**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

GM PancakeSwap Fam, 

We are excited to announce that PancakeSwap will airdrop 2,452,128 million ZK tokens directly to our community. This initiative recognizes and appreciates our community's ongoing and continued support of the ZKsync PancakeSwap development. 

![2024-07-05 11.56.06.jpg](https://sgp1.digitaloceanspaces.com/strapi.space/f8300166b872c1ec3e1c59d51dfb7412.jpg)

## **ZKsync PancakeSwap Achievements and Milestones**
Over the past year, PancakeSwap has made substantial strides on ZKsync, implementing essential features such as seamless **[Swaps](https://pancakeswap.finance/swap?chain=zkSync)**, **[Yield Farming](https://pancakeswap.finance/farms?chain=zkSync)**, **[Prediction Markets](https://pancakeswap.finance/prediction?chain=zkSync&token=ETH)**, **[Fiat On-Ramp](https://pancakeswap.finance/buy-crypto?chain=zkSync)**, **[Position Manager](https://pancakeswap.finance/position-managers?chain=zkSync)**, and **[Syrup Pools](https://pancakeswap.finance/pools?chain=zkSync)**. These efforts have resulted in impressive milestones, surpassing 3.6 billion USD in trading volume, 5.8 million USD in total value locked (TVL), and over 1.9 million total traders.

## **ZK Airdrop Distribution Criteria**
The ZKsync airdrop is structured to reward both longstanding contributors who have supported our journey and newcomers who engage actively with PancakeSwap. 

![Screenshot 2024-07-05 at 12.12.56.png](https://sgp1.digitaloceanspaces.com/strapi.space/0319e21dffc60b57c323de1b4d9c301c.png)

***For veCAKE Managers, specifically StakeDAO and Cakepie, they will distribute 100% of the Airdrop to their ecosystem users, across liquid locked CAKE stakers and LPers. We have included their treasury addresses for this distribution.**

**Note: Qualifying under Category (1 and 2) also allows participation in Category (3), allowing you to maximize airdrop benefits by continuing to contribute liquidity and trade actively on PancakeSwap.**

## **Selection Criteria**
1\. **veCAKE holders:** This allocation rewards veCAKE holders for their loyalty and steadfast support of PancakeSwap. By incentivizing continued engagement in our platform, we aim to strengthen our community base and foster long-term commitment from our most dedicated supporters.

2\. **Past contributors:** We have selected users who have actively contributed to the ZKsync PancakeSwap ecosystem through various means, such as trading, providing liquidity, participating in the ZKsync Traverse campaign, using the ZKsync Prediction product, and voting in ZKsync gauges. These contributors play a crucial role in the functionality and growth of our ecosystem, ensuring liquidity and activity that is vital for its sustainability and success.

3\. **Future contributors:** To sustain growth and development, it's essential to incentivize upcoming traders and LPs to engage with ZKsync PancakeSwap. By including this category, we encourage ongoing participation and innovation within the ZKsync ecosystem. Rewarding future contributors helps drive continuous growth, particularly in total value locked (TVL), which is aligned with the chain team’s forward direction and pivotal for facilitating trading activities and revenue generation for the protocol. Users of other categories are also encouraged to participate in this initiative.

Each category has been chosen strategically to acknowledge and encourage different forms of support and participation within the ZKsync PancakeSwap community, ensuring a well-rounded approach to community engagement and growth.

## **Calculation Process**
To ensure retail users receive a meaningful amount while larger users are proportionally recognized, we have applied  scaling to the following allocations:

- (1) veCAKE Holders,
- (2a) Past Liquidity Providers,
- (2b) Past Active Traders, and
- (2d) Past ZKsync Prediction Users

A power of 0.65 to 0.85 has been applied to the data, ensuring larger users receive a representative amount (e.g. traders who are responsible for ~90% of the volume will get ~63% of the Past Active Traders category).

This ensures retail users receive a meaningful amount of allocation, on average, ~7x more than if scaling was not applied.

## **How to Claim the Airdrop**
Currently, the airdrop distribution is only open for Category 1 and Category 2 users. Categories 3 will be distributed in the future.

For Category 1 and Category 2 users, connect your eligible wallet to the **[PancakeSwap homepage](https://pancakeswap.finance/?chain=zkSync)** to claim your ZK tokens. You will receive a pop-up notification (as shown below) guiding you through the process. Simply click the **"Claim"** button, and your ZK tokens will be deposited directly into your wallet within minutes. Gas fees are on us! Thanks to ZKsync’s unique paymaster feature, we can completely subsidize your gas claim costs.

![2024-07-05 16.33.38.jpg](https://sgp1.digitaloceanspaces.com/strapi.space/ad650abeebc948fbe63bd9b998de8808.jpg)

Please be aware that the claim window will open at **10:30 UTC on July 5, 2024, and close at 10:30 UTC on August 5, 2024.** Any tokens not claimed during this period will be reallocated to the PancakeSwap ecosystem for future development and community initiatives.

