PancakeSwap December Recap — Ready For 2022
IFO 3.0, the second round of trading battle, #PancakeChristmas event and NFT drops. The kitchen is cooking up something BIG!
- Total Volume: $35.4B
- Average Daily Volume: $1.1B
- Unique traders: 4.4M
- Unique onsite users: 15M
- 8 CAKE staker reward pools (syrup + boost)
- BNB won in prediction: 232,164 BNB / $107M
- Total volume of positions placed: 239,738 BNB / $132M
- NFT Market trading volume: 4,031 BNB / $1.8M, of which 81 BNB was used to buy back and burn CAKE
- Total burned: 27M CAKE ($322M)
- Bought back from the market to burn: $22M
- Total CAKE Emission Rate: 14.25/block
- # of holders: 1,078,556 (+7%)
🍽✅ Served Last Month
The New IFO CAKE Pool
In December, we added staking requirements to our IFO by launching a new IFO CAKE Pool. IFO participants will need to stake CAKE in the IFO CAKE Pool in order to secure their IFO credits in the next IFO event.
The new IFO CAKE Pool attracted more than 50M CAKE on the first day of launch! Who doesn’t like a pool that allows you to stake CAKE and secure your entry for the next IFO? And most importantly — earn more CAKE with the same APR as the manual CAKE pool with auto compounding.
Learn more about IFO 3.0 and the new IFO CAKE Pool here.
IFO: Diviner Protocol (DPT)
After the launch of the IFO CAKE Pool, we held our first ever IFO in the 3.0 format. Diviner Protocol ($DPT) IFO was completed with $570M worth of CAKE (at the time of IFO) being committed to the IFO — that’s 950 times overflow! Needless to say, our community loves GameFi and Metaverse projects. And rest assured that our business development bunnies are on the path of bringing you even more.
In the meantime, we appreciate all the feedback and suggestions from our community about how to improve our IFOs. Amazingly, many of the suggestions are already presented on our roadmap for future iterations of the IFO. Remember, it is only phase ONE for now — our chefs are always cooking in the kitchen. More about this below.
Fan Token Trading Competition
In December, together with the Binance fan token team, we held our second trading competition in 2021. Together we have been giving out $120,000 worth of tokens, achievements and points based on winning tiers, and special NFTs custom made for the winning team.
During the trading competition, members from each team traded eligible pairs to gain points for their team and also for themselves. Fearsome Flippers took the lead at the very beginning, but later on the second match day, they were overtaken by Syrup Storm.
However, unlike the first trading battle in March, this time Fearsome Flippers fearlessly retook the lead and carried it all the way till the end of the competition. Taking the crown with a whopping $79M trading volume from eligible trading pairs. As a result, the purple bunny managed to take the stand on the top of the trophy this time!
There were some delays in the claiming phase for the top 500 team players. We apologize again for any inconvenience that this may have caused. Moving forward, we will be actively trying to bring you more trading competitions with other amazing partners and projects. Stay tuned!
#PancakeChristmas Community Event
The #PancakeChristmas community event started with a simple idea of “create a Christmas NFT, for the community, by the community”. This idea quickly evolved into the final #PancakeChristmas event. We saw a lot of stunning works and art created by community members all around the world. This again reminded us just how creative our lovely community is.
Take a look at the amazing works from winner and the runners up:
Christmas NFT Drop
In December, following the #PancakeChristmas community event. We had our first ever Christmas NFT drop. Just like what we said in our tweet, the amazing Chef Cecy seamlessly integrated the work from the winner of the #PancakeChristmas event into our adorable Christmas NFT. Did you manage to spot the similarities? 👀
If you have more than 300 points and an active PancakeSwap profile, you will be presented with a modal to claim the Christmas NFT.
