PancakeSwap February Recap
Limit orders, first IFO with the IFO 3.1 format, Chainlink price chart, #PancakeMeme community event, and a new lottery schedule.
Data Recap
Overall
- Total Volume: $12.5B
- Average Daily Volume: $447M
- Unique traders: 3.2M
- Unique onsite users: 8.7M
- 7 CAKE staker reward pools (syrup + boost)
- BNB won in prediction: 218,582 BNB / $87M
- Total volume of positions placed: 226,213 BNB / $90M
$CAKE
- Total burned: 20.2M CAKE ($204M)
- Bought back from the market to burn: $10M
- Total CAKE Emission Rate: 14.25/block
- Effective CAKE Emission Rate: 10.585/block
- # of holders: 1,132,004(+2%)
🍽✅ Served Last Month
Limit Orders (technically it’s March)
We are thrilled to announce limit orders! A long requested item on our to-do list, limit orders are now live on PancakeSwap, brought to you in collaboration with Gelato Network.
What is a “Limit Order”?
With limit orders, you can set up token swaps with a specific buy or sell price. The limit order token swaps are executed when the market price matches the desired price (or better). Simply set it, and forget about it. Knowing your order will be filled automatically gives you peace of mind that you will never miss any opportunities.
How to use Limit Orders?
As we mentioned before, PancakeSwap’s goal has always been removing barriers for DeFi newcomers. And our community loves our simple and intuitive user interface. This applies to limit orders too!
Below is an example limit order for swapping 1 BNB for CAKE at a specific price:
- Choose your “input” (top) token as BNB.
- Choose your “output” (bottom) token as CAKE.
- Enter the amount of tokens you want to trade in the “input” field (1 BNB).
Alternatively, you could enter the amount of tokens you want to receive in the “output” field.
Once entered, you’ll see the current market price displayed.
Note — you can switch between what price ratio is shown by clicking the double arrows - In the “price” field, enter the desired price you would like the order to be completed at (0.015 BNB per 1 CAKE).
The amount of CAKE you will receive will be automatically adjusted.
Alternatively, if you entered a specific amount of CAKE you wanted to receive in the “output” field, the amount of tokens you are swapping will be automatically adjusted. - Click “enable” if the button is presented, double check you are okay with the amount of tokens received and amount to be sold, then click “Place an Order” and confirm the limit order transaction in your wallet.
- Done! Your order will appear under “Open Orders” until executed or canceled. Sit back and relax, knowing your order will be filled once the market price matches the desired price on the order.
For additional limit order FAQ, please refer to our documents here.
Stop-Limit Orders are Coming Soon.
On top of limit orders, we know a lot of our users want the flexibility of making stop-limit orders. We are glad to announce that this feature is also under development. Expect this to come very soon along with the option of customizing the expiration dates for your orders.
IFO: Game of Truth ($ERA)
Game of Truth ($ERA) IFO was completed with $197.02M worth of CAKE (at the time of IFO) being committed to the IFO — with an overflow multiplier of 137! Drawing from their experience in traditional games such as Awakening of Dragon, Era7: Game of Truth combines elements of DeFi, NFTs, and Trading Cards into a play-to-earn game steeped in mythology and magic.
IFO 3.1: The new Private Sale and IFO Syrup Pool
We’ve heard the community and as part of the new IFO 3.1, we were happy to introduce our first NFT utility through the IFO Private Sale! To participate in the Private Sale, users were required to own a Pancake Squad bunny NFT and set it as your Pancake Profile avatar. The Private Sale was almost 3x oversold!
Additionally, to reward our bunny supporters with juicy APRs, we introduced a new IFO Syrup Pool. For the first 5 days after the IFO Syrup Pool was launched, only users with PancakeSwap Profiles were able to stake in the pool. During this period, there was also a 100 CAKE staking limit.
Chainlink Price Chart for Prediction
Our Predictions product now has Chainlink oracle price charts along with TradingView charts to better maximize your betting position!
#PancakeMeme Community Event
PancakeSwap hosted a PancakeSwap memes event with the hashtag #PancakeMeme on Twitter! We saw some really creative and original memes! Take a look at the winner and the runner ups:
Lottery Schedule Updates
PancakeSwap’s lottery has always been one of our users’ favorite features. In the past 3 months, it has contributed to more than $5.5 million in $CAKE being burned from the ticket sales! After studying the participation data over the past 6 months and collecting feedback from our community, the lottery round and injection schedule was updated.
The change was to help consolidate the player demand and provide a bigger prize pool for each round of the lottery. With the scheduling change, there will be fewer lottery rounds in a week, with injections of 10,000 CAKE so as to increase the prize pools for you!
Bug Fixes and Performance Enhancements
Every month, lots of small but important improvements are made to our frontend and backend to ensure a smooth user experience. Last month we continued to switch our frontend interface to a better infrastructure, improved performance up to 40% and introduced better error reporting and monitoring.
All of these improvements helped create a better user experience. Again, we want to thank all of our amazing partners from Helix, Binance Smart Chain, The Graph, Chainlink, StreamingFast, and all of our community contributors!
