chef mochi @chef_mochi Twitter profile

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chef mochi

@chef_mochi

1 year

1/12 As the Head Chef of PancakeSwap, I understand that changes in tokenomics can be a delicate topic for our community. However, I want to assure you that our recent changes were made with careful consideration and for the long-term benefit of PancakeSwap and our users in mind.

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chef mochi

@chef_mochi

5 months

1/ As planned, we have proposed the max total supply of CAKE to be reduced from 750M to 450M, and the community has resoundingly supported this step both in the forum discussions and in the formal proposal.

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chef mochi

@chef_mochi

2 months

1/ A short update on veCAKE and CAKE staking

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chef mochi

@chef_mochi

3 months

1/ 1 year after PCS v3’s release, the Kitchen is excited to announce PCS v4, the next major upgrade to PancakeSwap’s core AMM functionality.

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chef mochi

@chef_mochi

7 months

1/ I want to provide some early, high-level thoughts around veCAKE to help the community understand our approach and thoughts on this topic. First, let’s review where we are.

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chef mochi

@chef_mochi

1 year

1/ I would like to share my thoughts on the recent Farm Emissions reduction, CAKE max supply, a handy CAKE supply calculator we built, and the recent ARB token we opened for trading on BNB Chain.

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chef mochi

@chef_mochi

11 months

1/ Quick update on tokenomics and chain deployments.

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chef mochi

@chef_mochi

1 year

12/12 We couldn't have made it this far without your incredible support, and we're grateful for every single one of you. We hope that by sharing our reasoning and plans for the future, we can move toward a brighter future for PancakeSwap and our community.

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chef mochi

@chef_mochi

8 months

1/ We're introducing a monthly blog post to simplify and clarify CAKE token minting and burning and how we’re progressing on ultrasound CAKE. ()

September 2023: PancakeSwap's CAKE Burn

In this report for September 2023, we delve into the dynamic world of CAKE token supply management on PancakeSwap.

blog.pancakeswap.finance

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chef mochi

@chef_mochi

7 months

1/ We just posted our second monthly post on net burn. Compared to Sep, monthly net burn increased from -24k in Sep to -337k CAKE in Oct.

October 2023: PancakeSwap's CAKE Burn

In our October 2023 report, we dive into the world of CAKE token supply management on PancakeSwap.

blog.pancakeswap.finance

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chef mochi

@chef_mochi

9 months

1/ I’d like to share some updates on the recent multichain launches, lessons and directions on future farm emission adjustment directions, and a thought on Pancake Protectors.

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chef mochi

@chef_mochi

11 months

1/ I would like to share some thoughts about our approach to upcoming new chain deployments and provide some quick tokenomics updates.

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chef mochi

@chef_mochi

4 months

1/ After 2+ months of developing the veCAKE ecosystem, I’d like to provide an update on where we are and highlight what some of our partners are doing. As always, please DYOR with regards to protocols building on PCS.

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chef mochi

@chef_mochi

3 months

A good discussion with Ren on V4. For those of you who want to understand v4 in more detail and the long-game for PCS and CAKE

0xResearch

@0xResearch

3 months

NEW POD: Inside @PancakeSwap 's multichain future Head chef @chef_mochi dives into: - V4's modular architecture & custom AMM layer - Multichain expansion & deflationary tokenomics - LP profitability & the future of DEXes - Ecosystem fund strategy Timestamps👇 (0:00) Introduction

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chef mochi

@chef_mochi

1 year

10/12 Looking ahead, expect more chain expansion, products, and innovation in the next few weeks. This means more transactions on our products, more revenue shared with stakers, more CAKE burn, and a better DeFi experience for all our users.

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chef mochi

@chef_mochi

3 months

1/ Late last week, Uniswap Foundation posted a discussion to turn on the fee switch for LPs and reward UNI stakers and vote delegators from trading fees paid to the protocol

Uniswap Foundation

@UniswapFND

3 months

🔈 New Governance Proposal Posted 🔈 UF Governance Lead @eek637 just posted a proposal to upgrade Uniswap Protocol's governance system. Specifically, this upgrade would reward UNI holders who have staked and delegated their tokens.

