboard from Epoch 28 onwards (December 5, 00:00 UTC) or later, you have successfully voted on the new contract.

### **3. Add Gauges to Your Vote:**

![Group 1410077397.png](https://sgp1.digitaloceanspaces.com/strapi.space/7a03660cd77b742b67cb668b20172a6b.png)

- Scroll down to the **"My Votes"** section and click **"Add Gauges"**.

![3.png](https://sgp1.digitaloceanspaces.com/strapi.space/b0f23fa41f76185725df42bbdb7303de.png)

- You can use filters to find specific Gauges based on **blockchain**, **fee** **tiers**, or **liquidity** **types**, or you can simply search for a Gauge by its **token ticker**.
- In the pop-up window, you can add Gauges to your list of votes by clicking the **green "+"** icon next to the ones you want to support.

### **4. Allocate Your veCAKE Votes:**

![4.png](https://sgp1.digitaloceanspaces.com/strapi.space/d7a2c2d834d733c017f19961847d35ac.png)

- After selecting the Gauges you want to vote for, you can allocate a **percentage of your veCAKE** to each one.
- Remember, **veCAKE decreases over time** as the lock period expires, so this feature allows you to allocate your votes proportionally without needing to re-vote each epoch.
- Your votes will carry forward automatically until you decide to adjust them.

### **5. Confirm and Submit Your Vote**

- Once you've selected your Gauges and allocated your veCAKE, **confirm** your choices and click **"Submit Vote."**
- If you can see your current votes appear in the "Current Votes" section under the "My Votes" dashboard from Epoch 28 onwards (December 5, 00:00 UTC) or later, you have successfully voted on the new contract.

Please refer to this documentation **[here](https://docs.pancakeswap.finance/products/vecake/gauges-voting) for a more detailed explanation of the voting schedule and process)**
### **Reminder: Your Vote MUST Cast in the New Contract from Epoch 28 and Onwards!**

You must vote in the new **Gauges Voting contract** starting from the **next epoch, Epoch 28 (December 5, 00:00 UTC)**. **Any votes cast from Epoch 27 and earlier will be reset to 0 and will not be counted** for the distribution of CAKE rewards in the upcoming epoch.

The veCAKE Gauges Voting system has been upgraded to streamline operations and improve voting.

Action Needed: Vote in the New Gauges Voting Contract Starting Epoch 28 (December 5, 00:00 UTC)!

We’re excited to share the final 5 winners of the first-ever [**PancakeSwap v4 Hookathon**](https://dorahacks.io/hackathon/v4hookathon/detail)! This amazing event brought together talented developers competing for a share of the $40,000 prize pool. The Hookathon aimed to explore new possibilities on PancakeSwap v4. Participants were challenged to create innovative Hooks using the Brevis ZK-Coprocessor, tools designed to change how users interact with liquidity pools, making them more dynamic and customizable.

## Top 14 Finalists

Out of 116 hackers and 26 BUILDs, our judges carefully selected the [**top 14 finalists**](https://blog.pancakeswap.finance/articles/announcing-the-top-14-finalists-of-the-pancake-swap-v4-hookathon). We evaluated entries based on factors like ecosystem impact, creativity, technical quality, usability, and scalability. Each finalist presented their work through live demos, which the judges watched to assess their final submissions. You can rewatch the demos [**Day 1 here**](https://www.youtube.com/watch?v=53YLFbb5XNA), [**Day 2 here**](https://www.youtube.com/watch?v=bEnTpOm9vOA) and [**Day 3 here.**](https://www.youtube.com/watch?v=BUiXKomjE8w)

## The Final 5 Winners

**1st Place:** [**Smart liquidity hook (stable)**](https://dorahacks.io/buidl/16770)

- **Prize:** $12,000
- This is a hook that optimizes rewards for Liquidity Providers in stablecoin pairs like USDC/USDT by enabling simultaneous profit generation from liquidity provision and lending.

**2nd Place:** [**OG Boost**](https://dorahacks.io/buidl/16633)

- **Prize:** $10,000
- A tool for Incentive Providers to reward PancakeSwap v4 Liquidity Providers based on swap fees from other AMMs, automatically allocating rewards proportionally and storing LP positions as they add liquidity.

