PancakeSwap has cemented its position as the go-to multichain Decentralized Exchange (DEX) since its inception as a simple AMM in 2020. Now, with the launch of **[PancakeSwap v4](https://blog.pancakeswap.finance/articles/introducing-pancake-swap-v4-for-developers-traders-and-every-user?utm_source=v4announcement&utm_medium=tweet&utm_campaign=v4announcementtweet&utm_id=v4announcement)**, developers have even more reasons to choose PancakeSwap as their platform of choice for building innovative solutions to shape the future of DeFi. **Here's why you should build on PancakeSwap v4:**

**1. Customization and Flexibility to Build Your Version of DEX:** PancakeSwap v4 gives unprecedented freedom to developers to customize and tailor your own version of DEX through hooks. Hooks empower developers to introduce custom functionalities for swappers and liquidity providers, such as dynamic fees, on-chain limit orders, custom oracles and much more.

**2. Support for Multiple Pool Types:** PancakeSwap v4 supports implementation of  multiple pool types, including the CLAMM, Liquidity Book AMM, and any other potential AMM models in the future. It's the first DEX to support any pool type with feature extension through hooks, providing developers with a diverse range of options to enhance capital efficiency for LP and trading flexibility for users.

**3. Revenue Opportunities:** Developers can generate a consistent revenue stream through Hook fees, allowing them to set fees for utilizing their Hooks. By setting fees for utilizing the Hooks, developers have the potential to generate consistent income while contributing to the growth and development of the PancakeSwap ecosystem. It's not just about building – it's about building sustainably and reaping the rewards of your innovation.

**4. Exposure to a Large User Base and Deep Liquidity:** PancakeSwap has served over 37M users till date, with 1.8M active users currently and $2.24B in liquidity, developers have an unparalleled opportunity to tap into a vast and active community.

**5. Support and Incentives through the Developer Program:** PancakeSwap is committed to supporting developers every step of the way. Through our Developer Program worth $500K and the CAKE Emission Grant Program, we provide resources, support, and incentives to fuel your creativity and drive innovation. From growth campaigns and hackathons to bounty programs and developer ambassador initiatives, we're here to help you succeed in DeFi.

#### **How to Build a Hook?**

This guide walks you through the process of setting up and working with hooks in PancakeSwap V4. Follow the steps below to start using the PancakeSwap V4 hooks template.

**Setting Up Your Environment**

**1. Create a new repository:** Navigate to [PancakeSwap v4 Hooks Template.](https://github.com/pancakeswap/pancake-v4-hooks-template) Click on **“Use this template”** to create a new repository based on the template.

2. Before proceeding, ensure that foundry is installed on your system. Then, execute the following commands in your project directory to install necessary dependencies and verify setup is correctly configured: 

**a. forge install:** to install project dependencies

**b. forge test:** to run the tests 

**Working with hooks**

Depending on your requirements, choose between the concentrated liquidity or the liquidity book hook:

- For concentrated liquidity hooks: navigate to **src/pool-cl**

- For liquidity book hooks: navigate to **src/pool-bin**

**Concentrated liquidity hook:**

- Inspect **src/pool-cl/ClCounterHook.sol** to understand how to implement a hook that register 4 callbacks: beforeAddLiquidity | afterAddLiquidity | beforeSwap | afterSwap.

**Liquidity book hook:**

- Inspect **src/pool-bin/BinCounterHook.sol**

**Writing hook test**

Navigate to the test directory corresponding to your hook type (test/pool-cl for concentrated liquidity hooks or test/pool-bin for liquidity book hooks). Both testing environments include TestUtils to assist with deploying and setting up pool managers, facilitating the testing process.

Above is the rough guideline on developing a hook. For detailed instructions, proceed to the developer docs at **https://developer.pancakeswap.finance/contracts/v4/guides/develop-a-hook**

PancakeSwap v4 provides developers with the tools, flexibility, and opportunities they need to thrive in the ever-evolving world of DeFi. By building on PancakeSwap, developers can unlock new levels of innovation and contribute to the growth and development of the DeFi ecosystem. Join us on PancakeSwap v4, and let's build the future of DeFi together.

