Recap: CAKE v2.5 Tokenomics AMA

We're thrilled to announce an exciting trading competition with Masa. In this competition, you can trade MASA tokens on PancakeSwap to win exciting prizes. Trade on BNB Chain or Ethereum to showcase your trading skills and compete for a guaranteed share of 700,000 MASA tokens ($190,000)!

- **Campaign Duration:** From April 16, 08:00 AM UTC to May 11, 23:59 UTC

- **Eligibility:** Trade MASA tokens on either the BNB Chain or Ethereum PancakeSwap

- **Total Prize Pool:** 700,000 MASA tokens

#### **How to Win:**

#### **Part 1: Trade MASA to share guaranteed 170,000 MASA Rewards ($46,000)**

Trade a minimum of $100 worth of MASA tokens on either BNB Chain and/or Ethereum PancakeSwap to get a guaranteed share from a pool of 170,000 MASA tokens. All the users who meet this criteria will equally split the pool.

- Swap MASA on BNB Chain PancakeSwap here: https://pancakeswap.finance/swap?chain=bsc&outputCurrency=0x944824290CC12F31ae18Ef51216A223Ba4063092

- Swap MASA on Ethereum PancakeSwap here: https://pancakeswap.finance/swap?chain=eth&outputCurrency=0x944824290CC12F31ae18Ef51216A223Ba4063092

#### **Part 2: Top the leaderboard to share from 460,000 MASA ($126,000)**

The top 100 users based on the total trade volume on BNB Chain and Ethereum during the campaign will be ranked on the leaderboard to win a share of 500,000 MASA tokens.

_Rewards will be distributed based on rank as follows:_

**Rank 1:** 75,000 MASA

**Rank 2:** 60,000 MASA

**Rank 3:** 50,000 MASA

**Rank 4 and 5:** 25000 MASA each

**Rank 6 to 10:** 10,000 MASA each

**Rank 11 to 20:** 5000 MASA each

**Rank 21 to 50:** 2500 MASA each

**Rank 51 to 100:** 1000 MASA each

The higher your trading volume, the higher your rank, and the greater your reward. Keep trading to aim for the top spot on the leaderboard. Check out your rank in the leaderboard here: **https://dune.com/pancakeswap/pancakeswap-masa-finance-dollarmasa-trading-campaign**

#### **Part 3: Participate in AMA to share 70,000 MASA ($18,000 )**

Participate in an exclusive AMA with Masa to learn more about MASA and the trading competition. Participate in quizzes, ask questions, and engage for a chance to win a share of 70,000 MASA tokens. Stay tuned on our socials for more details.

**About MASA:**
[Masa](https://www.masa.finance) is the leading decentralized AI data and LLM network. Users can own, share, and earn from their data and compute to power AI applications. Ahead of Mainnet Launch, Masa has already amassed over 1.4 million unique users, 48,000 node operators, and over 40-million data points.

**Terms and Conditions:**
- Trading volume includes both buy and sell volume.

- You can swap MASA tokens on both the BNB Chain and Ethereum PancakeSwap; volume from both chains counts towards your total volume but must be performed under the same wallet address.

- You can make multiple trades; your total cumulative volume will be considered in the leaderboard.

- Rewards will be distributed within 2 weeks after the campaign ends.

- All rewards will be distributed in MASA tokens on the BNB Chain.

**Disclaimer:** This campaign is not an endorsement of any specific coin. Please trade cautiously.


We're thrilled to announce an exciting trading competition with Masa.

Join the MASA trading competition on PancakeSwap to win 700,000 MASA

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!

### **Opening Words**

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.

### **Pre Collected Questions**

**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.

### **Live Questions**

**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. 

### **Closing Words:**

**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_


Missed the AMA with the Chefs? Check out the recap here! 

PancakeSwap Q2 Roadmap AMA

We are thrilled to announce the integration between **[PancakeSwap](https://pancakeswap.finance)** and **[Aperture Finance](https://www.aperture.finance)** to automate LP management. With this integration, users can leverage AI-powered intent-based LP management tools to optimize liquidity provision on PancakeSwap v3 pools across Ethereum and BNB Chain. Users can effortlessly automate their PancakeSwap liquidity positions (LPs), optimizing capital efficiency and minimizing the complexities associated with manual management. To celebrate the launch, there will be an APTR airdrop for PancakeSwap users; read on to learn more.