**3rd Place:** [**Superfluid Swapper**](https://dorahacks.io/buidl/16804/)

- **Prize:** $8,000
- Combines zero-knowledge proof technology with market analysis to create an adaptive liquidity pool system.

**4th Place:** [**VWAP dynamic fee hook**](https://dorahacks.io/buidl/16733)

- **Prize:** $6,000
- This hook uses dynamic swap fees to create a positive feedback loop, benefiting Liquidity Providers, Swappers, and the PancakeSwap ecosystem by adjusting fees based on their impact on the Volume Weighted Average Price (VWAP).

**5th Place: [PADO Hook](https://dorahacks.io/buidl/16589)**

- **Prize:** $4,000
- This transaction oracle hook combines on-chain and off-chain data oracles to verify user transaction proofs, enhancing accuracy and privacy for better targeting of potential PancakeSwap users.
## Judging Criteria

Prizes were awarded based on several criteria, scored out of 100 points:

- **Innovation & Originality** (/20)
- **Technical Quality** (/20)
- **Scalability & Performance** (/20)
- **Completion & Functionality** (/20)
- **Usability & User Experience** (/20)

## Prize Distribution

Winners will receive their prizes in USDC on the BNB Chain within 4 weeks after the hackathon. The PancakeSwap team will contact you via DoraHacks to get your wallet addresses for payment.

## Thank You to All Participants

A big thank you to the 116 hackers who joined the Hookathon! As we prepare for the PancakeSwap v4 launch, we can’t wait to see how these creative solutions will improve our platform.

We’re excited to share the final 5 winners of the first-ever PancakeSwap v4 Hookathon!

Announcing the Final Winners of the PancakeSwap v4 Hookathon!

Since our inception in 2020, PancakeSwap has become a leading multichain decentralized exchange (DEX), spanning 9 chains, facilitating billions in trading volume, and empowering millions of users worldwide. Yet, the DeFi ecosystem still faces challenges, including high gas fees, the need for multiple native gas tokens, and fragmented liquidity across pools.

To address these issues and elevate your DeFi experience, we’re excited to introduce **[PancakeSwapX](https://pancakeswap.finance/swap?chain=eth)** —a product designed to locate users better execution prices while providing a more accessible and efficient trading experience across multiple chains.

#### **What is PancakeSwapX?**

PancakeSwapX enhances your trading by aggregating liquidity from multiple sources, including PancakeSwap’s AMM, other DEXs, and external liquidity providers, locating users with better execution prices. With PancakeSwapX, you’ll also enjoy gasless swaps, a wide selection of tokens, and protection against MEV attacks—all with zero trading fees during the initial launch period. Initially launching on Ethereum and Arbitrum, PancakeSwapX will soon expand to more chains and tokens.

### **Key Features of PancakeSwapX**

#### 1\. Seamless Integration with PancakeSwap UI

PancakeSwapX is fully integrated into the existing **[PancakeSwap interface](https://pancakeswap.finance/swap)**, allowing you to continue trading without additional setup. When it locates better execution prices, it will automatically be selected as the primary source of liquidity.

![Screenshot 2024-10-14 at 09.24.00.png](https://sgp1.digitaloceanspaces.com/strapi.space/7d5ff523172e1b0e02e90554e8d3647b.png)

#### **2\. Trade with Zero Fees at Launch**

At launch, PancakeSwapX will not charge trading fees for 150 tokens (including WETH, WBTC, USDT, USDC etc) on Ethereum and Arbitrum if your trade is routed through PancakeSwapX. If PancakeSwapX locates better execution prices, PancakeSwap will automatically route your trade there. However, if your trade isn’t routed to PancakeSwapX, standard PancakeSwap fees will apply. Be sure to verify the fee structure before confirming your trade.

