Good afternoon PancakeSwap community and CAKE holders!🐰
On April 12th, we held an AMA to discuss the PancakeSwap Q2 Roadmap for 2024!
Chef Mochi, Chef Gyoza, and Chef Momo were answering questions from the community for over forty minutes! Also, our beloved Chef Bun couldn't make it, but Mochi firmly had his back!
In case you missed it, you can either read this recap or watch the stream here: https://www.youtube.com/watch?v=qerTianOWIA
If you want to attend these events, activate notifications for PancakeSwap's social media channels!
Chef Mochi🐰: Hey community, welcome to the Q2 roadmap AMA and thanks for taking the time to chat with us. Were any of you surprised by some of the products we launched last quarter? We have a new RPG game with really nice graphics for PCS and our NFT community, and we even launched an options platform. Now on PCS you can join in the r/wallstreetbets fun by trading options on ETH and ARB. Q2 is shaping up to be more and more improvements for our platform, as well as the continued development of v4. I hope all of you are excited and let's answer any of the burning questions you might have.
Q1: Is Quest Web3 a product that could generate revenue, or is it just for Pancake's own use
Chef Gyoza 🐇: At the start, it'll be used to host PancakeSwap campaigns and fun user quests. This will allow the kitchen to understand how our users would like to engage with the Quest platform. Moving forward, we're looking to expand this product to feature more partners
Q2: There is an overhaul of the PancakeSwap website. What has changed in the UI and UX?
Chef Mochi🐰: We are reworking the site to enhance accessibility and accommodate our new products. On the UI/UX front, we recently updated the veCAKE staking page. Now, all stakers can easily see the individual staking APR, revenue sharing APR, and vote incentive rewards—if they vote on a gauge with incentives—directly from the staking page.
We're also updating the UI to make providing liquidity more intuitive and to reflect that PCS has expanded to multiple chains. In the future, this update will enable users to easily view all pools and farms across all chains.
Q3: Does Cross-chain veCake mean the possibility of locking Cake on other chains?
Chef Bun 🥟: The Crosschain veCAKE deployment primarily focuses on bringing the veCAKE benefits like yield boosting bCAKE and IFO iCAKE to networks other than Bsc. With PancakeSwap being more present on different blockchains, it makes sense for us to extend the benefits to all the networks for our veCAKE users. That said, users will still lock CAKE on Bsc but with the option to bridge the veCAKE balance as well as the benefits to other chains
Q4: How will TWAP and limit order work? Will it generate revenue for Pancake and be cost-effective for traders?
Chef Bun 🥟: Our latest TWAP and LIMIT feature is a welcome update to the previous limit order V2, which only supports our V2 liquidity. The new version now supports all PancakeSwap DEX liquidity types with more features like TWAP, allowing users to break large trades into smaller ones to minimize price impacts or apply advanced trading strategies like DCA (dollar cost average). All of these will help users to save on trading costs. And, more importantly, to save time. As for revenue, we don't have any additional fee for this product for now, as we mainly focus on getting things right with the Orbs team. But we believe this product has many potentials to bring in revenue and ultimately benefit our veCAKE holders.
Q5: What is the new trading venue for DEX? PCSX? More source of liquidity? how it impact revenue and veCAKE?
Chef Bun 🥟: We see liquidity getting more and more transparent these days, with many new aggregation protocols on top of AMM DEXs. As PancakeSwap, our goal has been to work hard on new products that provide users with a better trading experience, whether it is deeper liquidity, a more comprehensive range of token options, or the convenience of trading any tokens you want on whatever network you want. We are not overly concerned about affecting our revenue stream. We believe as long as we have a solid product, there are many ways to extract benefits and apply them back to the CAKE holders who staked with veCAKE.
Q6: Some plan to better APR in Simple Staking beside multichain?
Chef Gyoza 🐇: We are constantly exploring other ways to provide simple staking solutions that increase APR and add liquid staking pairs for users looking for liquid staking. A possible way to offer higher APRs is to feature tokens from chains outside BNB Chain, eg. DOT and SOL, which are higher APR tokens.
Q7: What are the next steps for v4?
Chef Momo 💻: We are working to optimize the codebase to benefit from gas savings and finalize features such as on-chain farming. This will be followed by a code freeze and extensive audit this quarter.
The focus will also be to develop a hook ecosystem our users could benefit from after launch. This will involve building a dev community and executing our developer grant program.
Q8: I think v4 needs a lot of work and I got why it is on the roadmap. We will have just developer things or something to users in this quarter?
Chef Momo 💻: This quarter will be focused on building. We are refining the codebase further and putting together all other supporting components such as FE, Routing, etc. v4 will be available to the users in Q3.
Q9: Are you going to participate in some physical event this Q?