Stay tuned for updates on the airdrop distribution for Categories 3.

## **Restrictions**
Please note that residents and citizens of certain jurisdictions may be restricted from participating in the ZK airdrop. Before participating, you must ensure compliance with local laws and regulations. Upon receiving the airdrop, you agree to adhere to **[PancakeSwap's terms and conditions](https://pancakeswap.finance/terms-of-service?chain=zkSync)**, which are available for review on our website. 

## **Onwards and Upwards**
At PancakeSwap, we are committed to fostering a thriving community and rewarding our users for their dedication to our platform. The ZK token airdrop exemplifies our appreciation for the support and engagement of our community members. We invite you to participate actively in this opportunity to benefit from the airdrop and continue shaping the future of DeFi with PancakeSwap.

Stack’em 

The Chef’

We are excited to announce that PancakeSwap will airdrop 2,452,128 million ZK tokens directly to our community. 

PancakeSwap Airdrops 2.4 Million ZK Tokens to the Community

Our June 2024 report explores the CAKE token supply management world 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  July 3rd, 2024, PancakeSwap has successfully burned -0.101% of the CAKE total supply for June 2024. To calculate this percentage, we divided the total net mint of -388,431 CAKE by the initial total CAKE supply on June 3rd 2024. This marks the tenth consecutive month of CAKE total supply reduction, with a cumulative -3,192,051 CAKE net mint over September, October, November, December 2023, January, February, March, April, May, and June 2024. 

## **Achieving CAKE Total Supply Reduction through Net Minting:**
In June 2024, PancakeSwap achieved a net mint of -388,431. This negative net mint indicates that more CAKE tokens were burned than minted during the month.

## **June Mint Breakdown**
- Farms: 788,024
- CAKE Syrup Pool: 89,937
- Other Product Usage: 119,962
**Total June Mint: 997,924**

_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._

## **June Burn Categories**
- Swaps and Perpetual Trading Fees: 1,024,751
- Prediction: 234,158
- Pancake Protectors: 2,380
- Lottery, NFT Market, Profile & Factory: 125,066
**Total June Burn: 1,386,355**

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


## **Proof of Burn for June:**
- June 3: **[Link](https://bscscan.com/tx/0x173e4c5b707f9373af0baca893212f73a472bfb91f327238dc1b017a2d83630f)**
- June 10: **[Link](https://bscscan.com/tx/0x5437861fdf65a0ec685a3f449923f197340e7e3c220ab13ea3100c2b353e5678)**
- June 18: **[Link](https://bscscan.com/tx/0x9283e36b95b014d0b10a8b4206a85d0feddfa499609b4baa3941b3550e07d3fe)**
- June 24: **[Link](https://bscscan.com/tx/0x8e99435ea4e7e131a5c6abebcdff3c506a2b66bd2c4353265bba1eb4d50c7bb3)**
- July 01:  **[Link](https://bscscan.com/tx/0xdd42b54df0d0271df65f6223a3c1fb75ad9e5069d82a0de3f2a5de38c6edd132)**

Our June 2024 report explores the CAKE token supply management world on PancakeSwap. 

June 2024: PancakeSwap's CAKE Burn Report

Our May 2024 report explores the CAKE token supply management world 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 June 5th, 2024, PancakeSwap has successfully burned -0.059% of the CAKE total supply for May 2024. To calculate this percentage, we divided the total net mint of -228,551 CAKE by the initial total CAKE supply on May 6th 2024. This marks the ninth consecutive month of CAKE total supply reduction, with a cumulative -2,803,620 CAKE net mint over September, October, November, December 2023, January, February, March, April and May 2024. 

## **Achieving CAKE Total Supply Reduction through Net Minting:**
In May 2024, PancakeSwap achieved a net mint of -228,551. This negative net mint indicates that more CAKE tokens were burned than minted during the month.

## **May Mint Breakdown**
- Farms: 807,193
- CAKE Syrup Pool: 91,377
- Other Product Usage: 123,962
- Total May Mint: 1,022,532

_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._

## **May Burn Categories**
- Swaps and Perpetual Trading Fees: 911,139
- Prediction: 216,017
- Pancake Protectors: 482
- Lottery, NFT Market, Profile & Factory: 123,445
- Total May Burn:1,251,083

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

## **Proof of Burn for May:**
- May 13: **[Link](https://bscscan.com/tx/0x2d8dbb0c44d2f15a07fb5728feee4d242d1d556890739da3e1e6f3664021a2eb)**
- May 20: **[Link](https://bscscan.com/tx/0xa8a22bb904312ee06858d1ed4c37edd705c0c0b8822b8a0fff855f303b7d0179)**
- May 27: **[Link](https://bscscan.com/tx/0x5b928181b37c1b879498f9ba49bbafc7d84a6c225d41d83d09e3c48381f6c90d)**
- June 3: **[Link](https://bscscan.com/tx/0x1246d4119e179641086b4324f171e0b789aaf3230d05522d87aa1848948e58bd)**

As of June 5th, 2024, PancakeSwap has successfully burned -0.059% of the CAKE total supply for May 2024. 

