Good afternoon PancakeSwap community and CAKE holders!🐰
Here’s a recap for those who missed the live AMA on October 5th.
Our chefs dive into PancakeSwap's third birthday, review the roadmap for the fourth quarter and answer questions from the community!
This time, we tested a new streaming platform to improve our sound and feel closer to the community. Let us know if you like it!
-Chef Mochi 🧑 (Head Chef) -Chef Bun 🥟 (Product Manager) -Chef Brownie 🍫 (Marketing Lead) -Chef Fran 🧉 (Community Manager) -Chef Gyoza 🐇(Product Manager) -Chef Momo 🐰(Product Manager)
Chef Fran🧉 was the AMA’s host.
Chef Mochi🧑: Hi Everybody, welcome to the Q4 roadmap AMA. Before we start with the AMA, I'd like to take a moment to say that the Kitchen is really proud of PCS hitting our 3rd birthday. In the last year, we've made significant progress in various areas within PCS, many of which are worth celebrating. One thing I'm very happy about is the physical meetup we just held in Argentina. This marks the first time we've held an offline meeting for the community. I believe the community will benefit from the opportunity to mingle and get to know each other, enabling more personal friendships and a stronger, more cohesive community.
Looking forward, the Kitchen has planned much for the next quarter and beyond. The Kitchen is excited to usher in the next year of PCS, with achievements more significant than what we've accomplished together thus far. Okay, so let's start with this quarter's AMA and see what questions the community has on the roadmap.
1. Q. Chef Fran 🧉: What is the development roadmap of Multichain in this Q?
A. Chef Mochi🧑: PancakeSwap has been deploying on a few chains last quarter. However, most of this has been our core DEX products. You see in our roadmap that we now have planned multichain deployment for our products on BNB Chain onto different chains. Therefore, this quarter, we're focusing on bringing as much of the all-in-one, multichain DeFi platform experience as possible to all the other chains we are now on.
2 Q. Chef Fran 🧉: Can you give some leaks about how the position manager will work?
A. Chef Bun 🥟: I don't want to leak any launch timeline, but you can try it out VERY SOON; now let me give you a sneak peek. Currently, if you want to provide liquidity to PancakeSwap V3, you will have to do some research on the historical price volatility and select the proper fee tier, price range to balance out revenue and potential impermanent loss. Apart from that, you will also need to stake your LP into the farm to earn CAKE after providing liquidity. With the position managers, everything is streamlined and automated. You can provide your assets in one click, and that's it. They will be deployed with a wide range of automated liquidity strategies provided by our partners or even the kitchen. And your provided liquidity will automatically join the farm and start earning additional CAKE yield for you. Don’t want brag about it but I have been using(QAing) this for a few weeks and the experience was absolutely magical.
3 Q. Chef Fran 🧉: Notification service integration is an interesting feature to help with usability. How will it work?
A. Chef Gyoza 🐇: In partnership with Wallet Connect, the Notification service integration aims to allow PancakeSwap users to receive push notifications on the PancakeSwap page and their wallet apps. This will help PancakeSwap users receive important alerts, promotions, and launches/campaigns at a glance. For example, if a liquidity provider's position is out of the current range, a user will be alerted via notification and they can take action immediately. This can also be applied to other use cases, such as trading reward claims, perpetual trading campaigns, lottery rounds, etc.
4 Q. Chef Fran 🧉: How does the Universal Router benefit PancakeSwap? Does it enhance negotiation efficiency? Is this a router that also includes NFT trading?
A. Chef Gyoza 🐇: The universal router is a swap router that helps to aggregate trades and unifies token and NFT swaps into a single swap router. It will allow users to buy NFTs with more tokens. The universal router also enables permit2, allowing users to share and standardize token approvals across smart contracts. This will improve the user experience for Pancakeswap and other partners using the permit2 standard.
5 Q. Chef Fran 🧉: Isn't creating a v3 farm from nowhere complicated for a simple user?
A. Chef Mochi🧑: It is for most users - therefore, we initialized the pool for most key token pairs and worked with projects to migrate their liquidity from v2 to v3, so that users don't have to. Of course, PCS can't be initializing pools for every altcoin, but we are happy to speak with any project and have been doing so to support projects which are exploring v3 liquidity.
