Recap: Kitchen AMA #1 on Discord
Hello CAKE holders!! 🦆
We had AMA on discord on 10th March, here’s the summary article of it. I’m very sorry for being late to publish it, I turned the bowl of batter over accidentally and it took time to get it clean…
First Kitchen AMA on Discord… with voice!
Having AMA has been Nina’s long-held wish, because it’s a really nice opportunity to communicate with each other. It’s also important that users know what kind of bunnies work in the kitchen in my opinion. So, after 1 year of silence, the kitchen finally managed to hold AMA.
At first I had planned to have an AMA in text on telegram, but Snowball said that voice communication would be better and more sincere, so we had decided to have AMA with voice. Who would have expected a bunny to talk!? As you may know, we have set up our discord server to have better, deeper discussions for each topic. It also supports both voice and text chat features, so we’d selected discord as a venue.
AMA information
This time, one of our lovely discord admins, CakeMage🧙 willingly accepted the role of moderator.
Moderator:
CakeMage from the community
Speaker:
Chef Snowball (Head Chef)
Participants from the kitchen:
Chef Taro(Business Development lead)
Chef Cadbury(Project Manager)
Chef Bun(Project Manager)
Chef Cheems(Development lead)
Chef Philip(Frontend developer)
Chef Nina(Duck)
Chef Grey(RU Community Manager)
Chef Xander(Social Manager)
Channel:
* text-ama-chat (always open for users’ chat)
* text- ama-q-and-a (only open during question time)
* voice-AMA-stage
Now let’s look back at the questions!!
Tokenomics
Q. When will emission reduction happen?
🐰A. 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, which have dropped around 40% since DeFi Summer, and we are on track to reducing it even more.
FYI: November Emission reduction
Q. How’s the new Tokenomics (masterchef v2) going to be different from the current one?
🥟A. MasterChef v2 upgrade is the key, and a very important first step towards more flexibility in adjusting the Tokenomics and reward distributions. Meanwhile, the migration from v1 to v2 should be as seamless as possible.
We understand a lot of the community members are expecting a huge change in Tokenomics upon the MasterChef v2 launch. That is not the case. However, once we are on MasterChef v2, Chefs will start making adjustments and be able to implement a whole new set of brand new products, moving us towards a freshly new CAKE Tokenomics.
Q. I would love to know a bit more about how the new MasterChef V2 will give PancakeSwap new freedom to do new things for Tokenomics.
🥟A. Let me give you a few examples:
Imagine we are cooking up a shiny new product that requires a certain, fixed amount of CAKE per block being allocated to it as incentives or rewards.
Currently, there is no easy way to achieve that using MasterChef v1 without significantly increasing our operational cost, or adding a lot of instability to the system. However, in v2, we could easily plug those shiny new products into our CAKE ecosystem.
On the other side, being able to make fine adjustments, such as the emissions of the “Stake CAKE, Earn CAKE” syrup pool, allows us to make new products like the upcoming “Fixed-Term Staking CAKE Pool”. Allocating more value to those long-term CAKE holders.
Q. Instead of manually buying/burning cake every week, auto buy/collect cake as fees with discount on every swap makes it easy right?
🐰A. All the trading fees are currently collected in native tokens in the form of LP tokens when liquidity is added or removed. This is a design to minimize the gas fee for every single swap. Calculating and processing this charge on swaps would significantly increase gas costs for all users.
It’s a very lovely idea. But unfortunately, due to the current limit of the blockchain, it’s not very technically feasible.
Fixed term Staking
Q. Please can the kitchen explain how the ‘Fixed-Term Staking’ will work with regards to the APR/APY? How is it worked out? (I don’t expect for you to tell us the APY just yet)
Also can you provide an example of lock-in times eg 30 days, 60 days, 3 months, 6 months, 1 year? Fee to get out of the pool earlier?