#### **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/)

PancakeSwap has cemented its position as the go-to multichain Decentralized Exchange (DEX) since its inception as a simple AMM in 2020.

Why should Developers build on PancakeSwap v4 and How to build Hooks

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=56)** 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=56)**. 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

### 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

We're thrilled to announce an exciting new campaign that adds a flavorful twist to our Fixed-Term Staking product! Dive into our WBNB Fixed staking Combo Rewards campaign, where staking WBNB earns you a shot at a whopping $5,000 extra reward pool plus the regular APR reward.

**Campaign Duration:** From March 26th 1100 AM UTC to April 9th 2024 23:59 UTC

**How to Participate:**

During the campaign period, you need to stake your WBNB tokens for 90 days in the WBNB simple staking pool **[here](https://pancakeswap.finance/simple-staking?utm_source=blog&utm_medium=all&utm_campaign=socials&utm_id=WBNBsimplestakingcampaign)**. By staking, you automatically qualify for our Combo Rewards, giving you the chance to earn from our extra $5,000 reward pool.

**Part 1: Lucky Draw for Stakers ($1,500 USDT)**

- Stake a minimum of 0.1 WBNB for 90 days [**here**](https://pancakeswap.finance/simple-staking?utm_source=blog&utm_medium=all&utm_campaign=socials&utm_id=WBNBsimplestakingcampaign).

- 100 random lucky winners will be selected to win $15 each.

**Part 2: Stake More to Share More Rewards ($3,500 USDT)**

Stake WBNB for 90 days and earn your share from a $3,500 reward pool. Your share depends on the amount of WBNB you stake compared to the total WBNB staked by all new users during the campaign. Here's how it will be calculated:

Your Share = (Your Staked WBNB with 90 days duration / Total Staked WBNB) * Total Reward Pool 

**Example:**

Let's say during the campaign, a total of 1000 WBNB is staked. You stake 100 WBNB for 90 days. Your share would be calculated as:
Your Share = (100 / 1000) * $3,500 = $350

_If you stake WBNB multiple times during the campaign, your total share will be the sum of all the times you staked. For example, if you staked 1 WBNB for 90 days on the first day, then again staked 5 more WBNB midway through the campaign, and then again staked another 10 WBNB at the end of the campaign, your total staked WBNB would be 1+5+10 = 16 WBNB. Your share of the reward will be calculated based on the 16 WBNB so that you can stake it multiple times._

You can track your share of reward here: https://dune.com/queries/3551788/5977009

**How to Stake:**

- Simply stake your WBNB on our platform during the campaign period by visiting this link: https://pancakeswap.finance/simple-staking.

- For a step-by-step guide on how to use Simple-Term Staking, check out this guide: https://docs.pancakeswap.finance/products/syrup-pool/new-cake-pool/fixed-term-staking

**Terms and Conditions:**

- Rewards will be distributed within 14 days after the end of the campaign.

- Only new WBNB staked during the campaign will count for Combo Rewards; existing stakes locked in pools will not be eligible. If your WBNB is already staked in the simple staking pool, those WBNB are not eligible for combo rewards. However, if you want to stake more WBNB during the campaign, then you are eligible for rewards. Only newly staked WBNB are eligible for combo rewards; existing WBNB staked in the pool are not eligible.

Get ready to stake, earn, and win with PancakeSwap's Combo Rewards! Don't miss out on this limited-time opportunity to sweeten your staking journey.

Happy Staking

Chefs


We're thrilled to announce an exciting new campaign that adds a flavorful twist to our Fixed-Term Staking product!

Stake WBNB on PancakeSwap to Win Combo Rewards: $5,000 Extra Reward Pool

Good afternoon PancakeSwap community and CAKE holders!🐰

Here’s a recap for those who missed the PancakeSwap v4 live AMA on March 21st.