6 Q. Chef Fran 🧉: How is PancakeSwap working towards further decentralization and giving more control to the community?
A. Chef Bun 🥟: As you may already notice, we have "voting gauges" on our roadmap. This may sound very boring, but it is actually a huge step towards further decentralization. It will really put the CAKE holders and PancakeSwap community in the driving position to help shape and define where the precious CAKE emission goes. And this immense power will also create other yield opportunities for our loyal CAKE holders.
Apart from this, we also have plans to bring other improvements to our governance system which allows community members to express their thoughts and help improve PancakeSwap together.
7 Q. Chef Fran 🧉: veCAKE and gauge design have great potential to increase the demand for CAKE. Can you say anything about how this mechanism will work?
A. Chef Bun 🥟: As i mentioned in the above answer. With the launch of veCAKE, we are introducing more benefits to our CAKE holders while simplifying the existing CAKE staking benefits. So simply lock your CAKE to get veCAKE, and it will become the essential key to knock open the door of every juicy CAKE staking benefit, including the new and the most significant one - voting gauges. This allows CAKE stakers to finally help shape CAKE emissions, having a say on where the CAKE reward goes.
PancakeSwap veCAKE and voting gauges will have a similar design as other ve tokens or protocols, but like every other PancakeSwap product, it will have its unique twist to fit into the CAKE tokenomics and vivid multichain ecosystem. All in a super easy-to-use interface.
8 Q. Chef Fran 🧉: Is there anything in the pipeline regarding v4?
A. Chef Momo 🐇: Thanks for asking. We are working on some interesting AMM improvements and protocol upgrades this quarter. It's early, and we prefer not to reveal much now. But stay tuned for some announcements by the end of this quarter.
9 Q. Chef Fran 🧉: Game Expansion seems very interesting; this will help to enlarge the community. But what exactly will you do for this target? How much will PancakeSwap get involved in gaming?
A. Chef Mochi🧑: We are working on two major fronts to expand the game. The first is adding a gaming platform where 3rd party developers can develop and release their games on PancakeSwap. For this, PCS will be working selectively with partners who will work on the PCS community by incorporating the CAKE token and our NFTs in their game. PCS will also vet partners who can run and support the games independently so that the platform can scale over time to help the community with more and more fun, catering to a more comprehensive audience.
The second front is to make the games multichain. Much like how PCS's DEX experience is now multichain, there's no reason why games shouldn't be as well. We're therefore working on this aspect. We don't have a timeline for this to be completed, as the initial research shows that this can be difficult. Still, we hope to release something this quarter.
10 Q. Chef Fran 🧉: Have you considered raising the fees to increase CAKE burning as a result of the new multichain prediction feature? Will you introduce opportunities for us to predict the prices of ARB, ETH, and other top-market-cap assets, offering prizes or tokens similar to the ones currently available?
A. Chef Gyoza 🐇: We feel that our current fee structure is the best way to attract new users from other chains. However, we're open to reviewing fees based on the adoption and popularity of multichain prediction and operational costs of supporting the chains and token/price feeds provided.
For multichain prediction, we look to offer more tokens depending on the chains and user base of different chains.
11 Q. Chef Fran 🧉: Will you upgrade Prediction to have daily / weekly / monthly events, as we can see during the pcs anniversary? Do you intend to do more Lottery Special Events as we can see during the pcs anniversary?
A. Chef Brownie 🍫: First, thanks to everyone who participated in PancakeSwap's 3rd-year birthday party; we're thrilled the community enjoyed it. We're actively exploring various campaigns and activities across our product suite.
These events have proven to be a great source of excitement and community involvement. We recognize their popularity and the joy they bring to our users, so we plan to incorporate them into our ongoing strategy.
In the meantime, several campaigns are ongoing, so make sure to participate and stay tuned for other exciting campaigns.
12 Q. Chef Fran 🧉: Cake tokenomics was updated last August. Many things have changed since that day. Isn't it time for a bit of an update?