#### **What Does This Integration Mean for PancakeSwap and Aperture Finance?**

Through this integration, users can seamlessly add liquidity to PancakeSwap v3 liquidity pools on Ethereum and BNB Chain through Aperture, with the added benefit of managing their LPs through Aperture's advanced intent-based LP management tools. Likewise, PancakeSwap users can effortlessly manage their existing v3 liquidity positions with Aperture.

#### **The INTENTional Campaign: Participate in the Airdrop from Aperture**

To celebrate this integration, Aperture is offering a healthy bootstrapping of points for PancakeSwap users! 

- Any address that has LPed on BNB Chain or Ethereum PancakeSwap in the last 12 months (after 11 April 2023, ~00:00 UTC) +4,200 points

- Any address that has performed at least 1 swap on BNB Chain or Ethereum PancakeSwap in the last 12 months (after 11 April 2023, ~00:00 UTC) +2,100 points

- Snapshot was taken on 11 April 2024, around 00:00 UTC

In addition to this initial bootstrapping of points, all actions or transactions for LPs or swappers on PancakeSwap via the Aperture Dapp will receive a 3X boost on points compared to the same actions on other DEXes. For example - zapping into an LP via Aperture on PancakeSwap will generate 3X points compared to the same action on Uniswap.

The INTENTional campaign allows participants to qualify for a total airdrop pool of 42M $APTR, equal to 4.2% of the total supply. Check out more details about the INTENTional campaign **[here](https://medium.com/@aperturefinance/the-intentional-campaign-7-3307e91af884)**.

#### **How to get started with Aperture Finance**

_**For existing PancakeSwap v3 LP holders:**_ Connect your wallet to **[Aperture Finance](https://app.aperture.finance/?chainId=1)** by selecting “PancakeSwap'' and the desired chain (Ethereum/ BNB Chain). Then, navigate to the "Liquidity Positions" section to view and manage your LPs with Aperture’s tools.

_**For a new LP through Aperture Finance:**_ Connect your wallet to **[Aperture Finance](https://app.aperture.finance/?chainId=1)**. Select PancakeSwap as a DEX and your desired chain (Ethereum or BNB Chain) to add liquidity on. Follow the prompts to add your LP with advanced tools. Check out this **[guide](https://blog.pancakeswap.finance/articles/how-to-add-remove-liquidity-in-pancake-swap-v3-a-comprehensive-guide)** for broad principles on how to add LP in v3 pools.

#### **Aperture Finance offers a range of advanced features to streamline LP management:**

**1. Automated Position Rebalance:** Set triggers based on price, pool ratio, or time to rebalance LP positions automatically.

_Taking an example for reference (as shown in the screenshot below with an example)_

You can configure your rebalance parameters by selecting from three triggers: price, ratio, or time, and define your desired strategy. For example:

- **Price:** Rebalance when the token is above or below a specific price point (e.g., rebalance when BNB price is above/below $600).

- **Ratio:** Rebalance when a particular ratio is achieved (e.g., rebalance when the BNB-USDT ratio is 50:50).

- **Time:** Rebalance on a scheduled date (e.g., rebalance my BNB-USDT LP on April 20th).

Additionally, you can choose a "time buffer" for price or ratio-based triggers to ensure they only activate after a set period. For example, if you want to rebalance when BNB reaches $600 after the next 24 hours, you can set a 24-hour time buffer. _Please note that all set triggers will automatically expire after 90 days._

You can also establish a gas fee ceiling by specifying the maximum gas fee you're willing to pay, either as a percentage of your position or in dollar terms. For instance, if you anticipate high gas fees at the time of rebalancing position, you can set a gas fee ceiling to trigger rebalancing only when the fee is below a certain threshold, such as 10% of your position.

![Screenshot 2024-04-14 at 19.28.58.png](https://sgp1.digitaloceanspaces.com/strapi.space/02f72c6474a7dbbfeac25c2d8ac07088.png)

_Please note that currently, Aperture only supports LP automation when the LP (represented by an NFT) is in the user's own wallet, not when it is staked in a farm._

**2. Automated Position Closure:** Automatically remove LPs positions based on predefined criteria such as price, pool ratio, or specific dates. **For example,** if BNB reaches $600, you can withdraw all your liquidity and return the assets to your wallet or at a specified date, such as April 24th.