Chef Fran 🎙️: If you have joined our v4 event in London, i hope you had fun with our chefs and got some nice photos with our bunny. But, yes, we are looking into some events for Q2. As always we are only looking into events that relate to our audience, and so far we have seen some interesting one's in Europe. If you have any events that you would like the chef's to attend, don't be shy and shoot us a DM or drop a msg on our socials anytime and let us know.
Q10: Is there any other affiliate in the pipeline?
Chef Mochi 🐰: We are speaking to several teams. However, there has yet to be a timeline for the next affiliate. As mentioned in the governance proposal, we plan to work with three affiliate teams this year.
Q11: When Mancake is going to start working on Mantle?
Chef Mochi 🐰: Please refer to the voting proposal. The detailed timelines for deployment are there.
Q12: What's your opinion about the regulation problem we're seeing in the market? Can PancakeSwap be affected?
Chef Mochi 🐰: We are aware of the developments and closely follow how regulation might affect DeFi in the future. At the core AMM level, the smart contracts are not upgradable nor permission, so PancakeSwap's v2,v3, and v4 AMMs will always continue, regardless of how future regulations might develop.
Q1: Which type of tokens will be listed on the liquidity book pools on Pancakeswap v4?
Chef Momo 💻: In the liquidity book pools on PancakeSwap v4, we do not have a specific preference for the types of token pairs, whether they are pegged pairs or non-pegged pairs. Each type of pair benefits from Liquidity book pool type. We aim to maintain an open approach, meaning the kitchen does not favor any particular types of tokens for listing. We welcome a diverse range of tokens to accommodate the varied interests of our users.
Q2: How come we got no IFO in the last year, except for the Cakepie one, which was a cIFO? Is there any plan to have one in the next period?
Chef Mochi 🐰: Let me provide some context regarding the launchpad landscape over the past few months. Firstly, over the last year, we have committed to launching only high-quality projects, refusing to lower our standards for any project that didn't meet our stringent criteria. This commitment is one reason for the reduced frequency of IFOs and cIFOs.
Additionally, in the last four to five months, there have been two significant trends affecting our approach. One noticeable trend is the shift towards protocols opting for airdrops instead of traditional launchpads. This shift means that many projects no longer need to raise funds through IFOs, as they can launch their projects and distribute tokens via airdrops.
Furthermore, many projects are now securing funding through private funding and venture capital. This has led to a scenario where IFOs, traditionally used for public fundraising, are less necessary as projects choose either venture capital funding or private rounds over public offerings.
Consequently, with more sources of capital available and many projects not requiring public funding in this market cycle, the availability of prospects for high-quality IFOs have somewhat diminished. We do not wish to compromise our standards just to increase the number of IFOs. Our priority is to ensure that any IFO we launch meets the high-quality standards our community expects.
Despite these challenges, the recent cIFO for Cakepie was very successful. Looking ahead, we hope to replicate this success with similar high-quality IFOs tailored to our users' needs and expectations.
Q3: There are already developed hooks for Uni v4. How hard would it be to replicate them into PancakeSwap v4?
Chef Momo 💻: While the architecture of PancakeSwap v4 differs from that of Uniswap v4, it is relatively easy to migrate hooks, especially for the CLAMM pool type. However, for other pool types, such as the Liquidity Book, more significant changes are required. We have provided examples of hooks for both types of pools in our Github repository. For more details and examples, please refer to our repository.
Q4: What's your opinion on the SEC's situation with Uniswap. Do you think this could have an impact on us? If so, what measures have you taken to mitigate such a situation in the future?
Chef Mochi 🐰: We are deeply concerned about the news that Uniswap has received a Wells Notice from the SEC. We believe that DeFi and DEXes generally provide a valuable platform, enabling projects and tokens to be listed in a permissionless manner for users seeking access. It's important to note that the situation with Uniswap is still at an early stage, as a Wells Notice is merely a preliminary notification of enforcement, and the specific complaints remain undisclosed. At this point, I will reserve further comments until more information becomes available.
Regarding the potential impact on us, our smart contracts will continue to operate in a permissionless fashion. We remain committed to adapting our strategies as necessary. The deployed contracts themselves are immutable. We are dedicated to protecting CAKE token holders, liquidity providers, and traders as much as possible. While the exact nature of the formal complaints against Uniswap has not been clarified, we are prepared to make any necessary adjustments, especially if future developments require changes unrelated to our fundamental principles of DeFi.
Chef Mochi 🐰: As always, PancakeSwap continues to build! This roadmap is very clear. PancakeSwap v4 is the priority, along with some other upgrades mentioned in the roadmap. Once again, stay tuned! Many announcements about what we're working on are coming out very soon. Thanks everyone for participating!
Thanks again for coming today!
The Chefs