**Please note** _that PancakeSwapX is not charging trading fees for specific pairs for a limited time at launch. After this period, PancakeSwapX trading fees may apply. Any future adjustments to fees will be communicated in advance._

#### **3\. Get a Better Execution Prices for Your Swaps**

PancakeSwapX aggregates liquidity from multiple sources to provide better execution prices:

- **Aggregated Liquidity:** PancakeSwapX aggregates liquidity from multiple sources, including PancakeSwap AMM pools, other DEXs, and external liquidity providers, for better execution prices.
- **Wide Range of Tokens:** PancakeSwapX supports over 150 tokens at launch (you can view the full list on UI under “manage tokens”). Even if a token isn’t available on PancakeSwap’s AMM pools, you can still trade it through PancakeSwapX.
- **MEV Protection:** PancakeSwapX protects you from front-running MEV bots, protecting the value of your trades.

#### **4\. Gasless Swaps – Trade with Zero Gas Fees**

Gas fees can be a significant barrier in DeFi, but PancakeSwapX eliminates this challenge with gasless swaps. Here’s how it works:

- **No Gas Fees on Failed Transactions:** With PancakeSwapX, you won’t pay gas fees on failed transactions.
- **No Need for Native Gas Tokens:** Trade seamlessly without needing the chain’s native token to cover gas fees.

With PancakeSwapX, users trade by signing and submitting off-chain orders, which external liquidity providers then fulfill by submitting on-chain transactions and covering the gas costs on their behalf. External liquidity providers build the gas costs into the swap price, allowing them to bundle multiple orders for more competitive pricing.

As a result, users don’t need to manage gas fees in native tokens or submit on-chain transactions. Additionally, failed or expired orders remain off-chain, ensuring no gas costs are incurred.

**Please note** _that users may still need to pay gas in some instances, such as when initially approving tokens and wrapping native network tokens._

#### **What does this mean for current Liquidity Providers?**

Liquidity providers on PancakeSwap AMM Pools will continue to earn trading fees and CAKE rewards. In contrast, external liquidity providers for PancakeSwapX will focus solely on trading to deliver better execution prices without receiving CAKE emissions. This ensures our liquidity providers retain unique benefits within the PancakeSwap ecosystem.

#### **Transitioning to PancakeSwapX: Retiring Market-Making Integration**

With the launch of PancakeSwapX, we will retire our **[market-making integration.](https://blog.pancakeswap.finance/articles/pancake-swap-launches-market-maker-integration-on-bnb-smart-chain)** This decision allows us to focus on enhancing the PancakeSwapX experience and ensuring users benefit from improved liquidity aggregation and pricing.

#### **Open Source and Transparency**

PancakeSwapX is built on the open-source code base from UniswapX. Our codebase is also permissionless and open source. You can explore the PancakeSwapX code [**[here](https://github.com/pancakeswap/pancake-x-contracts)**].

#### **Future Expansion and Gasless Cross-Chain Swaps**

Starting with Ethereum and Arbitrum, PancakeSwapX will soon support additional chains and offer gasless cross-chain swaps, allowing you to trade seamlessly across multiple networks without worrying about gas fees.

Trade smart, swap freely—experience PancakeSwapX today!

**Disclaimer:** The term "better execution prices" in our marketing materials refers to the current offer of zero trading fees for specific pairs on PancakeSwapX for a limited time. This offer is subject to change and applies only to select trading pairs at launch. After the offer period, standard trading fees may apply. Market conditions and liquidity availability influence pricing and fees and may vary. Users are advised to verify the fee structure before completing any transactions. PancakeSwapX makes no guarantees regarding pricing, and all trading is conducted at the user's risk.



#### **PancakeSwapX Directory**

- [**Introducing PancakeSwapX: Zero-Fee & Gasless Swaps on Ethereum and Arbitrum**](https://blog.pancakeswap.finance/articles/introducing-pancake-swap-x-zero-fee-and-gasless-swaps-on-ethereum-and-arbitrum)
- [**Why PancakeSwapX is the Upgrade DeFi Traders Have Been Waiting For**](https://blog.pancakeswap.finance/articles/why-pancakeswapx-is-the-upgrade-defi-traders-have-been-waiting-for) 
- [**Getting Started with PancakeSwapX: A Beginner’s Guide**](https://blog.pancakeswap.finance/articles/getting-started-with-pancakeswapx-a-beginner-s-guide)
- [**PancakeSwapX’s Liquidity Aggregation: Benefits and Implications**](https://blog.pancakeswap.finance/articles/pancakeswapx-s-liquidity-aggregation-benefits-and-implications)
- [**The Mechanics of Gasless Swaps: How It Works in PancakeSwapX**](https://blog.pancakeswap.finance/articles/the-mechanics-of-gasless-swaps-how-it-works-in-pancakeswapx)
- [**MEV Protection: Safeguarding Your Trades using PancakeSwapX**](https://blog.pancakeswap.finance/articles/mev-protection-safeguarding-your-trades-using-pancakeswapx)