Similar to the previous feature of Automated Position Rebalance, you can set up triggers for position closure based on pricing, pool ratio, time, and gas ceiling cost.

![Screenshot 2024-04-14 at 19.26.37.png](https://sgp1.digitaloceanspaces.com/strapi.space/a9ed0500b629da5e03ad34c8cfdbe5ac.png)

**3. Auto-Compounding of Fees:** Reinvest fee earnings into LPs at set intervals, maximizing compound returns with optimized gas efficiency. **For example,** you can auto-compound your BNB-USDT LP fees whenever the total unclaimed fee revenue exceeds $100 (50%) and gas costs below $5 (10%).

To enable this feature, click on your position and locate the Auto-Compound button in the “Unclaimed Fees” section. Toggle to the Auto-Compound button and turn it on, then enter the minimum fee amount and maximum gas amount in dollars or as a percentage of your position. Finally, click the “Auto” button to confirm your settings.

![Screenshot 2024-04-14 at 19.43.10.png](https://sgp1.digitaloceanspaces.com/strapi.space/d3309adf8d635664672982fa39c5d300.png)

_Please note_ that Aperture will automatically compound your position at the optimal interval based on fees earned versus gas costs for rebalancing. Additionally, Aperture ensures that 100% of your fees are reinvested back into your position, with swaps performed through the same liquidity pool.

**4. Revenue Earning Limit Orders:** Create revenue-earning limit orders by providing single-sided liquidity at out-of-range prices, earning trading fees when the underlying asset's price crosses your specified price. **For example,** you can set a limit order for your BNB, selling it when the price hits 900 USDT to earn 900 USDT plus the trading fee.

To use this feature, navigate to the “Limit Orders” section and select PancakeSwap. Choose the asset you want to sell and the asset you want to buy. Specify the price you want to sell, and set a gas ceiling in dollars or as a percentage of the order. In our example below, you would sell BNB when the price reaches 900 USDT, then swap it to USDT and get 900 USDT and fees. Click 'set limit order' to complete the process.

![Screenshot 2024-04-14 at 19.52.22.png](https://sgp1.digitaloceanspaces.com/strapi.space/250bb56a85731648b7388a277144f88f.png)

_Please note_ that you must approve PancakeSwap's use of these tokens if you haven't already. After approval, Aperture will automatically close the position once your limit order has hit and the selling asset has been fully converted to your desired buying asset.

#### **Ushering a new era of liquidity management on PancakeSwap:**
Now, you can effortlessly rebalance, closeout, or auto-compound your liquidity positions based on price, ratio triggers, or predetermined time frames without constantly monitoring the markets. Manage all your PancakeSwap LPs with just a few clicks—let Aperture Finance do the heavy lifting for you!

If you have more questions, please join the respective communities of PancakeSwap ([**Telegram**](https://t.me/PancakeSwap) or [**Discord**](https://discord.gg/xBkMJdRJ)) and Aperture Finance (**[Telegram](https://t.me/aperture_finance)** or **[Discord](https://discord.com/invite/cWHQFH3GTz)**). Additionally, check out the Aperture documentation for detailed guides: **https://docs.aperture.finance/docs**

**About Aperture Finance**

Aperture Finance is a pioneering platform revolutionizing liquidity pool (LP) management through intent-based automation. Powered by innovative AI technology and a user-centric design philosophy, Aperture offers advanced solutions to streamline LP management and maximize returns for DeFi participants.

**About PancakeSwap**

PancakeSwap is the leading multichain DEX on BNB Chain, Ethereum, Aptos, Polygon zkEVM, Linea, Arbitrum, zkSync Era, Base, and opBNB. Launched in 2020, PancakeSwap is one of the most popular DEXs in the cryptocurrency industry due to its low transaction fees, high-speed trading, and user-friendly platform. PancakeSwap has over $740 billion in total trading volume and over $2.3 billion in total liquidity locked, making it the leading multichain DEX in the industry.














We are thrilled to announce the integration between PancakeSwap and Aperture Finance to automate LP management.