Chef Mochi was bombarded with questions by Chef Fran and answered everything thoroughly, including many live questions from the community. 

If you want to attend these events, we suggest you activate notifications for PancakeSwap's social media channels!

### Opening Words

**Chef Mochi🐰:** Hey, community. It's nice to see everyone again. I hope you all were pleasantly surprised by our v4 announcement. We have kept this under wraps for a long time and are excited to announce it. With v4, a huge upgrade is coming to PancakeSwap in Q3, so I'm sure you all have many questions. We're here today to answer as many as we can. 

Before we go into the Q & A proper, the Kitchen has spent significant resources and effort on v4, and this has been our biggest project so far. V4 is so big that the upgrade still needs to be fully designed, and so many additional upgrades and tweaks will happen between now and Q3. Therefore, I'll answer as much as I can today, but I hope you will bear with me that we won't be able to concretely answer all questions, as we're still testing and refining things as we try to get v4 to a stage where it can be deployed.

### Pre Collected Questions

**Q1: What key features differentiate PancakeSwap v4 from PancakeSwap v3 and v2?**

**Chef Mochi🐰:** There are three key differences: 1) Extending liquidity pool functionalities through hooks is possible. Hooks let you add features to the pools, such as Limit Orders, Custom Oracles, IL mitigation logics, etc. 2) With v4 you can add any pricing curve with hooks. v3 for example, is based on the CLAMM model. We will launch with two pricing curves / AMM models i.e., CLAMM & Liquidity Book AMM, with flexibility to support more price curves, 3) v4 is more gas efficient as compared to previous versions so that users can expect a significant reduction in gas fees for both trading & LPing

**Q2: How does PancakeSwap V4's "hooks" feature improve users' trading experience?**

**Chef Mochi🐰:** Traders can choose from unlimited fee tiers that lower the net cost of trading and various AMM models that result in better execution prices. Traders will also benefit from CEX-like features such as TWAP orders, limit/stop loss orders, fee rebate programs for high-volume traders, and much more. In v3, you could swap from one asset to another at a very competitive price, but you couldn't execute much more than a swap at the point you're trading. With v4, you will be able to access all the CEX-like functions we talked about.

**Q3: What are the potential use cases for developers and users of the "hooks" feature in PancakeSwap V4?**

**Chef Mochi🐰:** Potential use cases include solving existing user pain points or adding features to improve the user experience. They can range from IL mitigation through dynamic fees, MEV mitigation, CEX-like experience through order types and fee rebates, automated liquidity management for LPs, and much more. We also hope to see more interesting use cases like dollar-cost averaging, perhaps even into altcoins, so that users can interact more with tokens.

**Q4: Why is PancakeSwap v4 on both Ethereum and BNB Chain?**

**🐰:** To clarify, we do not intend only to release PancakeSwap v4 on Ethereum and BNB Chain. Over time, we expect to roll it out to all chains. PCSv4 requires an upgrade at the chain level called 'transient storage' to work. This feature reduces the gas fee of deploying new pools by 90+%. At the time of the announcement, Ethereum and BNB Chain are the chains we know have completed the transient storage upgrade or queued before Q3. Therefore, these were the initial chains that we announced that PCSv4 would deploy. Over time, we expect all EVM chains to have this upgrade and will also deploy it to other chains.

**Q5: Will issues like "MMs are not available right now" or "unable to provide a quote" be addressed in Pancakeswap V4?**

**🐰:** MMs are not part of PancakeSwap v3 or v4, so the development of v4 will not affect this. We acknowledge that MMs sometimes do not respond with quotes in a few instances, and we will be upgrading the MM infrastructure to accommodate more MMs to ensure that there's at least 1 MM available or quoting. This hopefully enables users to trade with MMs with over 99.9% uptime.

