Introducing PancakeSwap Pottery! Combining CAKE locked staking with lottery elements to give you a chance to win a bigger yield on your CAKE deposit!
Lock before Aug 8 23:59 UTC!
CAKErs and fans of the PancakeSwap Lottery, the Kitchen would like to introduce our latest addition to the product line — Pottery — a product that combines CAKE locked staking with lottery elements, while guaranteeing that you’ll get back 100% of the CAKE you deposited.
What is Pottery?
Compared to our existing Lottery product which requires you to buy tickets to participate, you can simply deposit CAKE in the Pottery with a chance to win more CAKE. Deposits into the pottery will be directed to the locked staking pool and locked for 10 weeks, the majority of the staking rewards will be used to fund the 10 weekly draw for each deposit cohort.
With Pottery, you will be guaranteed to get back 100% of what you deposited in 10 weeks. However, you can only withdraw your CAKE deposit after 10 weeks of locking, without any other way to withdraw early.
By participating in the Pottery, rather than paying for Lottery tickets where you may or may not get back your principle, you will be risking the staking rewards, together with other locked-CAKE utilities like iCAKE. This product is designed for CAKErs who are more risk-averse but still would like to participate in a product of this nature. It’s an easy, fun and safe way to get a chance to win some CAKE!
At the beta stage of the product, there is a maximum deposit cap of 600,000 CAKE to limit the scale at first.
How to play Pottery?
Deposit for each Pottery cohort is typically open on the first Monday of each month for a different Pottery cohort. It ends and locks away the CAKE deposits at 23:59 UTC on that Monday, unless there are special arrangements which will be announced in advance. For this first Pottery, we have just opened the deposit today (Aug 5) and it will be locked on Aug 8 at 23:59 UTC.
For each Pottery cohort (one per month), there will be 10 weekly draws on each Friday (at noon UTC) upon deposit producing 8 winners per week. The larger your deposit relative to the overall pool, the higher the chance of winning, and winners can claim their prize right after each draw.
Only after 10 weeks from the Pottery cohort lock date, you can withdraw your CAKE.
Here’s a walkthrough of how to navigate in the Pottery web UI:
1. Deciding if you’d like to enter a Pottery cohort
A new Pottery cohort is created on the first Monday of each month. Each cohort may have different amounts of CAKE deposited which would affect the weekly prize pool and your odds of winning. The bigger the total value locked in that cohort, the larger the weekly prize pool, but with the same CAKE deposit size you may also get a lower odds of winning. You can view how much CAKE have been deposited and your odds here from the Deposit panel:
2. Deposit when the Pottery cohort is open
The deposit for each Pottery cohort is open once a month on the first Monday typically (for the first Pottery it’s locked on Aug 8). This is to combine all the deposits and direct them for the locked staking at once for efficient staking rewards management and allocation. For the rest of the time, you will see this:
– which means the deposit is currently closed until the next monthly first Monday. If the deposit is open, you will see this instead:
– In this case, you can deposit your CAKE to participate in the Pottery if the APY, total value locked, and the odds of winning are acceptable to you. Before you deposit, please make sure you fully understand the risks of participating! All deposits will be locked for 10 weeks with no early withdrawal under any circumstances. Please learn more about the risks and fees here.
3. Viewing your deposit
After you have deposited, you can view your total deposit and deposit by each cohort in the Claim panel:
Please note that the withdrawal button will light up and be available only after 10 weeks of the lock date.
4. Viewing the results after each weekly draw
After each draw on Friday at around noon UTC, you can view the results and winners in the Finished Rounds panel:
Based on the drawn date, find the corresponding round for the cohort you would like to check — on each Friday, there could be more than one draw since there are different cohorts, make sure you’re checking the right draw for the cohort you’re looking for. Please read to learn more about the cohort structure here.
5. Claiming the prize
Another way to check if you have won in any weekly draws is to check in the Claim panel to see if there is any prize to be claimed here:
If there are, you can claim the prize by clicking the Claim button and it will be a transaction for you to approve.
6. Withdrawing after 10 weeks
10 weeks after the cohort deposit and lock date, you will be able to withdraw your deposit in the Claim panel, and you will be able to click on the withdrawal button here:
You can withdraw the prize by clicking the Withdraw button and it will be a transaction for you to approve.
Where can I learn more about Pottery?
We have published in our documents more details about the product structure, design, instructions and FAQ. Please read and learn more about the new product as we’re starting the beta stage and gathering operation and community feedback. After you understand the structure as well as the risks and fees, please head to https://pancakeswap.finance/pottery and try it out!
We hope to bring more interesting products for users to frequently visit our page, as well as increase our revenue for burning — eventually accruing value to CAKE.
Because of the operations of this new product such as borrowing from treasury, cohort management and drawing. The product will start off in the beta stage with a capped total deposit for each Pottery to make sure everything runs smoothly. Once we pass the beta stage, we may review and adjust different parameters based on operations and community feedback such as the fees, the frequency of each cohort, lock period, etc. We look forward to your participation and feedback!
When is the next Pottery deposit date?
The next Pottery cohort is open now and the lock date is on Aug 8 2022, be sure to participate in time here!
Stack ‘em!
The Chefs 🐰🥞