Since our inception in 2020, PancakeSwap has become a leading multichain decentralized exchange (DEX), spanning 9 chains, facilitating billions in trading volume, and empowering millions of users worldwide

Introducing PancakeSwapX: Zero-Fee & Gasless Swaps on Ethereum and Arbitrum

GM v4 Fam!

We’re excited to announce the top 14 finalists of the first-ever [**PancakeSwap v4 Hookathon**](https://dorahacks.io/hackathon/549/buidl)! This event has brought together talented developers, all competing for a share of the $40,000 prize pool.

## Purpose of the Hookathon

The Hookathon's mission was to push the limits of what’s possible on PancakeSwap v4. Participants were challenged to develop innovative Hooks using the Brevis ZK-Coprocessor—tools that will revolutionize how users interact with liquidity pools, offering dynamic functionality and advanced customization options.

# Top 14 Finalists

Among 116 hackers and 26 BUILDs, our judges evaluated carefully and selected the top 14 finalists based on criteria such as ecosystem impact, innovation, technical excellence, usability, scalability, and more.

### The Top 14 Finalists Are: (in no particular order)

1. [**Superfluid Swapper**](https://dorahacks.io/buidl/16804/): Combines zero-knowledge proof technology with market analysis to create an adaptive liquidity pool system. 
2. [**Identity Verification System**](https://dorahacks.io/buidl/16803): A secure identity verification system for PancakeSwap v4 using zero-knowledge proofs, utilizing the Brevis ZK-Coprocessor to ensure user privacy.
3. [**ZK_YIELD_PANCAKE**](https://dorahacks.io/buidl/16798): A smart contract that integrates zk-SNARK proof verification with Brevis' zk-Coprocessor for rebalancing PancakeSwap v4 liquidity pools, ensuring secure and optimized yield management in DeFi.
4. [**IncentivizedLPHook** ](https://dorahacks.io/buidl/16792): A hook that rewards Liquidity Providers based on multiple factors, enhancing liquidity through various reward mechanisms for their contributions and commitments.
5. [**Vorhersage**](https://dorahacks.io/buidl/16783): A prediction market that uses memecoins as ERC20 tokens to forecast real-life events, utilizing single-sided liquidity pools on PancakeSwap to bootstrap liquidity.
6. [**Smart Liquidity Hook ( Stable )**](https://dorahacks.io/buidl/16770): A hook that optimizes rewards for Liquidity Providers in stablecoin pairs like USDC/USDT by enabling simultaneous profit generation from liquidity provision and lending.
7. [**Auction Managed Hook for Dynamic Fees**](https://dorahacks.io/buidl/16758):  A hook that introduces a dynamic fee management system for Concentrated Liquidity pools, allowing users to bid for temporary fee management rights through an auction mechanism.
8. [**VWAP Dynamic Fee Hook**](https://dorahacks.io/buidl/16733): This hook uses dynamic swap fees to create a positive feedback loop, benefiting Liquidity Providers, Swappers, and the PancakeSwap ecosystem by adjusting fees based on their impact on the Volume Weighted Average Price (VWAP).
9. [**PanHooks**](https://dorahacks.io/buidl/16684): A cross-chain perpetual futures market on PancakeSwap V4 Pools, using LayerZero's Omnichain Fungible Tokens (OFTs) for seamless asset movement and collateral management, enabling permissionless trading of futures and options without oracles.
10. [**LP Incentivisation Hook**](https://dorahacks.io/buidl/16661): A hook that incentivizes liquidity providers through various rewards, using Brevis's ZK coprocessor to verify historical on-chain data for dynamic reward adjustments.
11. [**LiqVibe**](https://dorahacks.io/buidl/16657): Utilizes the Brevis SDK to generate proofs for mean and standard deviation calculations, which will inform V4 Hooks for identifying volatile periods and determining reward token amounts.
12. [**OG Boost** ](https://dorahacks.io/buidl/16633): A tool for Incentive Providers to reward PancakeSwap v4 Liquidity Providers based on swap fees from other AMMs, automatically allocating rewards proportionally and storing LP positions as they add liquidity.
13. [**HolderPerks**](https://dorahacks.io/buidl/16609): A hook that lets liquidity providers earn extra swap fees by holding a specific token, with Brevis computing their holding power and allowing users to claim fees based on their token holdings during set intervals.
14. [**PADO HOOK**](https://dorahacks.io/buidl/16589): This transaction oracle hook combines on-chain and off-chain data oracles to verify user transaction proofs, enhancing accuracy and privacy for better targeting of potential PancakeSwap users.

