The Journey So Far:

• April 8, 2025: Shared a discussion proposal to gather community feedback.
• April 15, 2025: Official proposal published for voting.
• April 18, 2025: Proposal passed.
• April 23, 2025: Official implementation of CAKE Tokenomics 3.0 begins.

Timeline and Phases of Implementation

1. Retirement of veCAKE & Gauges Voting

• Starting April 23, 2025, at 00:00 AM UTC, veCAKE and Gauges Voting will officially be retired.
• The final voting period will end at 00:00 AM UTC, April 23, 2025 (Epoch 37). After this, voting will no longer be available from Epoch 38 onward.
• Epoch 38 (April 25–May 6, 2025) will apply the results and emissions based on Epoch 37’s voting outcomes.
• Gauges Voting rewards (including veCAKE Pool APR and Bribe APR) will continue to accrue until 00:00 AM UTC, May 7, 2025, when Epoch 38 ends. After that, no new rewards will be generated.

2. Unlocking CAKE Staking

• Starting April 23, 2025, at 08:00 AM UTC, all CAKE and veCAKE staking will be unlocked. Users who have directly staked CAKE through the PancakeSwap interface will be able to redeem their veCAKE for CAKE on a 1:1 basis. (Note: veCAKE is calculated based on the staking duration, so users will be able to redeem the underlying amount of CAKE.)
• If you wish to continue earning rewards (veCAKE Pool APR, Bribe APR, Revenue Sharing APR) from the final Epoch 38, do not withdraw your CAKE before 00:00 AM UTC, May 7, 2025.
• Redemption Period: Users who have directly staked CAKE through the PancakeSwap interface have 6 months to redeem their staked CAKE and veCAKE, with the deadline being  08:00 AM UTC, October 23, 2025.
• For veCAKE linked to veCAKE managers (e.g., Aster, StakeDAO, CakePie), PancakeSwap will whitelist the delegator addresses for locker protocols that enable 1:1 redemptions. These protocols will launch a redemption page on their interfaces, allowing users who have staked with them to redeem their xCAKE for CAKE on a 1:1 basis. Please refer to Vecake Manager’s announcement for detailed time .

3. Farm Boosting Discontinued

• Farm yield boosting will be gradually retired from position managers, syrup pools, and farming activities starting April 24, 2025 and ending May 7, 2025. Rewards from yield boosting will continue to accrue only until this date.

4. Revenue Sharing Discontinued

• The 5% revenue share from trading fees in v3 pools (0.01% and 0.05%) will be discontinued. Funds that were previously allocated to revenue sharing will now be redirected to the CAKE burn mechanism, increasing the burn rate for these pools from 10% to 15%.
• Revenue Sharing rewards will continue to accrue until 00:00 AM UTC, May 7, 2025.
• To continue earning Revenue Sharing rewards from the final Epoch 38, do not withdraw your CAKE before 00:00 AM UTC, May 7, 2025.

5. CAKE Emission Reduction (Phases 1 & 2)

• Phase 1 (Starting April 25, 2025): Daily emissions will decrease from approximately 29,000 CAKE to 20,000 CAKE. The Ecosystem Growth Fund allocation will be cut by 50% (from ~6,500 CAKE per day to ~3,250 CAKE per day) and redirected to the burn mechanism.
• Phase 2 (within 4 weeks of Phase 1): Daily emissions will further reduce to 14,500 CAKE, resulting in the permanent burn of 5.3 million CAKE per year, effectively removing this CAKE from circulation.

6. CAKE Pool Delegation and Dune Burn Dashboard Update

When we launched the veCAKE system, many users still had their CAKE tokens locked in the CAKE Pool 0x45c54210128a065de780C4B0Df3d16664f7f859e. To facilitate a seamless staking process, we introduced the delegation feature, allowing users to participate in the veCAKE system and its subDAO ecosystem by delegating their locked CAKE, without needing to move the tokens out of the CAKE Pool.

As of now, approximately 5.29 million CAKE has been delegated from the CAKE Pool: 1.17 million to StakeDAO and 4.12 million to CakePie. The 5.29 million CAKE delegated from the CAKE Pool is now permanently locked in the original CAKE pool (burned and irrecoverable by any party). However, it will need to be returned to those protocols for full redemption.

During the upcoming Monday Burn on April 21st, a portion of the burn (5.29 million CAKE) will be injected into these lockers. This adjustment will not affect CAKE’s total supply, and PancakeSwap will update the Dune Burn dashboard to reflect this change.

In Summary, what Actions Do You Need to Take?

1. Claim Rewards: To earn rewards from the final Epoch 38 (April 25–May 7, 2025), make sure not to withdraw your CAKE before 00:00 AM UTC, May 7, 2025.

2. Redeem CAKE/veCAKE: Users who have directly staked CAKE through the PancakeSwap interface have 6 months to redeem their staked CAKE and veCAKE, with the redemption deadline set for October 23, 2025.

For veCAKE linked to veCAKE managers (e.g., Aster, StakeDAO, CakePie), PancakeSwap will whitelist the delegator addresses for locker protocols that enable 1:1 redemptions. These protocols will launch a redemption page on their interfaces, allowing users who have staked with them to redeem their xCAKE for CAKE on a 1:1 basis. Please refer to Vecake Manager’s announcement for detailed time .