**Q6: How does the "no price impact" feature in PancakeSwap V4's liquidity book pools benefit traders? How is this achieved?**

**🐰:** "No price impact" is achieved by designing a liquidity book AMM based on a constant sum model ie X+Y=K. The price range in this model is separated into bins, similar to how it is done using ticks in CLAMM model. When a trader swaps within a bin, X+Y=K ensures a single execution price for the trader, similar to ordering books on CEXs. Hence, there is no price impact, unlike the popular CLAMM model.

**Q7: What are the main goals and objectives of the PancakeSwap V4 development team?**

**🐰:** As the development team, we focus on enabling the developers and protocols to build on us seamlessly and provide the best experience possible for liquidity providers in v4. We are doing this by making the architecture flexible and modular so anyone can extend the DEX products and features without relying on the PCS dev team. This collaborative effort allows us to achieve much more within the DeFi space. Also, we are working on developing tools, resources, and educational content to support existing devs, onboard new devs to our platform, and build together.

**Q8: How do the V4 changes aim to increase PancakeSwap's DEX market share?**

**🐰:** The potential of v4 is immense. We see a lot of innovation possible within the AMM domain and across different DeFi products through our modular Pool Manager. In the mid-term, we envision cross-product integrations within PCS, resulting in more volumes and liquidity on PCS.

**Q9: How will the open-source licensing of PancakeSwap V4 foster collaboration and community contribution within the DeFi ecosystem?**

**🐰:** Making our code open source allows protocols to either work on our v4 openly or improve upon PCSv4's codebase if they fork it and run their own DEX. We see our v4 as PancakeSwap's contribution to DeFi, and we would love to see any protocols find ideas that can improve on PCSv4. The licensing regime of PCSv4 ensures that all forks that work off PCSv4 must keep their DEX code open-source, ensuring that every participant in DeFi benefits from future improvements that use us as a base.

**Q10: What would affect the CAKE inflation once the new V4 changes are applied?**

**🐰:** One of the main focuses of PCSv4 is to reduce the negative return bias of LPs due to impermanent loss. Once that is achieved, we expect to reduce CAKE emissions to liquidity pools that enjoy this protection, so we expect emissions to be reduced on a net basis.

**Q11: How does PancakeSwap V4 address the issue of impermanent loss for liquidity providers?**

**🐰:**  v4 is flexible and can resolve the IL issue in various ways. The most promising way is through dynamic fees, which you could pass on additional fees charged from swappers to LPs and reduce their IL. It's an open space; anyone could devise a novel solution to tackle the IL issue. We developed a hook at PCS to solve this problem using dynamic fees. The results are promising based on historical simulations => 2x increase in APY across several market scenarios. We will reveal more details soon!

**Q12: What is the expected timeline for the full rollout of PancakeSwap V4 on Ethereum and BNB Chain?**

**🐰:** We expect to concurrently roll out on Ethereum and BNB Chain in Q3. Much of this will depend on audits, and we're working with BNB Chain to ensure that transient storage is implemented at the BNB Chain level before Q3 so that PCSv4 can be deployed concurrently. We understand that BNB Chain is planning for the upgrade around April, so we do not expect this to be an issue.

**Q13: For which reasons are the pools, such as Concentrated Liquidity Automated Market Maker (CLAMM) and Liquidity Book, designed?**

**🐰:** CLAMM is the most popular and adopted AMM model to date but has a few drawbacks, such as increased impermanent loss and high gas fees. Liquidity book is a relatively newer model but solves a few pain points, such as no impermanent loss within the bin, 0 price impact trades, etc. Each model has its drawbacks, and we chose these two at launch to provide examples of what's possible. In the long run, we believe the AMM design will improve to address all the existing drawbacks. Moreover, these two are good examples representing popular curve types i.e., constant product and constant sum.

**Q14: How does the "singleton" model in PancakeSwap V4 help minimize gas costs for users?**

**🐰:** The Singleton model essentially has all liquidity pools within one contract. Previously, for any multi-hop / pool swaps, tokens had to be transferred across different contracts as each pool had a separate contract. There is an additional gas cost for doing each of these operations. With Singleton, since all pools reside in one contract, there is no need to transfer tokens between contracts, resulting in massive gas savings. 