PancakeSwap Integrates with Aperture Finance: Streamline Your Liquidity Management with AI-Powered Intents and Join the APTR airdrop

Hey PancakeSwap Fam, 

We have teamed up with Orbs Network to develop a new feature to level your trading experience. Say hello to TWAP (Time-Weighted Average Price) and Limit orders, now seamlessly integrated into PancakeSwap's ecosystem on the BNB Chain. This feature spans all DEX liquidity sources and versions (v2, v3 StableSwap, etc.). Moreover, we're planning to extend this feature to multiple chains soon.

### **What are TWAP and Limit Orders?**
TWAP, a staple in traditional finance, is designed to break large orders into smaller trade sizes and execute them at regular intervals. This minimizes the order's price impact and allows for implementing a dollar-cost averaging (DCA) strategy. On the other hand, Limit orders empower users to buy or sell assets at a specified price or better, providing more control over trade execution.

### **Why Integrate TWAP and Limit Orders?**
- Price Impact Reduction: With TWAP, the adverse effects of high price impact on large trades or low-liquidity pairs are mitigated, ensuring better outcomes for traders.
- Automation of Dollar-Cost Averaging (DCA): Implementing a DCA strategy becomes effortless as TWAP automates the process, smoothing market volatility over time.

### **How to Get Started with TWAP and Limit Orders:**
1\. Visit **[PancakeSwap](https://pancakeswap.finance/swap/limit)** and connect your wallet to the BNB Chain.
![Screenshot 2024-04-10 at 14.51.04.png](https://sgp1.digitaloceanspaces.com/strapi.space/ae366949140d3eb83ef1973835f10a3f.png)

2\. Specify the token pair and amount you wish to trade.

![Screenshot 2024-04-10 at 14.52.27.png](https://sgp1.digitaloceanspaces.com/strapi.space/392c94d123dd77e7a5298c24ae86580c.png)

3\. Choose whether to set a limit price. Trades will execute only if the market price equals or exceeds the limit price.

![Screenshot 2024-04-10 at 14.52.33.png](https://sgp1.digitaloceanspaces.com/strapi.space/c138e81953f05ec254552a54bb34a49a.png)

4\. Determine the total number of trades and the trade interval to tailor the execution to your preference. Set the maximum duration for the order to ensure timely execution.
![Screenshot 2024-04-10 at 14.52.55.png](https://sgp1.digitaloceanspaces.com/strapi.space/91b2cd7e024464b218310087cf447a9c.png)

If you have more questions, please refer to our documentation **[here](https://docs.pancakeswap.finance/products/pancakeswap-exchange/limit-orders)**.

Empower your trading strategy with TWAP and Limit orders today **[on PancakeSwap](https://pancakeswap.finance/swap/limit)**, and elevate your trading game to new heights!

Happy Trading,

The Chef’s

Say hello to TWAP (Time-Weighted Average Price) and Limit orders, now seamlessly integrated into PancakeSwap's ecosystem on the BNB Chain

 PancakeSwap Teams Up with Orbs Network to Introduce TWAP and Limit Orders

### Data Recap
#### Overall
- Total Volume: $44.8B
- Average Daily Volume: $1.4B
- Unique Traders: 2.6M
- Unique Onsite Users: 5.3M
- Web3 Wallet — Onsite Users: 109K
- Web3 Wallet — Average Daily Users: 8K
- Gaming Marketplace - AVG Daily Users: 6k

#### CAKE
- Total burned: 36.2M CAKE ($143.7M)
- Bought back from the market to burn: $5.8M
- N° of holders: 1,640,421 (MoM 2.05%)
- Effective CAKE Emission Rate: 1.36 CAKE/Block

*As our emissions and burn data are calculated and grouped by weeks, not months, the statistics above may not one-to-one reflect our “monthly burn”, and only serves as a guideline. For more information on our burns, please refer to our weekly burn post on our social channels.

#### 🍽✅ Served In March

#### PancakeSwap v4: Your DEX, Your Innovation 

![v4.png](https://sgp1.digitaloceanspaces.com/strapi.space/0d14d562a94e0e569dc341d5caf55bbc.png)

Introducing PancakeSwap v4: For Developers, Traders & Every User.

Since the launch of PancakeSwap in 2020, we've achieved remarkable milestones. While PancakeSwap v3 brought improvements, it lacked composability for leveraging PancakeSwap’s liquidity and user base. Additionally, it didn't offer seamless integration for developers and DeFi protocols to create on top of it. 