🥟A. APR and APY are very dynamic and subject to the number of tokens being staked and the overall condition of the staking pool. So we can’t predict any actual number for you. Since we do not have any crystal balls. 🔮
However, one thing is for sure. The reward is going to be boosted with the duration you chose to lock. That means: Lock for longer, earn more.
As the name suggested, “Fixed-Term Staking” does not allow you to exit the pool earlier. On top of the boosted rewards. We also have a series of secret ingredients put into the Fixed-Term Staking pool to make it extra flavorful. I’m pretty sure you will not want to exit the pool and miss out on that.
Roadmap
Q. Is the Q1 roadmap still going to be implemented? Few weeks left.
🥟A. A large number of the Q1 items are in the final stages, either testing or under internal/external audits. While we do have some roadblocks on some of the items like we are not able to control some of the delays caused by third parties. Rest assured all the Chefs are working at their best to bring you those dishes as soon as possible.
🦆 For your information — after this, we had Duet IFO, joined CrypTown by CoinMarketCap, released Perpetual trading, announced Binance mini-program, integrated CoinGecko BSC token list etc.
Q. Any hints of the upcoming Q2 Roadmap?
🥟A. That’s too soon for a leak. 👀
I don’t want to leak too much but we have a lot of items on the board, if you have paid attention to the “backlog” section of the previous to-do lists, you will find some of the items very familiar. (wink wink
Exchange
Q. How does PCS plan to maintain competitiveness versus other DEX such as 1inch which have auto slippage, less rug pulls for new users, and lower transaction fees?
🐰A. 1 inch is not a DEX… It’s an aggregator. Actually, if you are trading major pairs, 90% of the volume is still going through PCS. We have more “rug pulls’’ simply because those projects use our name to promote. They could ask users to trade on 1inch, but their name is less popular.
Perpetual Trading
Q. When is prep trading being implemented ??and is this confirmed cake being the gas fees?
🐰A. To ensure we have sophisticated risk management modules, deep liquidity and smooth UIUX, we’ve worked with a partner and we hope to bring you the news and progress very soon. No doubt you will hear about this before the end of Q1. Yes, CAKE will be set to be spent as trading fees (not gas fees), in fact, users paying trading fees in CAKE will receive a discount, adding utilities to CAKE. Trading fee profits will be used to burn CAKE.
🦆 For your information — Perpetual trading was released on 14th March!
General
Q. What inspired the team to have bunny and CAKE as their logos?
A. At that time food+DeFi was a trend. The founding members were looking for food which has emoji, and decided to use pancake 🥞. The designer Chef Bugs found the cute bunny with pancakes on its head on the internet(famous meme) — so here we are!
Q. How is PancakeSwap working to pave the way and grow the dex industry in spite of regulations being established?
🐰A. Scalability,transaction fees, optimization etc are more of the works for the BNB chain team. We have been talking with them on these topics for a long time, and they recently published a new roadmap. Please read it. On their roadmap, there’re multi chain solutions, application side chain etc. We can help optimize the scalability and other issues on DeFi, overall it will help BNB Smart Chain too.
Q. Which new feature is the kitchen crew the most excited about, and which existing feature can we expect to see a boost?
🥟A. (Chef Bun) Personally I’m excited to see the new Fixed Term staking CAKE pool and the dynamics it brings to the CAKE staking.
🐰A. (Chef Snowball) I’m super excited about Masterchef v2. We will be able to do a lot more stuff with new Tokenomics.
🦆A. Prediction 🔮
Q. What do you think about the suggestion from some members that ifo should be done together with binance launchpad? Since some people are more confident with coin/token in the launchpad and it could increase ifo hype in pancakeswap community..
🐰A. We are always working on this but sometimes we have hurdles like the project is not on BNB Chain or does not want to go the decentralized fundraising route, etc.
Q. Apart from IFO projects, can we expect some regular farm/pool projects having CAKE as their liquidity pair?
🐰A. Yes, that’s the plan but we will see how Duet’s CAKE pair farm performs before taking the next step.