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chef mochi

@chef_mochi

1 year

8/12 Revenue generated from v3 will be shared with stakers, with long-term stakers receiving a more significant portion through earned revenues harvested monthly. As written in the proposal, this is targeted for the end of June.

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chef mochi

@chef_mochi

1 year

11/12 We understand that our recent changes may have caused concern for some community members and we want to assure you that we're committed to providing the best possible DeFi experience for all our users.

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chef mochi

@chef_mochi

1 year

1/ I wanted to share some thoughts around the Mobox integration and inflation progress over the last ~3 weeks.

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chef mochi

@chef_mochi

10 months

1/ Quick stocktake of progress in the last month. I will cover the state of new chain deployments and a quick tokenomics update.

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chef mochi

@chef_mochi

1 year

4/12 We understand that this would trigger short-term pains as a temporary trade-off; our goal is to ensure CAKE’s long-term sustainability where CAKE holders can grow together with PancakeSwap’s utility and multichain expansion.

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chef mochi

@chef_mochi

1 year

2/12 The CAKE Syrup Pool was created last year to offer CAKE holders additional incentives. However, given the exponentially growing rewards of the CAKE Syrup Pool, the Kitchen recognized that the current inflation rates for CAKE were unsustainable in the long run.

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chef mochi

@chef_mochi

2 months

1/ We recently launched a partnership product with Stryke to provide options trading and options LP-ing on PCS

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chef mochi

@chef_mochi

1 year

5/12 Ultimately, we are creating a more sustainable model based on real yield and CAKE burn, which can sustain the CAKE emissions PancakeSwap provides across its products and create longer-term confidence in the token.

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chef mochi

@chef_mochi

1 year

6/12 We will also introduce a revenue-sharing model to create value for our users and help grow the protocol. CAKE holders will directly benefit from this without the pain of high inflation.

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chef mochi

@chef_mochi

1 year

7/12 This revenue comes from our successful v3 product, which has exceeded 4.5B in trading volume on both BNB Chain and ETH. V3 has propelled PancakeSwap to the number 1 DEX on BNB Chain, Aptos and into the top 10 on Ethereum for trading volume.

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chef mochi

@chef_mochi

1 year

3/12 To ensure the long-term sustainability of PancakeSwap and prevent runaway inflation, we proposed a low annual inflation rate of 3-5% for CAKE to transition to a low staking inflation model.

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chef mochi

@chef_mochi

5 months

6/ We look forward to your continued support next year as well.

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chef mochi

@chef_mochi

5 months

5/ As we approach the end of the year, I’d like to thank the community for supporting PancakeSwap and the Kitchen through an eventful year.

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chef mochi

@chef_mochi

1 year

9/12 Furthermore, we will continue the CAKE burn mechanism which also plays a significant role in the CAKE tokenomics model, with the most significant driver of CAKE burn coming from trading fees and the subsequent CAKE buyback-and-burn.

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chef mochi

@chef_mochi

5 months

3/ Reduction of CAKE’s max cap is a major, but not final, step, in PancakeSwap’s tokenomics strategy. Going forward, PancakeSwap still has much room to grow as an all-in-one, multichain DeFi protocol. We will use CAKE emissions as efficiently as possible to grow new initiatives.

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chef mochi

@chef_mochi

5 months

2/ The reduction of the CAKE max cap represents a firm commitment by CAKE holders and the Kitchen to grow PancakeSwap in a sustainable manner going forward, without overreliance on token emissions.

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chef mochi

@chef_mochi

5 months

4/ The Kitchen will continue to expand PancakeSwap’s offerings and reach in 2024 and will grow together with the exciting DeFi space next year.

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chef mochi

@chef_mochi

11 months

8/ The Kitchen will distribute any rewards received to CAKE stakers and ecosystem participants who have helped PCS grow on these ecosystems.