A. Chef Mochi🧑: Yes, we just did it today. We've been tweaking CAKE tokenomics almost weekly and reducing emissions to help CAKE go even more deflationary. So, apologies that we haven't been updating as frequently to keep the information always up to date. We will strive to update it more often, but please do follow our blog, our Dune tokenomics dashboard, for live date information
13 Q. Chef Fran 🧉: Do you have plans to reduce the Max Supply? When would that happen?
A. Chef Mochi🧑: Yes, there are plans to. There is no exact timeline, but we plan to do it by the end of this year.
14 Q. Chef Fran 🧉: About Staking Simple: how is the Boost calculated for those with CAKE locked to a fixed term?
A. Chef Gyoza 🐰: Users who lock at least 100 CAKE in the CAKE fixed term staking pool will be entitled to boosted rates of up to 10-15% more than non-stakers. For example, if CAKE APR is at 2% for non-stakers, stakers will get at least 2.25% APR, which is a 0.25% boost. We're constantly looking at ways to reward loyal CAKE holders and stakers, and this is one way we hope to do that.
15 Q. Chef Fran 🧉: We can see many partners on the new website. Are you cooking something?
A. Chef Brownie 🍫: First, thanks for noticing our website revamp; I hope you liked it.
The partners section on our website is meant to highlight the various collaborators who have already integrated with our ecosystem. Hence, you get a better overview of our existing collaboration. So if there are names/logo’s that seems to be unfamiliar for you that means you might have missed our partnership announcements, please go check it out.
That being said, we're always actively working on new partnerships that will bring added value to our community and ecosystem. Stay tuned for exciting developments.
16 Q. Chef Fran 🧉: Will trading competitions make a comeback one day?
A. Chef Bun 🥟: It largely depends on the market condition. But it is worth noting that we now have two ongoing Trading Rewards programs, which in my opinion, are more inviting, more CAKE-focused, and more appealing with higher rewards.
Instead of time-limited events where you have to sign up, perform actions according to the timeline, Trading Rewards allow you to simply trade on PCS and earn CAKE passively. The duo campaign setup design to give out rewards regardless of whether you are a large trader or a smaller trader holding CAKE. To learn more about the Trading Reward program, visit https://pancakeswap.finance/trading-reward
17 Q. Chef Fran 🧉: Would purchasing Cake with a bank transfer at a meager cost (max 1% fees) directly from the pcs website would be great?
A. Chef Mochi 🧑: Yes, we do agree it would be great. The ability to buy CAKE directly with fiat is not something we can do now, though. Therefore, in the last quarter, we have worked with various onramp partners like Moonpay, Mercuryo, and Transak to bring you the ability to buy CAKE directly with your credit card. As for fees, we run promotions with them occasionally, so keep your eyes peeled if you're looking to utilize this service at a low fee!
18 Q. Chef Fran 🧉: Can you add an average APR for "sharing revenue" participants?
A. Chef Bun 🥟: With DEX being the biggest product and most important revenue source of PancakeSwap. The volume drives the revenue shares and could be impacted by weekly market conditions. We've considered adding such a number on the UI, but I think it may not justify the actual performance in the long term based on only the data from last week.
We will revisit this in the future with more weekly revenue shares being executed. For now, you may reference the weekly revenue injection post for the number of rewards being injected. And also, please note that your APR depends on your remaining lock time and will linearly decrease week by week. Renew the lock staking position to receive a higher share.
19 Q. Chef Fran 🧉: RWA is a big market. Is Pancake looking for some partners or is there any initiative to attract these assets to our dex?
A. Chef Mochi 🧑: We are looking into it. The most significant obstacle is that we don't want users like yourselves to have to KYC, which many of these RWA assets require. This is a complicated issue for a DEX like ours, but we are trying to see if there are workable solutions.
20 Q. Chef Fran 🧉: Why do people prefer PancakeSwap despite new Swap platforms emerging and the bear market on the BSC network? What do you think?
