Emission Reductions, To-Do list and PancakeSwap V2
We’ve had a large number of funds, institutional investors etc approach us over the past few weeks, most of which have been looking to invest in CAKE. As PancakeSwap was a 100% fair launch, we have nothing to sell them, be it CAKE, equity or anything else. As such, it wouldn’t be unthinkable that they may have already taken up positions which they have had to buy directly from the market.
Due to the above, there have been many requests for an updated roadmap and to be quite honest, we thought it would be very unfair to share it with any one party before we had shared it with you guys.
So here we are, the latest version of the PancakeSwap “To-Do List”:
One of the most discussed topics is what we plan to do about CAKE emissions. Of course, we recognise that having no supply cap is not sustainable based on current emission speeds, but we maintain our goal of being able to implement enough deflationary mechanics to become emission neutral (or even negative).
To help bootstrap this, we plan to initially transition to a community-led emissions model. A governance vote will be held at the end of each month that will allow CAKE holders to decide how emissions are adjusted for the following month, with an array of possible options. We trust that the collective mind will figure out the best direction to take emissions that benefit CAKE holders the most.
Of course, the above can only be implemented once we migrate to an upgradeable contract, but more on that below.
The migration feature has also been a hot topic lately. What it means is that we have the ability to upgrade the contract. Because that’s exactly what we plan to do in the near future.
When PancakeSwap launched, it was an MVP (minimum viable product). We needed to get our paws on the ground running, fast. So we did, but that meant we didn’t have enough time to tailor out our contracts exactly how we wanted them. Migrating to a new Master Chef contract will mean we can finally start to break out of our current box and really kick start innovation.
Without doing a migration, we won’t be able to do any future upgrades to the contract. And if you don’t have long term vision, and you’ve removed the ability to basically grow, well… good luck.
When will the migration be happening?
We can’t give specifics yet, but we’re aiming to get this done in early Q2 (this year). We’ll be pulling in external resources, auditors, and so on to ensure that the process will be both secure and smooth.
What features will a migration upgrade enable us to implement?
- Referral program (earn a % of fees from trades and/or harvests)
- Remove SYRUP token issuance (yes, this means SYRUP really won’t be coming back)
- Add buy-back and burn mechanic to trading fees 🔥🔥🔥
- Auto-compounding for Syrup Pools
- Customizable CAKE minting logic (we’d be able to adjust the total CAKE minted per block based on CAKE governance)
- & much more
We’ll be sharing more on PancakeSwap V2 over the next month or two. We’re hopping with excitement to share our thoughts and putting up more core votes for you, the community, to decide which roads PancakeSwap takes.
If you have any suggestions in the meantime, feel free to throw them up as “community votes” on the voting platform: the chefs will be paying close attention to suggestions that raise a lot of support.
Above you can see a sneak peek of the basic UI design for what will be the MVP version of PancakeSwap’s prediction market (previously called binary options).
Exact details will be shared closer to launch (we are currently approaching the smart contract testing phase) as to not spoil the fun.
One thing to note: a percentage of each round’s total prize pool (which is in BNB) will be used to buy back and then burn CAKE 🔥🔥🔥
Collectibles & Gamification
We recently launched the NFT profiles, teams and points system and the reception so far has been overwhelming with over 12,000 profiles already created. Right now, you can already claim a profile and your first achievements (for participating in IFOs). But there’s much more coming soon:
- Collectible (NFT) airdrops
- New tasks
- Competitions (solo & team) with CAKE prizes
- Spend points for NFT packs
- Spend points for benefits (early syrup pool access)
We’re also planning to open-source the task/achievement framework, then will host competitions (hackathons) with CAKE prizes/grants to the best devs.
The first team competition is currently being worked on, so pick wisely!
🐰 🔥 🐂
Lending & Borrowing
Demand for this is currently very high on BSC, as witnessed by the success of projects like Venus, so we’ve been looking at ways to make the process even more convenient by bringing it directly to PancakeSwap. As such, we will get to work on the MVP once the Prediction Market product’s been released.
Oh, and fees from lending & borrowing would be used to buy back and burn CAKE 🔥🔥🔥
We’ve communicated the coming changes previously, but here’s a clear list for reference:
- Peg ticket price to $1
- Adjust payout split to include prizes for 1 number
- Probability adjustments (to coincide with the reduction in ticket price)
- Migrate from ERC721 to ERC1155 to massively reduce gas costs
- Pick your own ticket numbers (currently possibly only at contract level)
- Bulk ticket discounts — the more you buy, the cheaper they are
Referral Program MVP
Imagine if you could earn a small percentage of the yield every time someone you referred to PancakeSwap harvested?
We have a basic idea for implementation now, and are looking into more ways to balance the benefits for the referee.
If you have any ideas or suggestions, let us know!
Official PancakeSwap Merch
Get your paws on some fresh PancakeSwap merch! We’ve been having some fun with this recently and will continue to add new designs.
Hopefully, at some point, you will also be able to pay in CAKE.
Fixed Term Staking
Still on the list, but not a priority at current. No update.
Still on the list, but not a priority at current. No update.
Meet the PancakeSwap Team
PancakeSwap was originally brought to life by a small group of friends, and now that group is even bigger: the team’s grown to 14 since then, including a few ex-Binance members (spoiler).
So, without further ado, meet the “Chefs”:
Hops 🐰 PancakeSwap Co-lead
Thumper 🐰 PancakeSwap Co-lead
Bugs 🐰 Design
Chungus 🐰 Project Manager
Wind 🐰 Smart Contract Engineer
Nyan 🐰 Smart Contract Engineer
RabbitDoge 🐰 Frontend Engineer
Hachioji 🐰 Frontend Engineer
Kai 🐰 Backend Engineer
0xKin 🐰 Frontend Engineer
CBunny 🐰 Frontend Engineer
Hutch 🐰 Frontend Engineer
Fran 🐰 Spanish Community Manager
Roo 🐰 Business Development
We need more bunnies. There’s a lot of work to be done!
Want to become PancakeSwap’s 15th chef?
Join the PancakeSwap Team
Fancy evolving into a digital bunny, donning a pancake and joining us in pushing the BSC ecosystem? Maybe you can! PancakeSwap is currently looking for full-time teammates to fill the below roles:
Senior QA Engineer
Salary open to negotiation and extremely competitive.
We're looking for a designer with both UX and UI experience to contribute to the design of PancakeSwap.finance, with a…
We understand there will likely be a ton of questions regarding the above and more, so myself and a few of the other chefs will be waiting for you in the t.me/pancakeswap TG group, this Wednesday at 9pm SGT, to answer as many of them as we can.
There will be no prizes or giveaways for participation. Zero. The AMA will be a pure info sharing quest with only those who truly care.
We’d just like to take a few seconds to say thank you, to you. Yes, you. Without you and others like you, we would never be where we are today. PancakeSwap is incredibly blessed to have such an incredibly supportive community and it is not something we take for granted.
To finish, surpassing Uniswap as the #1 DEX by 24 hr volume is great and all, but we’ve barely even got started and well, if you’ve been impressed so far, we hope to raise your expectations in the future.