Q. What is the progress and/or delay on hiring a chef to manage, promote, and solve social and community needs?
🦆A. It’s always difficult to find a good one. Recently we welcomed one social bunny, but we are looking for more! Please check the hirig information below.
🐰 We are missing the public face bunny currently, and plan to expand marketing team more. If you have any experience in that field, please check:
https://docs.pancakeswap.finance/hiring/become-a-chef
Live Q&A
Cake Mage picked questions and Snowball answered them. Other text chefs answered the posted questions by themselves — so this AMA went 2x speed 🐇🐇💨💨
Q. perpetual trading planned after lending & borrowing ?
🐕A. Perpetuals before lending & borrowing.
Q. Will Lending and Borrowing be coming in Q2?
🐰A. not necessary in Q2.
🦆 It’s powerful, but also risky product. We really need to consider it very very well.
Q. Are there any plans about NFT GamiFi?
🐰A. GamiFi? Yes. Actually Chef Cadbury is working with the other projects to release a gamification product. If it goes well, we will introduce more.
Q. how do you deal with the many fake pancakeswap apps in the appstore and playstore?
🦆A. We report them daily. Unfortunately it’s tough to prevent them in advance, so the users also need to learn how to protect themselves.
Q. What about the NFT marketplace?
🐰A. It’s a tricky one. Last year the team spent a lot of time on it… but the BSC NFT ecosystem is not super big, the NFT ecosystem is much better on Ethereum, that’s the fact we have to fix. Hence we are trying to shift the strategy a little bit. We work on adding more utility to the already published NFTs, and not aggressively develop the NFT marketplace right now.
Q. Have you considered the longer the stake, the greater returns (similar to curve ve token model)
🐕A. Yes, this is basically what fixed-term staking will be like.
Q. How possible is it to see PancakeSwap as a mini app in the Binance app?
🐰A. Um…..mmm…. okay…. To be honest we are in the discussion, but ah….I can’t leak too much. If it goes well, you guys will see something big.
🦆 Snowball suddenly became faltering in his speech. As you know, PancakeSwap is now integrated to Mini program on Binance app. All chefs loled when we saw this question, one chef even took a screenshot!
Q. Is Chef Nina Russian ?
🦆A. Нет.
Q. Can the community hear Chef Nina talk?
🦆A. NOOOOOOOOOO
🧙Maybe we can organize something next time.
🦆Before I became a chef, I was playing prediction with other users while drinking. If there is a demand I can do…
Q. What is the long term planning for the prediction?
🐰A. We are doing some optimization there and we’re also actually exploring the optional partners to introduce more prediction and betting types of features. Of course there’s many technical difficulties, but we will.
You may know many other prediction projects are not decentralized but centralized. You bet, but you don’t know what happens because such information is not on-chain, that can be called black box. Although it’s risky, we have to admit that they have better users’ experience (UX).
If the users prefer those centralized predictions, we can do so, however there is a concern that more users hate it because of its blackbox. This is the balance we need to find out.
🦆PancakeSwap aims to have full transparency and fair judgment on the prediction. You can find all information on contracts and the operator doesn’t set the price (no cheating), the Chainlink oracle price is used.
However there’s the delay issue because of this and the users feel they’re cheated even though it’s impossible. The difficulties here are, full fairness/transparency + less UX vs less fairness/transparency + rich UX. Please refer to the documentation for more details.
Q. Are we going to see Syrup pool and farming of Duet on PancakeSwap?
🥟A. After every IFO there will always be IFO project farms and pools.
Q. Some projects have trouble attracting investors when the initial launch doesn’t go exactly as expected, but it seems like your community is as strong as ever. How were you able to build such a strong and loyal group despite early challenges? How are you planning to continue to build on that foundation now that things are firing on all cylinders again?
🦆A. About the first question, it’s all thanks to the community. The team has been working on the development, the community has seen that, and they have made the community by themselves. I have talked about the community in my interview!