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chef mochi

@chef_mochi

11 months

@95_irene @PancakeSwap Max supply reduction is part of the plan, but we do not intend to rush it due to expansion plans this year. I fully appreciate the voices that are in favour in this and we will definitely do so when it's more clear that we can do so

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chef mochi

@chef_mochi

3 months

6/ CAKE is currently mildly deflationary, and we see solving LP I/L issues as the next catalyst for removing a significant additional layer of CAKE incentives, enabling further deflationary tokenomics

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chef mochi

@chef_mochi

11 months

3/ As at the time of writing this tweet, we are at 390.2m in total supply of CAKE. ~3 months ago, we were at 390.1m total supply. This is almost 0 inflation even though we still have 4 more months of Syrup Pool reward reductions.

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chef mochi

@chef_mochi

11 months

6/ Additionally , PCS’s early deployment to Polygon zkEVM is starting well. We are already the third highest in trading volume on Polygon zkEVM. More to come in the weeks ahead.

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chef mochi

@chef_mochi

11 months

7/ I would reiterate that the Kitchen believes in the multichain future, and encourage the community to leverage our multichain deployments to participate and grow with various ecosystems.

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chef mochi

@chef_mochi

7 months

9/ My personal opinion is that CAKE tokenomics now stands stronger than ever before. I ask the community to continue supporting the protocol and let everyone know as well.

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chef mochi

@chef_mochi

11 months

5/ Moving ahead, the rate of inflation decrease depends on future burns. The Kitchen will continue to work towards increasing CAKE locking utility and CAKE burn to sustain this positive trend.

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chef mochi

@chef_mochi

11 months

2/ CAKE’s deflationary journey is off to a good start. To recap, inflation determines changes in total supply. Therefore, if inflation is exactly 0, CAKE’s total supply will not change.

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chef mochi

@chef_mochi

1 year

7/ Based on the current Syrup Pool's reduction schedule, Trading emissions and CAKE burn, the approximate total supply is ~400M by year end with an inflation rate of 2-3% p.a. We haven’t factored in potential future developments that may further contribute to CAKE burn.

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chef mochi

@chef_mochi

1 year

12/ The benefits are significant - users don’t need to bridge tokens, liquidity doesn't rely on incentives, trades enjoy 0 slippage, and PCS earns extra trading fees from enabling an all-BNB Chain trading experience. Try it!

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chef mochi

@chef_mochi

1 year

11/ With the MM integration, we trade these tokens through a new model. Instead of getting users to bridge ARB to BNB Chain with CAKE emissions, we work with MMs to provide liquidity for ARB on BNB Chain. Traders enjoy 0 slippage while we create liquidity without emitting CAKE.

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chef mochi

@chef_mochi

7 months

2/ The Kitchen has been managing the transition to deflationary CAKE tokenomics through regular tokenomics proposals with proposed changes (mostly reductions) for CAKE holders to vote on.

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chef mochi

@chef_mochi

7 months

13/ There are several protocols (e.g. Skillet, Cakepie) that have announced that they are looking to accumulate CAKE as CAKE accumulators.

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chef mochi

@chef_mochi

7 months

4/ veCAKE opens up the ecosystem by allowing 1) more projects/DAOs to participate and 2) CAKE accumulators to enhance PCS’s services through direct emissions voting on certain LP pools

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chef mochi

@chef_mochi

3 months

2/ I am positive on the direction that the vote is pushing towards, and this is a similar model which PCS has decided on with veCAKE and revenue sharing with CAKE stakers

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chef mochi

@chef_mochi

7 months

3/ While we have made significant progress in transitioning to ultrasound CAKE, our next goal is to expand the liquidity mining ecosystem to encourage more participants, particularly those that can better grow the building blocks that PCS has created.