We would like to extend our heartfelt thanks to all participants who contributed to the v4 Hookathon, even if you didn't make it to the finalist stage. Your creativity and effort are truly valued, and your support plays a vital role in the success of our community. If you would like feedback on your submissions, please feel free to reach out to our team—we're here to help you grow and improve for future opportunities!

## Next Steps for Finalists

Congratulations to all finalists! The PancakeSwap team will reach out to you via DoraHacks to invite you to present your projects during our live finalist demos on **[Dorahacks YouTube](https://www.youtube.com/@DoraHacksGlobal)** scheduled from **October 10-17 at 12 PM UTC**. This is your chance to showcase your hard work and creativity to the developer community!

## Winners Announcement

Winners will be selected after the live demos and will be announced on **October 24 at 12 PM UTC**. The prize distribution is as follows:

- 🥇 **1st Prize**: $12,000
- 🥈 **2nd Prize**: $10,000
- 🥉 **3rd Prize**: $8,000
- 🏅 **4th Prize**: $6,000
- 🏅 **5th Prize**: $4,000

**Please note** that prizes will only be awarded to entries that meet the [**judging criteria.**](https://dorahacks.io/hackathon/v4hookathon/detail#-judging-criteria) Entries that do not meet the required standards may result in reduced prizes or no prize awarded.

**Prize Distribution**: Winning prizes will be distributed as USDC on the BNB Chain to the winners' wallet addresses within 4 weeks of the completion of the hackathon.

## Thank You to All Participants

We extend our gratitude to the 116 hackers who participated in the Hookathon. As we move closer to the PancakeSwap v4 launch, we can't wait to see how these innovative solutions will enhance our platform. Good luck to all finalists, and we look forward to your demos!

We’re excited to announce the top 14 finalists of the first-ever PancakeSwap v4 Hookathon! 

Announcing the Top 14 Finalists of the PancakeSwap v4 Hookathon

GM, PancakeSwap community, and CAKE holders

Many of you have questions and feedback regarding the **[Proposal to Redirect Emissions for Ecosystem Growth](https://pancakeswap.finance/voting/proposal/0xaffca49c859c6012ad7c969fe7afd1caa8d3386636ab8ccb12a5b5e5ae922e6a)**.

We’d like to take this opportunity to address some of the common questions you’ve raised, so please review the following explanations regarding this decision.

If you have any additional questions about the proposal, please drop a message in our community channels or leave a comment on our **[forum topic](https://forum.pancakeswap.finance/t/proposal-to-redirect-emissions-for-ecosystem-growth/796)**.

1\. **Why does PancakeSwap change its policies or conditions frequently?**
    
One of the main focus areas for the Kitchen has been CAKE's tokenomics. Since last year, the Kitchen has reduced emissions for farming rewards and redirected those funds to burning CAKE tokens, achieving a consistent annual deflation rate of 1-2%. This has only been achieved through an iterative model: making a change, reviewing the impact, and making further changes to accomplish the ultimate goal.
    