That’s why we present PancakeSwap v4, a groundbreaking iteration designed to address these challenges head-on. Our codebase is open-sourced, inviting developers to explore and contribute.

This is just an announcement. The DEX is scheduled to launch in the third quarter of this year on Ethereum and BNB Chain, with intentions to expand to additional chains in the future
Hooks, Singleton, Customized Pool Types, Flash Accounting. A lot of new things are coming to the AMM, and we invite you to come and learn how you can contribute to it! We’re also initializing a $500K Developer Program & CAKE Emission grant program, an initiative to empower and support developers in the DeFi ecosystem.

It’s impossible to put into words how this announcement made us feel! We invite you to check our v4 directory to understand PancakeSwap v4 deeply. 

The moon is made of Pancakes! 

#### **PancakeSwap v4 Directory**

-[**PancakeSwap v4 page**](https://pancakeswap.finance/v4)

-[**Introducing PancakeSwap v4: For Developers, Traders & Every User**](https://blog.pancakeswap.finance/articles/introducing-pancake-swap-v4-for-developers-traders-and-every-user)

-[**PancakeSwap v4 Whitepaper**](https://github.com/pancakeswap/pancake-v4-core/blob/main/docs/whitepaper-en.pdf)

-[**PancakeSwap v4 FAQ**](https://blog.pancakeswap.finance/articles/pancake-swap-v4-answering-all-your-questions-about-v4)

-[**Mochi's vision for PancakeSwap v4**](https://blog.pancakeswap.finance/articles/chef-mochi-s-vision-for-pancake-swap-v4-a-leap-forward-in-de-fi-innovation)

-[**Why should Developers build on PancakeSwap v4 and How to build Hooks**](https://blog.pancakeswap.finance/articles/why-should-developers-build-on-pancake-swap-v4-and-how-to-build-hooks)

-[**Introducing PancakeSwap’s $500K Developer Program and CAKE Emissions Grant Program**](https://blog.pancakeswap.finance/articles/introducing-pancake-swap-s-500-k-developer-program-and-cake-emissions-grant-program)

-[**What’s in it for Developers, DeFi Protocols, Traders, and Liquidity Providers**](https://blog.pancakeswap.finance/articles/everything-you-need-to-know-about-pancake-swap-v4-what-s-in-it-for-developers-traders-liquidity-providers-and-defi-protocols)

-[**PancakeSwap v4 Developer Docs**](https://developer.pancakeswap.finance/)

#### ETH Global London: Our first hackathon! 

![ETHLondon Stand.jpg](https://sgp1.digitaloceanspaces.com/strapi.space/db084d462ab0073cf5c46abfcff3796a.jpg)

During ETH Global London, we unveiled the PancakeSwap v4 announcement. Through our keynote presentation and v4 workshop, helmed by the esteemed Chef Momo and Chef Burger, attendees gained invaluable insights into the transformative benefits and challenges accompanying this pivotal change within the PancakeSwap Kitchen and the whole DeFi ecosystem.

The cherry on top of the pancake is that we hold our first hackathon! Developers were tasked with crafting innovative features utilizing our Custom Layer with Hooks, vying for a chance to claim their share of the $10,000 prize pool! 🐰 A discerning panel of judges, comprised of loved PancakeSwap Chefs, faced the arduous challenge of selecting the deserving winners.

We extend our heartfelt gratitude to all those who visited our booth and offered their unwavering support throughout the event's three days.

If you missed out on the excitement, fret not! We've prepared a recap video for your enjoyment, ready to be replayed to your heart's content! https://www.youtube.com/watch?v=UBU9Ui9HZTc

#### March 2024: PancakeSwap's CAKE Burn - New ATH

![March Burn Recap 2024-04-07 23.58.27.jpg](https://sgp1.digitaloceanspaces.com/strapi.space/6a5e3ec6d1684e9bf8c5a4582d777b1a.jpg)

Can you smell the burned pancakes? It’s the smell of deflation 
In March, we burned 1,789,306 CAKE, with…drums please 🥁…-731,042 Net Mint! That marks a new ATH in terms of net mint 🔥

🐰This is the 7th consecutive month of CAKE total supply reduction, with a cumulative -2,103,059 CAKE net mint