A. Chef Mochi 🧑: We believe that PancakeSwap is leaps and bounds ahead of the competition. We offer a combination of factors that is hard to beat for any new DEX - a strong track record of safety, deep liquidity, a non-inflationary token model that still is capable of competitively rewarding liquidity providers, multichain access within a single platform, and a whole suite of DeFi products that can cater to any DeFi need in all of crypto.
As for the bear market, that's an industry-wide factor affecting all of us, so PancakeSwap is not more or less affected by newer DEXs entering the space.
Q. Chef Fran 🧉: What can you share regarding the ongoing discussions and concerns related to Protectors, particularly concerning issues like game downtime and related matters?
A. Chef Mochi🧑: I believe that those of you who have been actively playing the Protectors game, especially in the last three or four seasons, may have noticed several disruptions within the game. We acknowledge that these issues have occurred, and to maintain transparency, we have been repeatedly targeted by third-party attacks. Throughout all the seasons, we have been in constant collaboration with the Mobox team, addressing every instance where we detected a problem or faced interference from third parties.
Up to this point, I believe we have successfully resolved more issues than in the first six seasons or so. During the last season, the game ran smoothly, and the lag problems disappeared. This process is ongoing because the game continually introduces new content and features. Therefore, we remain committed to working with Mobox to address any bugs or exploits as they arise. It's a continuous effort we are dedicated to undertaking.
Q. Chef Fran 🧉: Looking beyond Q4, can you provide a glimpse of the long-term vision for PancakeSwap and how these Q4 developments fit into that vision?
A. Chef Mochi 🧑 : Thank you for your question! PancakeSwap's long-term vision is to become a user-friendly, all-in-one multichain DeFi platform. In Q4, we've expanded into the multichain space, with plans to bring our other products seamlessly to multiple chains. Beyond Q4, we aim to scale our protocol to accommodate millions of new users, especially as DeFi adoption grows. We're committed to improving the user experience and introducing innovative products as we believe more people are migrating to DeFi with each cycle. This is our long-term vision.
3 Q. Chef Fran 🧉: Are there any intriguing collaborations or partnerships on PancakeSwap's radar for the near future that you're particulary enthusiastic about?
A. Chef Brownie 🍫: Chef Icy is busy with behind-the-scenes partnership work, so I'll discuss our partnership efforts from a marketing perspective.
We've been active on the BNB Chain since its inception. Looking ahead to the next quarter, we've expanded to several new chains, around six or seven in total. We're collaborating with these layer-2 chains to extend our partnerships. For example, we recently participated in an event with Polygon zkEVM in Singapore, and we're engaged in their Galxe campaign. Fran is also set to join a Discord workshop with them soon.
While our focus has been on the BNB Chain, we're excited about the potential for collaboration and expansion with these other chains. We look forward to working with these teams and exploring future opportunities!
4 Q. Chef Fran 🧉: Is it possible to imagine the biggest "crypto" multichain lottery on PCS, or is technically impossible?
A. Chef Gyoza 🐇: I find the concept of a multichain lottery quite intriguing. The primary consideration is to create a single, substantial prize pool, rather than dividing it among different chains. Additionally, there needs to be a strong demand for lotteries on other chains from users who are buying lottery tickets on PCS. While it's not currently on our radar, it's certainly an exciting avenue to explore.
6. Bun’s clarification about emission misunderstandings: Some users may be confused because in the tokenomics charts, we consolidated all the trading incentives into one category and highlighted it as one single emission. Initially, our plan was to allocate a significant portion of the CAKE tokens for multichain expansions. Thanks to the efforts of our talented BD Chefs and other supportive members of the ecosystem, we were able to use our expansion budget much more efficiently than we anticipated. Therefore the majority of them actually never leave the budget wallet and will eventually be directed to burn.
Actually, during the recent burn, a substantial portion of these reserves has been directly contributed to the burn, which means that those CAKE tokens are not re-entering circulation. Specifically, the amount of CAKE tokens spent on trading reward program has been kept within a three-digit range so far.
Thanks for reading. Join us on Twitter, Telegram, in our Discord server, or our growing Reddit community!
Chef Fran🧉