Further adjustments to the allocation of CAKE tokens aim to maintain trading volumes and utilize emissions more effectively, moving beyond traditional liquidity mining incentives to enhance overall ecosystem value.

2\. **Can you provide detailed information on how the redirected emissions will be used for ecosystem growth, and explain why a 10% emissions cut was chosen? Additionally, what metrics or examples illustrate the benefits of this decision?**

PancakeSwap v4 represents the largest update to our protocol in the past 1.5 years since the launch of v3. This update introduces new opportunities for developers by enabling them to create hooks that enhance platform functionality. These enhancements will improve the trading experience through features like dynamic fees and reduced gas costs, while also optimizing liquidity provision by maximizing returns and capital efficiency.

We anticipate that these improvements will boost trading volumes and increase CAKE burn, ultimately attracting more traders and enhancing protocol revenue and market depth, benefiting all participants. To support the launch of PancakeSwap v4, we are implementing two key initiatives: the Grant Program, which allocates $250,000 to fund innovative projects within our ecosystem, and the Emission Program, which involves strategically reallocating emissions to 0.05 CAKE per block.

The decision to implement a 10% emissions reduction is informed by the positive effects of previous reductions made mid-to-late last year and current APRs across all chain deployments and farms. Last year, we successfully reduced CAKE emissions without sacrificing trading volumes or market share. Given that it has been several months since the last reduction, we believe we can continue this trend, conserve CAKE emissions, and maintain our market presence.

3\. **Do we have other upcoming products that may also require emissions?**

Yes, we have several product updates and expansions that will require CAKE emissions. These include deploying to new chains, migrating liquidity from PancakeSwap v3 to v4, and increasing liquidity for meme coins, stablecoins, and core assets across all the chains where we are already active.

4\. **Can you clarify how the emissions from the Multichain Warchest have been utilized so far?**
    
Out of the 1.25 CAKE per block allocated for the Multichain Warchest, we have utilized the emissions in the following ways:

- **Burn Address**: We have **[directed 0.4 CAKE per block to the burn address](https://pancakeswap.finance/voting/proposal/0x45121903be7c520701d8d5536d2de29577367f2c84f39602026dc09ef1da8346)**. This strategic move is intended to help us achieve "ultrasound CAKE," a term referring to a deflationary token model in which the supply of CAKE decreases over time.
- **Unused Emissions**: Approximately 0.2 CAKE per block is currently unused. This comprises the majority of CAKE allocated to the Warchest and allows the Kitchen to respond to future needs or opportunities within our ecosystem.
- **Rewards for Liquidity Providers**: The remaining emissions are actively used to reward liquidity providers across several chains, including Ethereum, Arbitrum, Base, ZKsync, Linea, Polygon zkEVM, opBNB, and Aptos. The Kitchen has been frugal in deploying incentives to grow marketshare and trading volumes, with relatively small portions of the Warchest used to incentivize liquidity providers on these platforms and grow our Total Value Locked (TVL) and trading volumes. This approach has positioned us as a competitive multichain decentralized exchange (DEX). More details on our performance on each of those chains can be found in the **[vote proposal](https://pancakeswap.finance/voting/proposal/0xaffca49c859c6012ad7c969fe7afd1caa8d3386636ab8ccb12a5b5e5ae922e6a)**.

5\. **How do you address community concerns about potential decreases in CAKE earnings in the short to medium term, and what reassurances can you provide regarding the long-term value despite immediate reductions?**

The Kitchen has conducted a thorough review of all pools and farms across our chain deployments. This comprehensive assessment informed our decision to propose a reduction in incentives. We believe that PancakeSwap will maintain its trading volumes, market share, and, most importantly, competitive APRs for liquidity providers even after this proposal is implemented.

The alternative would be to overissue CAKE tokens to farms and pools that do not generate sufficient volumes to break even. Over the past year, we have successfully reduced CAKE emissions, making it a deflationary asset while simultaneously increasing our market share, expanding the number of supported assets, and adding more chains—all without negatively impacting our users or liquidity providers.