Take a look at March’s burn report here 👉 https://blog.pancakeswap.finance/articles/march-2024-pancake-swap-s-cake-burn 

#### Affiliates Initiative: Mancake, the first candidate! 

![mancake proposal.jpg](https://sgp1.digitaloceanspaces.com/strapi.space/56f542875cc1bddce20ee9ae9b3f77ab.jpg)

In February, we presented our Affiliates Initiative to the PancakeSwap Community: To assist the PancakeSwap protocol in being up-to-date with the crypto industry’s developments, the Kitchen intends to invite and, on a case-by-case basis, approve forks of PancakeSwap onto any chains that PancakeSwap is not already deployed on, based on certain principles.

You can refresh your memory about it in this Forum Discussion: https://forum.pancakeswap.finance/t/discussion-on-pancakeswap-affiliates-a-multichain-expansion-strategy/395 

The reception was pretty good, and the valuable feedback was all taken! 

During March, we presented the discussion to launch our First Affiliate DEX initiative on the Mantle network with MancakeSwap! 

MancakeSwap; or ‘Mancake’ - is an affiliate fork of PancakeSwap on Mantle Network. Officially supported by  PancakeSwap and Mantle Network, Mancake provides users an all-in-one service to trade, earn, and own various cryptocurrencies in a trustworthy environment with a user-friendly interface.

The Mancake launch is now on voting stage. 🗳 Read more about the proposal and cast your vote for free here: https://pancakeswap.finance/voting/proposal/0xbf8ac28356bd7ad863c7a1bf9fb66901b44430f274986a4e8793639f8214a747 

#### bCAKE Migration: Attention CAKE Stakers!

![bcake migration banner.jpg](https://sgp1.digitaloceanspaces.com/strapi.space/4f5c3bf7b0969ee1cc1cb62c02a8aba4.jpg)

Starting on April 5th, if you’re staking CAKE on BNB CHAIN v2 Farms, StableSwap, & Position Manager, you must migrate your stakings, to continue earning rewards! 

🔍 See how to Migrate ⤵️
https://docs.pancakeswap.finance/products/yield-farming/bcake/migration-guide

![bcake migration pairs.jpg](https://sgp1.digitaloceanspaces.com/strapi.space/bfcba7e4c2c6a00b2e8bc5b34d6a5a6f.jpg)
 
🔜More pairs to be added - stay tuned for updates!

#### PancakeSwap x Wormhole Integration

![PancakeSwap x Wormhole.jpg](https://sgp1.digitaloceanspaces.com/strapi.space/165b14cfaa4fa18250d353d9a9683472.jpg)

🥞 PancakeSwap has now integrated Wormhole Connect, allowing seamless token transfers.

🌐 Transfer assets to BNB Chain hassle-free and enjoy uninterrupted access within the app.

🔗 Experience the multichain development with Wormhole Connect. Learn more: https://twitter.com/wormholecrypto/status/1768276001010942444

#### Position Manager: News 

![DefiEdge news.jpg](https://sgp1.digitaloceanspaces.com/strapi.space/3e3fbdc6487fc21cecde099c7c0390cf.jpg)

DeFiEdge’s Position Manager is now on Arbitrum PancakeSwap! Now you can enjoy DeFiEdge’s strategies on the Arbitrum Network! 

Dive into the 8 pairs LP with 80,000 ARB rewards over 6 weeks! Get started: https://pancakeswap.finance/position-managers?chain=arb 

#### New Pools

![Pools Marchpng.png](https://sgp1.digitaloceanspaces.com/strapi.space/5de943954e8883ef8d29afa22c60b7c2.png)

#### New Farms

![Farms March.png](https://sgp1.digitaloceanspaces.com/strapi.space/67361746805a54c48cfea4efbe1f833b.png)

### Still Cooking - Coming Soon!

**DEX: New Trading Venue**

There is always more to do to improve the PancakeSwap user experience. You can never be user-friendly enough! 

For a few months, we have been working on two new features that we believe will significantly improve how tokens are swapped in PancakeSwap and how users interact with the whole PancakeSwap ecosystem. 

Without giving too many details, we want to let you know that we will soon introduce both features together, and you can be part of that presentation! 

Are you interested in trying them out before anyone else? Let us know! 