May 2024: PancakeSwap's CAKE Burn

Our April 2024 report explores 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 May 6th, 2024, PancakeSwap has successfully burned -0.123% of the CAKE total supply for April 2024. To calculate this percentage, we divided the total net mint of -472,010 CAKE by the initial total CAKE supply on April 1st 2024. This marks the eight consecutive month of CAKE total supply reduction, with a cumulative -2,575,069 CAKE net mint over September, October, November, December 2023, January, February, March, and April 2024. 

## **Achieving CAKE Total Supply Reduction through Net Minting:**
In April 2024, PancakeSwap achieved a net mint of -472,010. This negative net mint indicates that more CAKE tokens were burned than minted during the month.

## **April Mint Breakdown**
- Farms: 800,697
- CAKE Syrup Pool: 101,622
- Other Product Usage: 119,963
- Total April Mint: 1,022,282

_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._

## **April Burn Categories**
- Swaps and Perpetual Trading Fees: 1,175,338
- Prediction: 199,508
- Pancake Protectors: 2,950
- Lottery, NFT Market, Profile & Factory: 113,292
- CAKE Domain (Space ID): 3,203
- Total April Burn: 1,494,292

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

## **Proof of Burn for April:**
- April 8: **[Link](https://bscscan.com/tx/0x7f1da09d555a8eae1f808fc7aa110dcbf4827720b433724acd2aea6d41a35ecc)**
- April 15: **[Link](https://bscscan.com/tx/0xbceff3d9cf148abd432ca3352402c2b492e9f4a798ca4c5ae648672b3915059f)**
- April 22: **[Link](https://bscscan.com/tx/0x00b6885644021a6abc5f464af58b62ce59489609d67e937d8bce1a60cd65ac85)**
- April 29: **[Link](https://bscscan.com/tx/0xc813059f8f787eaf114155c1741c9c4252c548d431d4965a76df2cedf5905ec7)**
- May 6: **[Link](https://bscscan.com/tx/0xdab034d92faaaf1f94bfbbfc034ce38aea4bea2ba16e2afbf7b1b2a9cb39c364)**

Our April 2024 report explores the world of CAKE token supply management on PancakeSwap. 

April 2024: PancakeSwap's CAKE Burn

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

In our February 2024 report, we dive into the CAKE token supply management world 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 March 8th, 2024, PancakeSwap has successfully burned 0.025% of the CAKE total supply for February 2024. To calculate this percentage, we divided the total net mint of -95,023 CAKE by the initial total CAKE supply on February 5th, 2024. This marks the sixth consecutive month of CAKE total supply reduction, with a cumulative -1,372,017 CAKE net mint over September, October, November, December 2023, January, and February 2024. 

## **Achieving CAKE Total Supply Reduction through Net Minting:**

In February 2024, PancakeSwap achieved a net mint of -95,023. This negative net mint indicates that more CAKE tokens were burned than minted during the month.

## **February Mint Breakdown**
- Farms: 732,243
- CAKE Syrup Pool: 136,285
- Other Product Usage: 115,965
- Total February Mint: 984,494

_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._

## **February Burn Categories**
- Swaps and Perpetual Trading Fees: 778,324
- Prediction: 166,554
- Pancake Protectors: 7,340
- Lottery, NFT Market, Profile & Factory: 127,299
- Total February Burn: 1,079,517

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

## **Proof of Burn for February:**
- February 6: **[Link](https://bscscan.com/tx/0x2ec68688cd22c67b29ea27bad41a4b1acfcc255d83bc35cb3dc1cfdf021e0f11)**
- February 12: **[Link](https://bscscan.com/tx/0x2079464ad31ccccc03c7546762431371bf4aa16a04f3326ca19ab387a6370742)**
- February 19: **[Link](https://bscscan.com/tx/0xde3f5cd6aadf9e05d2fcc553f9072098627a992ef81ff9812bdf4281f06eda00)**
- February 26: **[Link](https://bscscan.com/tx/0x95beca2a34b808dea96c278bd1e41d8f5ff25651ee3b4b96a0c28ad09d9bc63c)**
- March 5: **[Link](https://bscscan.com/tx/0xddfc376c4cf0b13d02cc5feaaebbe084be4529a9c5db69be09777369dc312681)**

In our February 2024 report, we dive into the CAKE token supply management world on PancakeSwap. 