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chef mochi

@chef_mochi

1 year

6/ We have built a simple calculator to simulate future total supply based on future emissions patterns. We invite the community to simulate their projections for CAKE ahead to see CAKE's transition into low inflation. See here ()

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chef mochi

@chef_mochi

7 months

5/ For projects/DAOs, PCS’s deflationary tokenomics is a sustainable incentivization scheme (via CAKE emissions) for building long-term liquidity. Projects with this goal can accumulate CAKE to vote for emissions on their pools or offer vote incentives to obtain more liquidity.

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chef mochi

@chef_mochi

11 months

4/ Various factors have contributed to it, primarily due to higher burns arising from strong trading volumes, Farm/Syrup pool emission reductions and successful product releases. Inflation management is exceeding expectations (~5% p.a.) at this time

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chef mochi

@chef_mochi

3 months

10/ We believe v4 will serve millions of users onboard onto web3 and DeFi. Come build with us.

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chef mochi

@chef_mochi

3 months

6/ We are also launching a $500K Developer program to reward developers for building and contributing to v4, with funds directed to initiatives such as Hooks development and hackathons

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chef mochi

@chef_mochi

7 months

8/ However, the introduction of CAKE accumulators changes this. A protocol that accumulates a lot of CAKE will achieve a high bCAKE boost, and they can provide bCAKE boosts to LPs on PCS instead.

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chef mochi

@chef_mochi

1 year

15/ Thank you for your continued support, and please do share your feedback with the Chefs on our product launches.

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chef mochi

@chef_mochi

3 months

4/ PCS v4 will focus on acquiring CEX-level trading functionalities for traders, and providing a much more consistent and profitable fee-earning environment (up to double current net trading fees) for liquidity providers without overly relying on CAKE emissions

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chef mochi

@chef_mochi

3 months

3/ Reading into the various governance replies on the topic, it's encouraging that many other Uniswap governance participants are also concerned about LP returns being affected by turning on fees and are highlighting the need to solve this issue

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chef mochi

@chef_mochi

7 months

9/ So, as an individual user, you might only have been able to boost 1.1x on your LP, but now without staking CAKE yourself, you may achieve a 2x boost on the same LP via the CAKE accumulators.

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chef mochi

@chef_mochi

3 months

5/ For now, PCS offsets I/L via CAKE emissions, but we recognize that longer-term, we must push towards new solutions that are less driven by providing CAKE rewards and more by AMM design improvements

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chef mochi

@chef_mochi

7 months

10/ This concept of a CAKE accumulator ‘locking CAKE and socializing the benefit’ can theoretically expand across all CAKE utilities, including revenue sharing (rCAKE) and IFOs (iCAKE).

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chef mochi

@chef_mochi

7 months

12/ veCAKE has more benefits, including vote incentives, but to keep this tweet short I’ll stop here for now. For those interested, I’ve provided some general reading references at the end of this thread.

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chef mochi

@chef_mochi

1 year

5/ Given that we're reducing both Syrup Pool emissions by 0.5 CAKE/block per month, and gradually tuning down Farm Emissions, CAKE inflation rate is going down quickly. This means increasingly, the protocol will not reach the 750m hard cap as we shift towards low inflation.

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chef mochi

@chef_mochi

3 months

2/ We believe that DeFi should be permissionless and involve community collaboration. Hence we are proud to announce that PancakeSwap v4 code will be released under an open-source license, empowering developers to innovate, customize, and collaborate freely on

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chef mochi

@chef_mochi

7 months

15/ First of all I cannot stress enough. You take on additional risks by participating in these CAKE accumulator protocols. Do your own research before participating. veToken accumulation models are one of the more complicated DeFi structures, and have their own unique risks.

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chef mochi

@chef_mochi

3 months

3/ PCS v4 incorporates the best AMM technology to date, and with the kitchen’s improvements, v4 is the best version of DEX we have launched so far and will drive further DEX dominance over CEXs

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chef mochi

@chef_mochi

7 months

6/ veCAKE brings a win-win situation. veCAKE will allow CAKE accumulators to offer benefits to the PCS community, benefitting both the PCS ecosystem and the individual CAKE holders. Let’s look at the ecosystem dynamics to break it down.