Bug Fixes and Performance Enhancements
Continuing on our quest of building a smoother and better experience for PancakeSwap users. This month we have also spent a lot of time on bug fixes and performance optimizations. We have been working hard with our amazing partners from Helix, Binance Smart Chain, The Graph, and StreamingFast. Together we are trying our best to provide a better experience with a blockchain that has been growing extremely fast, with tremendous user demand and traffic.
We have been pushing out some indications and cosmetic fixes to better brief our users when the current infrastructures are being challenged- such as the Subgraph delay indicator when the indexing speed is not optimal (see screenshot above).
A total of 9 projects joined Farm Auctions to bid for a coveted PancakeSwap farm pair. We launched #10 and #11 auctions, with 6 winner farms in total in December.
We’ve burned a total of 365,870 CAKE so far since the first auction launched back in August. That’s 4.3M worth of USD.
Farm Auctions give projects a way to incentivize liquidity provision for their token pairs.
If you’re a project looking to run a Farm, apply via the PancakeSwap Farm application form.
- Chef Cooper — Smart Contract Engineer
- Chef Rabbid — Smart Contract Engineer
Both of them have jumped into the development of some of the amazing upcoming products. Expect some fantastic new dishes coming soon from these amazing capable new Chefs..
We’re still hiring. Think you’ve got what it takes to become a chef?
We’ve still got plenty of roles open, check them out here: https://docs.pancakeswap.finance/hiring/become-a-chef
👩🍳🕔 Still Cooking (Coming Soon)
The current phase 1 version of the IFO 3.0 is not optimal. We realized it is time to say farewell to the current sales model, and replace it with something new and fresh. Combined with the IFO CAKE Pool, the new IFO 3.1 aims to provide more opportunities to the loyal PancakeSwap product fanbase and (NFT?) holders.
Great things take time and improvements are worth waiting for. The new IFO 3.1 with a brand new type of sale structure is currently under development and expected to come with the future IFOs. Follow us on Twitter to catch the latest news about it.
Since the launch of PancakeSwap back in September 2020, our MasterChef has been working round the clock for all the yield farmers and CAKE stakers. We have a lot of interesting ideas for potential future products but unfortunately, due to the limitation of our current MasterChef contract, implementing them has been a huge challenge, if not impossible.
So, it is time for a new MasterChef! The new MasterChef v2 will serve as a solid foundation for future PancakeSwap products. This would enable the entire PancakeSwap product line to really evolve into a 2.0 era, without previous limitations.
MasterChef is the root and the fundamental piece of PancakeSwap. Needless to say, safety is the utmost priority. The new MasterChef v2 will go through several rounds of internal and external audits before actually going live and executing the migration. To ensure a smooth transition, we will also publish the technical details beforehand for all of our partners who are using our current MasterChef.
Fixed Term Staking
This is one of the long awaited items on our To-Do list. We haven’t been able to implement this due to the limitations of our current MasterChef. However, as mentioned above, with a new MasterChef coming, we are now able to re-ignite the development of this product. Expect this to come with our brand new MasterChef v2!
General Enhancements and Bug Fixes
Besides the developments of new products, tiny updates are always being implemented in the background. So just like December, we are expecting a lot of small but prominent enhancements and bug fixes to be carried out in the next coming months which will greatly improve the overall usability and ease of use of PancakeSwap.
Regrettably, our vendor who helps develop this feature with us has encountered some technical difficulties. We are currently working closely with them to resolve the issue and hope to bring this dish to the table as soon as possible.
Calling for more NFT Collections!
Are you the creator of a BSC NFT collection? Applications for listings are now OPEN!
We are currently only processing BEP-721 NFT collections that are already 100% minted on Binance Smart Chain, and your metadata and images must be stored on IPFS or a similar decentralized storage platform.
Apply to list at: https://docs.pancakeswap.finance/contact-us/
🤔 Apart from all the new things mentioned above. Is there anything else you’d like to see? Actually, there are serval on-going items that didn’t get mentioned above due to confidential or security reasons. Can you guess what they are? 👀
The Chefs 🐰🥞