**v4: Developers focused-activities**

Following the v4 Announcement and the success of our inaugural hackathon, we're thrilled to announce that this is just the beginning of a series of engaging events to come. 

That's right – more activities like these are on the horizon! We're committed to fostering creativity, innovation, and collaboration within our ecosystem, providing developers with opportunities to showcase their talents and push the boundaries of what's possible in decentralized finance. 

Stay tuned for updates and be ready to unleash your creativity in future events. Together, we'll continue to build, innovate, and shape the future of DeFi.

#### Still hungry?
Join us on Twitter , Telegram, in our Discord server, or in our growing Reddit community!

Bon appétit!

_The Chef's 🐰🥞_



PancakeSwap March Recap

GM PancakeSwap Community,

We are excited to announce that PancakeSwap has teamed up with Stryke (formerly Dopex) to introduce CLAMM Options Trading. This product allows the building of on-chain options liquidity and enables users to seamlessly trade options, earn premiums, and earn swap fees. This collaboration represents a significant leap forward in decentralized finance (DeFi), merging PancakeSwap's robust platform with Stryke (formerly Dopex)'s cutting-edge options protocol.

### **Overview of PancakeSwap’s CLAMM Options**
PancakeSwap’s American-style CLAMM options will debut on the Arbitrum chain, offering flexibility with diverse expiry durations (1 hour to 24 hours).
- Markets: ARB/USDC, WETH/USDC, and WBTC/USDC
- Options Types: Call & Put
- Strike Prices: Based on v3 pool ticks
- Expiry Durations: 1H, 2H, 6H, 12H, and 24H
- Exercise Conditions: Exercising positions before closure to avoid in-the-money options expiring worthless. Users can choose to enable auto-exercise to skip further actions and realize profits automatically at expiry. 

 ### **What are Options?**
![trading-campaign (34).jpg](https://sgp1.digitaloceanspaces.com/strapi.space/9391f82952ac74a1d01a4d5d0b5865f6.jpg)
Options are derivative contracts that grant buyers the right, without obligation, to buy or sell an asset at a predetermined strike price in the future. Option buyers pay a premium for this right. If market conditions are unfavorable, option buyers can let the option expire, limiting potential losses to the premium paid. Conversely, if the market moves favorably, the option can be exercised to realize profits.

Options are generally categorized into "call" and "put" contracts. With a call option, the contract buyer acquires the right to buy the asset at a predetermined strike price. With a put option, the buyer can sell the asset at the predetermined price.

### **Key Terminologies**
- Option Positions: Long (buying) or short (writing/selling), call or put options.
- Strike Prices: Locked-in prices for buying (call) or selling (put) the asset at the settlement date/expiry time.
- Expiry: Represents the time till the options contract is valid. Net settlement happens at expiry or on exercise.
- Premiums: The fee received by option sellers and the cost incurred by option buyers.
- American option: Options contract that allows traders to exercise the option rights at any time before and including the expiration day.
- Option Moneyness: This is determined through the relationship between the strike price and asset price. It is used to classify if a strike price is In-the-money (ITM), At-the-money (ATM), or Out-of-the-money (OTM).
- A call option is ITM if the asset price exceeds the strike price. A put option is ITM if the asset price is below the strike price. If a user has purchased an option at a strike that goes ITM, the user will earn profits (excluding cost of buying i.e. premium) by exercising the option.  
- A call option is OTM if the asset price is below the strike price. A put option is OTM if the asset price exceeds the strike price. OTM strikes have no intrinsic value, so exercising doesn’t make sense.

### **Types of Options:**
1\. Call Option (Buy):
- Buyers: Gain the right to buy the asset at a predetermined strike price on a specified date, with potential profits if the price exceeds the strike.
- Sellers: Undertake the obligation to sell the asset, receiving upfront premiums but facing potential losses if the asset's price rises beyond the strike.

**Example**
![trading-campaign (28).jpg](https://sgp1.digitaloceanspaces.com/strapi.space/9d89c11117be0a391a3d3303684ad803.jpg)
- On February 1, 2024, Alice initiated a buy call option at a $2,000 strike price and a $200 Option Premium. After 24 hours, Ethereum rose to $2,500. Now Alice exercises her buy call option, purchasing Ethereum at the strike price of $2,000 (lower than the current market value). Her profit is $2500 - ($2000 - $200), totaling $300, making her position in the money (ITM). 
- On the flip side, the seller, Bob, incurs a loss of $300 as Alice exercises her right to purchase Ethereum at the strike price (lower than the current market price), so he has to sell his Ethereum at the strike price of $2000, which is lower than the current market price marked at $2500.