🐰A. About the second question, we will plan more community events. We should have done…anyway we should do more. We have more than 20 chefs now and can handle those events. Not only AMA, but some online sessions, casual discussion etc. In addition to it, all our admins are super super helpful , they manage our community and answer many questions!
Q. Wen next Team Battle?
🐰A. Targeting April. Already in discussions with a project, trying to get more NFTs rather than just tokens.
🥟 Regardless the timing of the next battle, join Flippers.
🦆 Shut up.
Q. Is Chef Nina only the female chef?
🐕A. No we have 5.
Q. When can we see the use case of task points?
🐰A. Honestly it isn’t in the Q1 Roadmap and can’t say the exact timeline. We can talk more in the next session when we introduce the Q2 Roadmap.
🦆A. We want to have the proper use cases. We’ve been talking about this in the kitchen for long.!
Q. What is DeFi league, what is PancakeSwap doing in it? Which project is your good friend?
🐰A. Contribute ideas on how to improve the BNB Chain as a whole and also explore partnerships between members. Along with projects like DODO, Tranchess, Alpaca, etc. we are steering members of the DeFi League. Steering members are founding members and part of the committee. There will be new DeFi League members who can join either by referrals from the Steering Committee or projects in the MVB program.
Appendix:
2.1 The Steering Committee
As part of the Steering Committee, you will play a pioneering role in establishing the wider DeFi League and embody the spirit of collaborative innovation. The Steering Committee has been nominated by the BSC Core team based on highly selective criteria.
The inaugural Steering Committee will reflect the diverse spirit of the DeFi League, including:
PancakeSwap, DODO, Venus, ApolloX, Deri Protocol, MCDEX, Tranchess, Alpaca, Celer cBridge, LayerZero, Chainlink, NodeReal, GSR.
Additional members from leading DeFi projects that embody the values of the DeFi League may be added in the future.
2.2 DeFi League Members
We believe in building a highly collaborative ecosystem that empowers the next generation of builders. In this light, we will create a general body of DeFi League Members who will galvanize our mission of collaborative innovation. This will include but not be limited to:
- Projects in the #MVB program.
- New projects referred by the Steering Committee.
🐰 BNB chain right now is, to be honest, under a lot of pressure. The other chains give a lot of incentives to their ecosystem. BNB chain is trying to figure out how to compete, and also try to unite the projects in the BSC ecosystem.
Q. How is limit orders implemented, for instance if the price is shifted by a lot from 1 to 10 and you want to buy at 2,how is that achieved? How quickly the bots of gelato notice price change and react and how do they sell at 2?
🐕A. Gelato checks the price every 10 seconds and executes immediately if price is reached.
Q. Yes but the price is transactional, so now the price is 10, how will PancakeSwap achieve the price of 2 as per my limit order?
🐕A. It will execute at 10 and you will get 5 times as much tokens in return. I think that’s a good thing. Why would you want to get less? The limit price you specify is the lowest you want to sell for, if it’s more — you just get more.
Q. I don’t really understand “Duets allow traditional assets to migrate to high yielding crypto assets”, I understand that they can migrate to blockchain easily, but how do they actually guarantee that they will be “high yielding” without sacrificing liquidity?
🦆A. IFO AMA doc would help. If not, please ask them!
Leak #1
🦆This one has been already released after AMA — it’s Perpetual Trading!
And we are doing the campaign! Join now!!
Leak #2
🦆 Guess what?
Closing words
🐰(Snowball) Thanks guys for attending today’s AMA. ~200 people joined. Next time we can enable the audience to speak up, so that we can be more interactive, depending on how many people join of course. We should do this more often, talking ideas, brainstorming, listening to the users complaining…which is actually good, just text chatting is also fine. We can plan the next one!
🧙Thanks to everyone!!
Thanks for reading!! Lastly, don’t forget to join our discord server and follow our twitter account.
Chef Nina 🦆
🥞 https://pancakeswap.finance
🥞 Twitter
🥞 Join PancakeSwap Discord server now!