Meet Our New Chef
- Chef Yogi — Frontend Engineer
Chef Yogi, a cute bunny, a web animation guru, and a yoga master joined the kitchen to bring more visual excitement to the PancakeSwap experience. Expect some of his stunning works to appear very soon on the user interface we love.
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
Kitchen Interviews
Kitchen Interviews with Chef Nina 🦆 returned this month with none other than PancakeSwap Head Chef, Chef Snowball! The full interview can be found here.
On top of that, Chef Nina also interviewed… Chef Nina! Check it out here.
Farm Auctions
A total of 10 projects joined Farm Auctions to bid for a coveted PancakeSwap farm pair. We launched #14 and #15 auctions, with 6 winner farms in total in February, burning a total of 59,030 CAKE.
We’ve burned a total of 462,420 CAKE so far since the first auction launched back in August, 2021.
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.
PancakeSwap February Development Visualisations
Check out the development that’s been happening this month on the PancakeSwap Github with 👉 this sweet visualisation video 👈 !
Community Vote Proposals
CAKE gives a voice to the PancakeSwap community, letting the community vote on various proposals that relate to the platform. In February, 8 core proposals were posted for CAKE holders to vote on:
Voting on new farms and syrup pools are important because the new farms will slightly dilute the CAKE rewarded to existing farms but the new syrup pools give CAKE holders the opportunity to stake their CAKE for a new token. All proposals for boosting or adding a new farm and syrup pool were passed this month.
Proposals for adjusting farm rewards are very important. The purpose is to redirect CAKE rewards given to farms that are underperforming and give them to farms that are providing the most value. By doing so, we can incentivize farmers to provide more liquidity to pairs with higher daily volume or unique tokens on BSC. This can attract new users and help increase trading volume. Higher trading volume = more fees collected = more CAKE burned.
One thing that is always unclear to people when reviewing these proposals is that we aren’t “removing” rewards from the farm itself. We are simply redistributing the CAKE rewards from underperforming farms to the farms that are providing the most value.
Notes About Emission Reductions
We understand that the community has questions on monthly emissions, and on our token supply. To be direct, we are revamping our MasterChef contract, which gives us the ability to introduce changes that have a significant positive impact on our tokenomics. Between now and then, we are working hard to reduce our effective emissions. In fact, the Total Effective Emissions for the month of February were 10.585 CAKE per block. It has dropped around 40% since DeFi Summer, and we are on track to reduce it even more with future coming products.
👩🍳🕔 Still Cooking (Coming Soon)
MasterChef v2
MasterChef v2 gives us the power to have more elaborate adjustments on our tokenomics and CAKE emissions. It not only makes Fixed Term Staking possible but also allows us to divert CAKE rewards to future PancakeSwap products.
Safety is our utmost priority, and MasterChef v2 is currently going through multiple internal and external audits. We will be able to share more information on this topic once the audits are completed.
Fixed Term Staking
The smart contracts of the Fixed Term Staking product are also undergoing the final testing and audit process. We are looking at a brand new, all in one CAKE Syrup pool, that replaces all three current CAKE Syrup pools, while adding fixed term staking functionalities. On top of that, if you lock your CAKE in this Syrup pool, there will be extra benefits you don’t want to miss. Can you guess what those are?
We will soon release more information on this topic to ensure all of our community members can achieve a smooth transition and migration.
A New Round of Trading Competition
We are actively working with a well known GameFi project to bring a new round of PancakeSwap trading competition to our community. This time, we will potentially introduce new game rules, more exciting NFT prizes, bigger prize pools to bring more dynamics to the game. So, set up your PancakeSwap profile, choose your team wisely, find your teammates and get ready for the upcoming battle!
To learn more about the previous Trading Competition, check out our Medium article: https://medium.com/pancakeswap/pancakeswaps-fan-token-trading-battle-live-on-10th-december-with-120-000-in-prizes-c0e1b014c9d4
Set up your PancakeSwap: https://pancakeswap.finance/create-profile
Perpetual Trading
We’ve been developing this feature with a partner to provide deep liquidity, superb risk management module and smooth UIUX from the get-go. While we expect this feature to bring in new users, traders and volume, we want to ensure the value accrues to CAKE, adding utilities for CAKE and a source of burn. We will also be launching a kick-off event that encourages users to sign-up and try. All in all, please stay tuned and it will come very soon!
NFT Based Gamifications
Gamification settings require deep research in game economics and development of a seamless application, we’re working hard to deliver that. Since it will be our first exploration in this sector, we’re also planning for a simple game to test the water and understand the preference of our users. We are currently in the testing phase and hope to be able to announce it soon and add one more reason for you to come visit PancakeSwap daily!
Chefs AMA
📢 AMA with #PancakeSwap Chefs！
Join us on our Discord on 10th March, 13:00 UTC to meet your favourite chefs and ask them anything. You can also leave your question under this thread.
Discord 👉 https://discord.gg/pancakeswap
(Check out the read-first channel and acquire proper roles)
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/
Still hungry?
🤔 Apart from all the new things mentioned above, is there anything else you’d like to see?
Let us know on Twitter, in our Telegram group, or over in our growing Reddit community and Discord server.
Stack ‘em!
Chef Xander 🐰🥞
