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PancakeSwapPancakeSwapby0x1fF585ebf05A255685C422FFbB24aa3aDae85Ce80x1fF5…5Ce8

Pancake ecosystem overhaul

Voting ended almost 3 years agoSucceeded

The objective of this proposal is to share ideas on how we can do the following.

  1. Increase rewards for farmers
  2. Increase the utility of staked CAKE
  3. Increase the protocol revenue
  4. Reduce CAKE emissions
  5. Get closer to ultrasound money

Every few weeks we vote to change the rewards for each farm, reducing some and increaing others. This method should be scraped and replaced with a "ve" type voting gauge.

Staked CAKE holders could then vote on how the CAKE rewards should be split between the farms. If a farm get 5% of the vote then they get 5% of the CAKE rewards.

Once a vote deadline has been hit, them reward amounts are locked in for 2 weeks and then votes are recounted every 2 weeks.

On top of the Gauge voting system we build a UI for bribes, where farmers and 3rd party protocols can offer a payment to staked CAKE holders in exchange for their votes.

As the bribe UI builds up and the bribes start coming in, we can start reducing the CAKE emissions being paid to the staked CAKE holders. Replacing CAKE emissions with income from other protocols. The reduction of emissions to the staked CAKE pool should be at a slow and steady rate of 1 CAKE per block per month until the rewards are 0 CAKE emissions.

After the first reduction in emissions to the staked CAKE pool the protocol will redirect 5% of the trading fees (from the 0.01% and 0.05% farms) to rewarding the staked CAKE pool.

To kickstart the system the rewards to farmers should be increased by 0.25 CAKE per block per month over a 6 month time frame, increasing the emissions by 1.5 CAKE per block. Once the ecosystem is up and running we can look at reducing these emissions.

The expected outcome.

  1. Emissions reduced by 0.75 CAKE per block a month with a total reduction of 5.15 CAKE per block after 7 months. a 55% reduction in emissions.
  2. Staked CAKE holders rewards switch from emissions to bribes + trading fees, avoiding a massive overnight cut in rewards.
  3. Farmers see an steady increase in the overall rewards allocated to farming.
  4. 3rd party protocols have the option to buy voting power with bribes, which should increase the liquidity in their farms.
  5. 3rd party protocols now have a reason to buy and hold staked CAKE so they can vote for their own liquidity pools.
  6. Staked CAKE voting power has an increased value,

Off-Chain Vote

good idea
402.08K CAKEVOTE96%
bad idea
3.67 CAKEVOTE0%
like the general idea, but needs some adjustment.
16.75K CAKEVOTE4%
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Timeline

Apr 22, 2023Proposal created
Apr 22, 2023Proposal vote started
Apr 28, 2023Proposal vote ended
Oct 26, 2023Proposal updated