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chef mochi

@chef_mochi

1 year

8/ We believe that lowering the max CAKE supply will be appropriate sometime this year. However, with our plans to expand into multiple chains, we lack sufficient insight into future emission needs and burn to decide now.

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chef mochi

@chef_mochi

1 year

4/ We have some unique PancakeSwap elements integrated in this game, such as the ability to equip Squad NFTs to Heroes and unique PancakeSwap Heroes which players can obtain.

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chef mochi

@chef_mochi

3 months

5/ More importantly, with the open-source license and v4 architecture, developers can build on top of PancakeSwap v4, continuously improving the trading experience for all users and LPs, building the best version of the DEX for everyone

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chef mochi

@chef_mochi

3 months

9/ We will also deploy v4 onto more chains, primarily via our affiliate efforts, to service as many traders and LPs as possible in the increasingly multichain world

Discussion on "PancakeSwap Affiliates" - a multichain expansion strategy

~tldr Aims of the proposal: To officially recognize and support 3rd party DeFi teams in deploying PCS’s core contracts to new chains that the Kitchen doesn’t have the bandwidth to invest resources...

forum.pancakeswap.finance

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chef mochi

@chef_mochi

3 months

4/ As DEXs, one of our core focus will be to solve the cost of impermanent loss (I/L) to a greater extent, so that lower levels of incentives/subsidies are required for LPs to stay profitable

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chef mochi

@chef_mochi

10 months

6/ On CAKE tokenomics, we were relatively flat on the token supply for the month, although the last 2 weeks were a little deflationary despite generally lower activity than last month.

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chef mochi

@chef_mochi

3 months

8/ PCSv4 is more than just a DEX upgrade. v4 will complement and work with several features that PCS has released (including veCAKE, IFO and Position Managers) and will soon be released to enable PancakeSwap to build the highest-functionality DeFi platform

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chef mochi

@chef_mochi

7 months

7/ As a CAKE holder now, few can achieve the maximum benefits that CAKE staking provides. For example, users with a relatively small individual staked CAKE position will find achieving the maximum bCAKE boost challenging as their share against other holders may not be very high.

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chef mochi

@chef_mochi

7 months

11/ How is this a win-win? PCS gains higher locked CAKE in the protocol, individual CAKE holders can enjoy CAKE utilities without needing a significant staked CAKE position themselves, and CAKE accumulators can provide this significant benefit to LPs, charging a small fee.

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chef mochi

@chef_mochi

1 year

12/ Based on trading volumes we see on v3, and how it is currently performing on BNB Chain, there is potential for us to scale down v3 Farm emissions even further to reduce CAKE inflation. However, the situation ahead is dynamic.

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chef mochi

@chef_mochi

4 months

14/ We hope to develop a more robust vote incentive market by partnering with more protocols and demonstrating PCS’s attractiveness as a premier DEX.

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chef mochi

@chef_mochi

1 year

2/ Pancake Protectors is a partnership with Mobox to bring a lasting, interactive, community-driven game to all PancakeSwap users. For PCS, this is pretty experimental, as the PancakeSwap community has never had a full-fledged game as part of our experience.

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chef mochi

@chef_mochi

4 months

13/ Put simply, instead of staking CAKE to receive inflationary CAKE staking yields and inflate CAKE supply, stake and vote to receive vote incentive yields instead which other protocols are contributing in return for building their liquidity (deflationary for CAKE).

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chef mochi

@chef_mochi

7 months

21/ To assist with this, here are some resources for reading. These resources relate to similar veToken models that are being run by other protocols, which can provide some background knowledge to veToken models generally.

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chef mochi

@chef_mochi

3 months

7/ We welcome developers to develop hook functionalities for our 1.8m monthly traders and enable functionalities and pricing curves to benefit existing crypto projects and draw CEX and future web2 users to PCSv4

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chef mochi

@chef_mochi

4 months

12/ Longer-term, a healthy vote incentive market rewards veCAKE stakers outside of CAKE native emissions (i.e. instead of staking for inflation, stake for vote incentives). This creates room to lower CAKE emissions as external capital replaces CAKE inflation yield.