**Q15: What role do singleton contracts play in enhancing the performance and security of PancakeSwap V4?**

**🐰:** The Singleton model is a gas optimization technique, as explained previously. They do not enhance the security of v4. Another benefit of Singleton is that the cost of pool creation is reduced by 99%. Regarding performance, it complements Flash Accounting to reduce gas costs further significantly. Flash Accounting, in simple terms, is settling a batch of transactions in one operation.

**Q16: How will the new custom pool types in PancakeSwap V4 enhance listed asset pricing and improve user experience?**

**🐰:** Multiple pool types can support pricing for new asset classes, which can come up in the future. They could also improve upon and address the drawbacks of existing AMM models. Users benefit from this as they have various choices, all on a single DEX to meet their needs. For example - A trader who wants to execute a large order at a single price point can use the Liquidity book AMM. Given sufficient liquidity in a bin to fulfill their order, they will opt for a Liquidity Book pool over a CLAMM pool to execute their trade due to 0 slippage. If a hook can break up a large order into multiple small orders, large trades may even be able to execute trades on pools with relatively small TVL and low slippage. 

**Q17: Will potential lower transaction fees challenge the profitability of Pancakeswap?**

**🐰:** Yes. Protocol revenue from swaps has already come down since the introduction of v3. This is expected and should be considered a sign of a maturing vertical. With v2, most DEXs in the space had a fee of 30 basis points for all trades, and PCS had a fee of 25 basis points, with 8 of the basis points going to burning CAKE and treasury. Now, most trades have a headline fee of 1 or 5 basis points, with most returns going to LPs, so fees have come down an order of magnitude. The Kitchen team is not overly concerned about this. We have seen volumes increase during the recovery of the bull market, and with improved impermanent loss protection in v4, less CAKE will be emitted to farms. Thus, less protocol revenue is needed to buy back and burn CAKE.

That said, v4 creates the environment to create new functionality, and new sources of fees and protocol revenues may arise.


### Live Questions 

**Q1: What can you say about the complexity that PancakeSwap v4 brings to retail users and beginners?** 

**🐰:** The complexity of PancakeSwap v4 for beginners is a known concern, but we're addressing it proactively. We won't overwhelm users with unnecessary choices despite introducing numerous new functions. 

Our focus is on simplicity, ensuring novice users find the platform user-friendly. Most users will only need a few functions for regular transactions. Advanced users will have access to additional functionalities through a separate interface. Our goal is to balance enhanced functionality for experienced users and simplicity for beginners. 

The transition to PancakeSwap v4 will be seamless and accommodating for users of all levels.

**Q2: Will there be a migration from PancakeSwap v2/v3 to v4? Could it be an automatic process?**

**🐰:** When considering the transition from PancakeSwap V2/V3 to V4, it's important to note that the process won't happen automatically. Like the upgrade from V2 to V3, where there was a frontend interface facilitating the movement of liquidity, there will be a similar frontend interface facilitating the movement of liquidity to v4. This decision is rooted in the principle that users should always maintain control over their funds, not the Kitchen.

Although the migration process won't be fully automated, we'll provide comprehensive step-by-step guidance to assist users through the migration process. However, it's worth mentioning that moving to V4 can be completed on your own time. Many new functionalities introduced in V4 via hooks, such as limit orders, are unique and not commonly found in the market. The transition is expected to occur gradually as users become more accustomed to and comfortable with these new features. 

Additionally, it's essential to understand that the effectiveness of these new functionalities will be tested and proven over time. For instance, features that mitigate impermanent loss will need time to demonstrate their effectiveness through increased fee earnings compared to what V3 currently offers.