**Risk/Reward**
![trading-campaign (29).jpg](https://sgp1.digitaloceanspaces.com/strapi.space/e3bdff0c2f38f488ac8fb40867f453e3.jpg)
The trader's (Alice) potential loss from buying a call option is limited to the premium paid. Potential profit is unlimited due to the increasing option payoff and the underlying asset price until expiration.

2\. Put Option (Sell):
- Buyers: Secure the right to sell the asset at a predetermined strike price, anticipating a decrease in the asset's price.
- Sellers: Accept the obligation to buy the asset, earning upfront premiums but facing potential losses if the asset's settlement price is lower than the strike price.

**Example**
![trading-campaign (30).jpg](https://sgp1.digitaloceanspaces.com/strapi.space/4ec80a5cce517c10c75855f54bec824f.jpg)
- Alex initiates a buy put option on February 1, 2024, with a $2,500 strike price and a $250 Option Premium. On February 2, 2024, Ethereum drops to $2,000. Alex exercises his buy put option, selling Ethereum at the strike price of $2,500 (higher than the current market value). Resulting in a $250 profit, $2500 - ($2000 - $250), making his position in the money (ITM). 
- On the flip side, the seller, Dave, incurs a loss of $250 as Alex exercises his right to sell his Ethereum at the strike price (higher than the current market price), so Dave has to buy Alex’s Ethereum at the strike price of $2500, which is higher than the current market price marked at $2000

**Risk/Reward**
![trading-campaign (33).jpg](https://sgp1.digitaloceanspaces.com/strapi.space/1df52b39dfea566a7ccd9117d194e371.jpg)
The potential loss on buying a put option is limited to the premium paid for the options. The maximum profit from the position is capped because the underlying price cannot drop below zero; options are a highly leveraged instrument, and even a capped upside return when buying put options allows users to maximize gains on their capital.

### **Decoding the CLAMM Options: A Liquidity Game-Changer**

Crafted by the Stryke (formerly Dopex) team, the CLAMM options protocol introduces an efficient dual liquidity provision system for options traders (buyers) and PancakeSwap v3 pools. Here's a breakdown of how it operates:
- **Liquidity Addition:** Users adding liquidity to CLAMM options simultaneously contribute to the designated PancakeSwap v3 (CLAMM) pool within their chosen price range.
- **Options Trading:** When an options trader (buyer) initiates a position, the liquidity is extracted from the v3 pool to facilitate options selling. The user thereby becomes an options seller and receives a premium.
- **Idle Liquidity Management:** The unutilized liquidity resides in the PancakeSwap v3 pool, potentially earning trading fees as long as the pool price remains within the liquidity range.
- **Consistent Payoff:** The payoff from selling options and providing liquidity in a v3 pool mirrors the same IL or token balance, ensuring users face no increased risk compared to the conventional method of adding liquidity to v3 pools.
- **Minimal Risks:** Users face fewer risks, as liquidity might remain un-utilized due to lower options buying demand. Additionally, since liquidity is added to the pool in an inactive range, it might not earn any fees.

Refer to our **[step-by-step guide](https://blog.pancakeswap.finance/articles/how-to-provide-liquidity-on-pancake-swap-s-clamm-options)** on how to add liquidity to PancakeSwap CLAMM Options.

### **How Can I Start Trading Options on PancakeSwap?**

Refer to our **[step-by-step guide](https://blog.pancakeswap.finance/articles/how-to-trade-options-on-pancake-swap)** for participating in PancakeSwap’s Options Trading.

### **The Start of Something Even Bigger**
This collaboration marks a significant stride forward, delivering diverse trading opportunities for users and elevating fee-earning potential for liquidity providers. Join us on this transformative journey as we redefine DeFi trading with PancakeSwap and Stryke (formerly Dopex), where each trade unfolds new possibilities and rewards.

Stack’em

The Chefs

PancakeSwap has teamed up with Stryke (formerly Dopex) to introduce CLAMM Options Trading.