MIP #74 - Vote on Cakepie's Redemption Plan for Unlocked CAKE Post-Tokenomics 3.0

Abstract

This proposal seeks input from vlMGP holders on how Magpie should vote on Cakepie’s CIP #14 regarding the management of unlocked CAKE following PancakeSwap’s Tokenomics 3.0 update. Specifically, vlMGP holders are asked to guide whether Magpie should support Cakepie accepting PancakeSwap’s $1.5M CAKE compensation offer in exchange for implementing a 1:1 mCAKE to CAKE redemption model, or to proceed with redemption without accepting the compensation from PCS.

Motivation

Following the deprecation of veCAKE, Cakepie’s veCAKE position, including approximately 13 million CAKE, is being unlocked. PancakeSwap has stated that withdrawal of this CAKE will only be permitted if Cakepie DAO commits to implementing a 1:1 mCAKE → CAKE redemption mechanism.

In addition, PancakeSwap has offered a $1.5M CAKE compensation package for CKP holders, provided Cakepie enables this 1:1 redemption mechanism. While this requirement applies regardless of compensation, the decision to accept or decline the offer impacts how CKP holders may be compensated.

For more context read CIP#14

As a major stakeholder in Cakepie through its vlCKP position, Magpie must determine whether to support acceptance of the compensation package or proceed without it. This MIP ensures that Magpie’s position reflects the consensus of its governance community.

Specification

Vote on whether Magpie should support Cakepie accepting the $1.5M CAKE compensation from PancakeSwap as outlined in the Cakepie’s Proposal CIP#14.