**Q3: Will v4 changes decrease the relevance of bribe markets? If more fees are provided to LPs and less CAKE is given to them - will bribe markets become less valuable?**

**🐰:** The changes introduced in PancakeSwap V4 won't diminish the relevance of bribe markets. The Kitchen manages CAKE emissions by categorizing them into core and non-core pools. Core pools like BTC, ETH, and stablecoin pools typically don't attract bribes since they aren't associated with projects offering incentives. 

With v4's enhanced impermanent loss protection, the reduction in CAKE emissions will primarily affect core pools. Conversely, non-core pools will continue to receive substantial emissions, making them attractive for projects seeking to engage in bribe markets. These non-core pools, utilized by protocols like StakeDAO or Cakepie, remain prime targets for liquidity pool bribes. 

**Q4: Are v4 pools retro-compatible with v3?**

**🐰:** In short, no, v4 pools are not compatible with v3. To elaborate, v3 wasn't designed with modular expansion in mind. Unlike v4, which allows for integrating features like impermanent loss protection, limit orders, and DCA functionality directly into pools, v3 lacks this capability. The architecture of v4 mandates that new pools have these features implemented from the start.

For instance, if a USDC pool with impermanent loss protection is created in v4, it must include this feature upon inception. However, due to v3's immutable architecture, it can't be upgraded to support such features retroactively. We can't simply integrate v3 into v4 and add hooks to existing v3 pools.

If you're using hooks or any other advanced functionality, migrating to v4 is necessary. It's important to note that in v4, there will be versions offering liquidity pools without hooks, making them identical to v3 if you're using concentrated liquidity AMM. 

**Q5: What's the plan for moving CAKE rewards from v3 to v4?**

**🐰:** The transition of CAKE rewards from v3 to v4 will occur gradually. Initially, v4 will function similarly to v3 regarding execution capability, particularly regarding slippage for significant trades. As v4 doesn't present a significant upgrade in capital efficiency compared to v3, there's no immediate urgency to migrate all liquidity from PancakeSwap v3 to v4.

Regarding CAKE rewards migration, we're planning a phased approach. One of our focus primarily addresses impermanent loss. Thus, in v4, we aim to first establish liquidity pools with impermanent loss protection as a built-in hook. Once proven successful, we'll gradually shift a portion of CAKE rewards from v3 to v4, initially starting with a smaller percentage (e.g., 10-20%).

We'll then monitor the performance of v4 pools with hooks, assessing factors like improved functionality or better impermanent loss protection compared to v3. Based on these results, we'll migrate the remaining CAKE rewards more aggressively to v4, potentially up to 70-80%.

Our strategy revolves around observing v4's performance, validating its efficacy, and then gradually migrating rewards. This approach ensures users understand the benefits of transitioning from v3 to v4, based on tangible results and proven improvements.

**Q6: The mechanism of v4, what impact does it have on veCAKE? Will there be a reduction in its emissions?**

🐰: In short, emissions will likely be reduced once v4 is established. Currently, the PancakeSwap protocol emits around 33,000 CAKE per day. This emission is shared among various parties, including product usage like the lottery, liquidity providers, and CAKE stakers.

With v4, we aim to enhance the environment for liquidity providers to reduce the need for incentivization to cover impermanent loss. This creates room to decrease CAKE emissions. Specifically, we're focusing on reducing subsidies for liquidity providers, while CAKE stakers (veCAKE) are likely to maintain similar returns.

Emissions reductions won't impact veCAKE stakers significantly. Moreover, incentives for other activities like bribes and voting on gauges are expected to remain relatively stable. While overall CAKE emissions may decrease, veCAKE stakers should see minimal impact. This provides a detailed insight into our approach to emissions reduction in v4.

Closing Words: 

**Chef Mochi:** Thanks a lot for all the detailed questions, I know some of it is very specific on v4 and I'm really happy that the community members are very interested in the details of v4.

Again, we're still working on details, so not all of this is the complete and in the final form, but as we come to Q3 to deploy v4 we'll definitely be announcing more details, so keep up with us, and we'll put out as much information as we can when we are ready.

Thanks again for coming today! 

_The Chefs_



