Proposal for new updates to PancakeSwap Farm Auctions

Tl;dr

We are recommending the following adjustments for the forthcoming #34 farm auctions on November 30, 2022, in order to better assist the smaller projects that participate in farm auctions and take into account the present market environment:

• Minimum bidding of CAKE: 7,000 CAKE ➙ 3,000 CAKE
• Farms duration: 10 days ➙ 8 days
• Multiplier: 1x ➙ 0.5x
• Number of winners: 3 (No change)
• Bidding time: 1 hour (No change)
• Frequency of farm auctions: 3 weeks (No change)
• Exclusive AMA on Telegram for top bidder who bids at least 10K CAKE

Proposal for new updates to Farm Rewards

Dear CAKE holders, we’re proud to announce some changes to the farm auctions’ parameters, and would like to seek your support. Read on to find out more!

What are Farm Auctions?

Farm Auctions are a highly effective technique to increase project volume and draw in organic traffic/users. This will not only boost project token liquidity right away, but it also allows liquidity providers to farm CAKE at a high APY!

What are the key parameters changes?

• Minimum bidding of CAKE: 7,000 CAKE ➙ 3,000 CAKE
• Farms duration: 10 days ➙ 8 days
• Multiplier: 1x ➙ 0.5x
• Number of winners: 3 (No change)
• Bidding time: 1 hour (No change)
• Frequency of farm auctions: 3 weeks (No change)
• Exclusive AMA on Telegram for top bidder who bids at least 10K CAKE

Why change?

Firstly, a lower bidding amount would help projects in this market. With the minimum bid reduced from 7,000 CAKE to 3,000 CAKE, it will be more budget friendly for projects to bid. Our goal is to help the smaller projects during these challenging market conditions

Secondly, with the new marketing feature (AMA), this would give a chance for new projects to introduce their product to the BNB chain ecosystem. This would help users to know having a better understanding of what the project’s value propositions are. Project team will also provide attractive prizes for those users whose answers are selected during the AMA. Through the AMA, we hope to build an active community for the project’s social channels.

Thirdly, with a reduced multiplier from 1x to 0.5x, it will keep the CAKE emission more competitive.

How to be eligible for the AMA?

• Project has to submit a minimum bid of 10K CAKE in order to qualify for the AMA
• Only the Top bidder (In terms of CAKE) for the round gets an get an exclusive AMA with PancakeSwap
• AMA rewards for participants comes from project team
• If 2 projects have the same amount of bid (10,000 CAKE etc), the first project who placed the bid will win the AMA
• AMA will be held within 2 weeks after the FA round is completed

How would the AMA be held?

AMA will be held in PancakeSwap official Telegram group. It’s divided into 2 segments.

Segment 1 (Pre-collected Q&A Session): Project team will answer the questions which PancakeSwap has collected in advance from PCS’s Twitter page. Meanwhile, the group will be muted, which means you users can’t post messages. Collected questions will be rewarded with AMA prizes.

Segment 2 (Live Q&A Session): PCS will unmute the group and users can ask questions to the project team. Project team will pick a few questions to answer. If a user's answer was picked, they are entitled to the AMA prizes.

AMA timeline (45 minutes):

1. [Group Muted] Opening words/announce the rules
2. Project self introduction
3. [Segment 1] Pre-collected Q&A Session
4. [Group Unmuted]: Users post questions
5. [Group Muted]
6. [Segment 2] Live Q&A Session, project team members pick up the questions, and answer them
7. Closing words from project team and PancakeSwap team

What is the process of farm auctions?

How do project teams win the auctions?

Once every three weeks, there will be a farm auction. Three 0.5x CAKE multiplier farms, each lasting for eight days, will be available for projects to bid on. To win a 0.5x CAKE multiplier farm for their token, project teams only need to bid enough CAKE to finish in the top three projects by the end of the auctions! The three winning projects' CAKE token contributions will be accepted as payment and burned in the following CAKE burn.

Project teams will be able to claim their CAKE back and try again in the following farm auctions if they don't end up donating enough CAKE to place in the top three projects.

We will try and get back to projects on their application as soon as possible. If projects have any queries, they can reach out to @PancakeSwapBD on Telegram.