Hello CAKE holders! 🥞

We will have the next cIFO with Cakepie on January 4th. We held an AMA (Ask Me Anything) with Alan from Cakepie Team to get to know the project more! If you missed participating in the AMA, read this article and learn about their project!

Opening Words from Cakepie Team

Alan: Thank you for the invite! Hi everyone! I'm Alan, the project lead of Magpie and Cakepie. Just to give a brief background intro about myself. Before starting this journey, I worked for Google. I've been active in the Crypto space since 2017, and following the 2020 DeFi summer, I've proudly become a DeFi degen. Today, I'm very happy to be here, ready to dive into discussions about Cakepie

Cakepie, innovatively crafted by Magpie, stands as a strategic SubDAO dedicated to reinforcing the PancakeSwap ecosystem. We specialize in yield boosting services, focusing our efforts on accumulating the maximum amount of CAKE together and converting it into veCAKE. By centralizing our operations around this conversion, Cakepie taps into the benefits of veCAKE, offering pivotal opportunities for users to optimize yields and enhance governance participation within PancakeSwap.

Let’s begin with the Questions!

[Q1] How does Cakepie's integration with PancakeSwap benefit both CAKE holders and the broader DeFi community?

Cakepie's integration with PancakeSwap is strategically designed to enhance the value of CAKE tokens significantly. Acting as a CAKE 'blackhole', Cakepie is focused on accumulating CAKE from the market and converting it into veCAKE permanently. This approach helps reduce the circulating supply of CAKE, thereby increasing its rarity. This collaboration is tailored to bolster PancakeSwap's long-term growth while also expanding the Magpie ecosystem.

The integration is poised to heighten governance engagement, expand opportunities for passive income, and boost overall user involvement. Holding veCAKE enables Cakepie to offer advantages to a wider range of users within the broader DeFi community. For instance, Cakepie allows liquidity providers to earn boosted yields without the necessity of locking CAKE themselves, providing a flexible option for risk-averse participants to engage with the PCS ecosystem.

[Q2] Can you explain the role of mCAKE in the Cakepie ecosystem and how it enhances the yield for CAKE holders?

In the Cakepie ecosystem, mCAKE plays a crucial role. mCAKE is Cakepie's version of the CAKE token from PancakeSwap. Cakepie enables CAKE holders to maximize their rewards without lengthy lockup periods by converting their CAKE into mCAKE. When users convert their CAKE tokens on Cakepie, they receive mCAKE at a 1:1 ratio, while their converted CAKE is locked within PancakeSwap as veCAKE by Cakepie. Thanks to Cakepie's veCAKE yield-boosting power, users can stake their mCAKE on Cakepie to earn an increased share of revenue in the form of CAKE. They also have the opportunity to participate in PancakeSwap IFOs through the mCAKE Stability Vault.

The conversion of CAKE into mCAKE is irreversible. However, mCAKE holders will have the opportunity to swap mCAKE for CAKE at market rates once liquidity is seeded at PancakeSwap. The circulating supply of mCAKE is directly related to the total amount of CAKE tokens accumulated by Cakepie as veCAKE.

[Q3] What unique advantages does holding vlCKP offer to users in terms of governance and revenue sharing within the PancakeSwap ecosystem?

CKP is the upcoming governance and revenue-sharing token of Cakepie. Users will have the opportunity to lock their CKP tokens as vlCKP within Cakepie to access its benefits. vlCKP, also known as Vote-Locked CKP, allows users to earn a share of Cakepie's platform revenue and influence governance decisions within PancakeSwap and Cakepie.

By controlling the voting power of Cakepie's veCAKE, vlCKP holders can influence the distribution of CAKE emissions across PancakeSwap pools through voting in the upcoming Cakepie bribery market. vlCKP holders are poised to share 8% of the total revenue generated by Cakepie and earn bribes from ecosystem partners seeking their voting support. This week, we received pre-bribes from various protocols, totaling over $40k in incentives, which are set to be shared 100% with vlCKP holders.

[Q4] Has Cakepie completed any smart contract audits, and if so, which auditing firms were involved in this process?

Yes, Cakepie has completed rigorous smart contract audits by two reputable firms. BlockSec conducted our first audit, ensuring a robust security infrastructure for our platform. The second audit was performed by PeckShield, affirming the reliability and security of our protocol structure.

These thorough audits by leading experts in blockchain security demonstrate our commitment to maintaining high security standards for our users' assets. The detailed reports from BlockSec and PeckShield are accessible for review, reflecting our dedication to a secure and trustworthy platform.

[Q5]Can you briefly describe Cakepie’s cIFO to community?

The upcoming cIFO for Cakepie's CKP token is set to commence at 12:00 UTC on January 4th. This token sale event will take place on the PancakeSwap platform. The cIFO price for the CKP token is set at $1.50, with 200,000 CKP tokens available for sale out of a total supply of 10 million. This event represents a crucial step for Cakepie, offering our community members a unique opportunity to participate in the growth and success of the platform.

The allocation and pricing strategy is designed to ensure fair access and value for both early adopters and new participants, reflecting our commitment to the long-term development of the Cakepie ecosystem and its integration with PancakeSwap.

And here is a one-pager about Cakepie’s cIFO.

Live Q&A Session

Q1: What advantages does Cakepie bring to PancakeSwap in terms of a diverse user base and increased APR% for liquidity providers?

One of the key benefits Cakepie offers to PancakeSwap liquidity providers is the ability to boost their CAKE rewards without personally locking any CAKE tokens as veCAKE. This is made possible through Cakepie’s significant holdings of veCAKE – amounting to over 5 million CAKE tokens.

As a result, liquidity providers using V3 on PancakeSwap can automatically receive increased CAKE rewards by depositing their assets on Cakepie. This feature provides an attractive incentive for risk-reverse liquidity providers, leading to potentially higher liquidity within the PancakeSwap ecosystem​​

Q2: Does Cakepie have plans to integrate with other blockchain ecosystems or DeFi protocols to expand its functionality and reach a wider audience?

It's important to clarify Cakepie's focused commitment and its relation to the broader Magpie ecosystem. This distinction highlights that while Cakepie remains steadfast in its commitment to PancakeSwap, the broader Magpie ecosystem is actively engaged in expanding its reach and functionality across multiple blockchains and DeFi protocols via the Magpie SubDAO Model.

This approach allows for a focused development within each ecosystem, with Cakepie catering specifically to PancakeSwap and Magpie addressing a wider range of protocols and networks​​ with SubDAOs such as Penpie and Radpie catering for Pendle Finance and Radiant Capital respectively. And These SubDAOs can work in harmony, supporting one another.

For instance, Penpie and Radpie both established liquidity on PCS and channel bribes into Cakepie. This strategy help boost CAKE emissions for both PNP/BNB and RDP/BNB pools and at same time bring Cakepie users more bribe revenue.

Cakepie Quiz!!

The Cakepie team prepared a few questions in a form. Users had to fill their public wallet address (not your private keys), Answers and Telegram/Discord username. Some lucky users who answered all correct have received a reward!

If you want to participate in this kind of events, follow up in our social channels to find out when the next AMA will be!

Final Words from Cakepie

I'd like to extend my heartfelt gratitude to everyone who participated in this AMA session, and a special thanks to the PCS team for hosting us.

If you have any additional questions or require further clarification, please don't hesitate to join the Cakepie community. Our dedicated team is always available there to assist you with any questions you might have. Wishing you all a joyous and prosperous New Year!

That’s all from AMA! It was a very informative Q & A session.

Save the date for the next cIFO: January 4th 12 UTC

Keep an eye on our socials to don't lose any of this events!

The Chefs 🐰