6\. **Why propose allocating funds to PancakeSwap growth instead of giving veCAKE holders the option to direct a portion of their voting power towards future CAKE growth through the gauge system?**

While the veCAKE system effectively aligns long-term community members and adds utility to CAKE, the voting behavior of veCAKE holders does not always align with the protocol's broader needs. Currently, many veCAKE holders tend to vote for options that offer the largest bribes to maximize their short-term returns. This focus on immediate gains can overshadow the long-term potential of new products and initiatives, which may not provide the same level of short-term rewards.

For instance, consider a scenario where we want to bootstrap a BNB-USDT v4 pool. Although this pool has a high probability of generating substantial trading volumes and CAKE burns for the ecosystem, rational veCAKE holders may choose not to vote for it if it lacks attractive bribes. Consequently, the pool may struggle to gain the necessary liquidity, undermining its potential benefits for all CAKE holders.

This is where the Ecosystem Growth Fund comes into play. By allocating dedicated funds to support initiatives like the BNB-USDT v4 pool, we can provide the necessary emissions to bootstrap liquidity and ensure its success. This approach allows us to focus on long-term growth and sustainability, rather than being solely driven by short-term incentives.

Ultimately, our strategy aims to create a more balanced ecosystem that not only rewards current participants but also fosters the development of new products that can drive greater value for all CAKE holders over time.

7\. **Will PancakeSwap utilize the community forum for discussions prior to formal proposals?**

Currently, a forum post is live **[here](https://forum.pancakeswap.finance/t/proposal-to-redirect-emissions-for-ecosystem-growth/796)**, where you can share your feedback and insights on the proposed changes. We encourage all community members to participate in the discussion by leaving comments and sharing your thoughts.

8\. **Will PancakeSwap consider a smaller emissions cut in response to community feedback?**

If substantial feedback suggests that a smaller emissions cut would better serve PancakeSwap's interests and support the protocol's long-term health, we will carefully consider those perspectives.

However, based on a thorough review of APRs, volumes, and fees generated across the protocol, we believe a 10% reduction is the best option for long-term success. This reduction will be implemented gradually over several epochs to minimize impact and allow for assessment of pool performance.

9\. **What do you think about implementing temporary emissions cuts with a plan to restore them later, and how would this work?**

While this approach may seem appealing, accurately predicting how long we will need these emissions is challenging. The success of our new products and initiatives can vary significantly, making it difficult to determine the timeline for their traction and the incentives they will require.

In our previous **[proposal](https://pancakeswap.finance/voting/proposal/0x45121903be7c520701d8d5536d2de29577367f2c84f39602026dc09ef1da8346)**, we demonstrated our willingness to adjust allocations if they exceed what is necessary to meet the protocol's needs. This flexible approach ensures that we can effectively respond to changing circumstances. 

10\. **How does the Kitchen's request for discretion align with the program's overall goals and objectives, and what measures will be taken to ensure accountability during its implementation?**

This discretion is not just a matter of convenience; it is in the Kitchen's best interest to utilize the Ecosystem Growth funds effectively, as our actions directly impact the protocol's revenue and long-term viability. With the ability to make swift decisions, the Kitchen can seize opportunities for innovation and investment that align with PancakeSwap’s strategic objectives.

We will establish regular reporting on the usage of the Ecosystem Growth allocation.  Updates will be provided on the **[PancakeSwap forum](https://forum.pancakeswap.finance/)**, detailing how funds are being utilized, the outcomes of various initiatives, and any adjustments made to strategies.

The request for discretion aims to foster a more responsive and effective approach to growth initiatives, while our commitment to regular reporting will help maintain transperency and trust within the community.

11\. **Why change the Warchest name? Is it because Warchest has a meaning different from the new fund?**

Initially, the emissions allocated to the Multichain Warchest were designated solely for PancakeSwap's deployments to new chains. However, our current strategy encompasses a broader range of initiatives.

In addition to supporting new chain expansions, we are now introducing products like PancakeSwap v4, which require incentives but do not neatly fit into the traditional "Multichain Warchest" category. By renaming it to "Ecosystem Growth," we aim to more accurately represent the fund's purpose and the diverse initiatives it will support.

GM, PancakeSwap community, and CAKE holders

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