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chef mochi

@chef_mochi

7 months

2/ Tracking back from the original v2.5 tokenomics vote, the Kitchen has reduced emissions from 259K CAKE/day to 42K CAKE/day now, an 84% overall reduction in emissions.

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chef mochi

@chef_mochi

11 months

10/ On tokenomics, as per the recent votes, we passed 3 small reductions on BNB Chain v3 and Aptos Farms, and also reduced 0.5 CAKE/block on the Syrup Pool. We were not more aggressive with Farm emissions cut because of recent fluctuations in TVL and trading activity on BNB Chain

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chef mochi

@chef_mochi

1 year

5/ The game is not a play-to-earn type of game. Our larger goal of reaching ultrasound CAKE means that we are not using inflationary models that increase CAKE emissions to drive the game's growth.

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chef mochi

@chef_mochi

4 months

2/ Between @Cakepiexyz_io and @StakeDAOHQ , about 8m CAKE is now locked up in the veCAKE contract. Data from

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chef mochi

@chef_mochi

1 year

9/ For now, this means that CAKE is effectively at a soft cap in the range of 400m+ tokens until we have greater clarity

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chef mochi

@chef_mochi

1 year

4/ As we slowly cut Farm emissions, we want to see how it affects our trading volumes since some TVL might leave due to lower returns. We will temporarily pause cutting Farm emissions if the trading volumes is affected significantly.

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chef mochi

@chef_mochi

8 months

11/ Subtracting mints from burns each month gives you the net CAKE mint. This number tells you how much CAKE is minted / burnt each month from the total CAKE supply.

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chef mochi

@chef_mochi

7 months

16/ These protocols are not built by the Kitchen, and while PCS communicates with them as future significant veCAKE voters on PCS, these are separate protocols and have their own fees/structures/tokenomics, as well as their unique smart contract risks.

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chef mochi

@chef_mochi

7 months

20/ Closer to the launch, the Kitchen will make more formal announcements around veCAKE and release further details. For now, I just want to remind community members to do their own research and participate responsibly.

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chef mochi

@chef_mochi

7 months

6/ With veCAKE on the horizon, we expect there to be partners who will accumulate CAKE and join part of our governance. The Kitchen will be closely working with them and they will form crucial contributors to CAKE’s future tokenomics.

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chef mochi

@chef_mochi

1 year

3/ Developing a game is resource intensive, requiring a dedicated and experienced team. Also, games that are not complex or balanced enough are not very fun in the long-term. Therefore, we’re proud to collaborate with Mobox to deliver a fun and exceptional gaming experience.

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chef mochi

@chef_mochi

7 months

17/ A frequent question I see in the community is whether the CAKE staked with these protocols can be converted back to CAKE at any time. The short answer is no, you cannot. These protocols will lock CAKE on PCS to obtain veCAKE, which stays locked in the staking contract.

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chef mochi

@chef_mochi

2 months

5/ Please continue to voice your feedback to the Kitchen. One thing on our list to update is the way bribe APRs are fetched - we are working with veCAKE managers to have a system of fetching realtime vote incentive APRs to provide more accurate figures

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chef mochi

@chef_mochi

7 months

14/ I have gone through one upside of accumulating CAKE. In the interest of CAKE holders, I also want to stress the downside risks and things you should consider.

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chef mochi

@chef_mochi

1 year

10/ Earlier, I mentioned that PCS is the premier trading venue on BNB Chain, and that deep liquidity is required to maintain that. However, what about non-BNB Chain native tokens? There might be an attractive solution here.

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chef mochi

@chef_mochi

10 months

8/ Incorporating multichain aspects for these products has proved to be quite challenging, but we are nonetheless committed to finding solutions to make these products multichain with a great UIUX.

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