Recap: Kitchen AMA #2 on Discord (Q2 April)

Dear CAKE holders! 🦆
Thanks to the positive voices to the March AMA, we had the AMA in April again! The primary purposes were to explain MasterChef v2 and answer the questions about Q2 Roadmap items.

Kitchen AMA on Discord returns… with more chefs’ voices!

Due to the connection issue at Chef Snowball’s side, he joined via text this time. However, there were the other chefs who jumped in with their voices. It was unplanned and surprised even the event organiser duck. They enjoyed AMA too much and leaked something.

Chef Snowball was melting because of spring weather.

AMA information

Again, one of our lovely discord admins, CakeMage🧙 moderated the AMA.

Moderator:
CakeMage from the community

Speaker:
Chef Cadbury(Project Manager)
Chef Bun(Project Manager)
Chef Cheems(Dev lead)

Participants from the kitchen:
Chef Snowball (Head Chef)
Chef Taro(Business Development lead)
Chef Nina(Duck)
Chef Fran (Spanish Community Manager)
Chef Tooty(Full Stack dev)

Channel:
*text-ama-chat (always open for free chat)
*text- ama-q-and-a (only available during question time)
*voice-AMA-stage

Chef Cheems made the six users angry as soon as AMA started.

So let’s get on with the recap!

First, Chef Bun presented very educational content about the new MasterChef v2.

MasterChef v2

Q. What’s MasterChef?

🥟A(Chef Bun). MasterChef is our main staking contract which controls the CAKE minting and its distributions. Like what you see in the Tokenomics graph, x amount of CAKE per block is going to pools, y amount of CAKE per block is going to farms, and MasterChef controls this.

Q. What’s the limitation of the current MasterChef v1?

🥟A. Not very flexible, difficult to extend.

• The CAKE per block is fixed on “Stake CAKE, Earn CAKE” pools.
• It’s challenging to control emissions/burn. (Things have been smooth, but that’s because the Chefs who are responsible have been doing a fabulous job, migrating to v2 is going to make this process easier and smoother)
• The CAKE staking pool is embedded in MasterChef. Therefore we have limited control over the CAKE staking pool. It has been a great challenge to develop any new products on top of it.

Q. What are the benefits of MasterChef v2?

🥟A.

Better control, Extendability and Flexibility
We now have built-in burn control logic. MasterChef v2 could help achieve a more accurate burn, and it’s extremely useful in future emission reductions.

• On top of that, we also have a set of emission control logic that is more elaborate than v1 and most importantly, it suits our Tokenomics. Let me give you some examples:
• ^ We are now able to fine-tune the emissions on CAKE staking pools.
• ^ We are now able to make a fixed-term staking product.
• ^ This system is also future proof. We can directly plug in future products if they need CAKE incentives.

Bringing new joy into LP farming.
MasterChef v2 enable us to build more advanced products on PancakeSwap farms.

• ^ Such as the farm booster that is coming in Q2. We can focus and direct more farming rewards to those users who are loyal to CAKE.
  (🦆 Chef Bun let slip that he would provide more details shortly. )
• ^ What’s better? We could use other metrics. It’s not only limited to CAKE staking and holding. We can’t leak too much, but this could potentially boost our ecosystem products.

Q. What are we going to do with Fixed-Term Staking?

🥟A.

Farm Booster

We will reward users who HODL their CAKE a better yield from PancakeSwap farms. So the more CAKE you HODL, and the longer you HODL, the better the yield you are getting from PancakeSwap farms. We are currently cooking this dish, so until more details are settled, I can’t reveal more info, otherwise, some other fellow bunnies will kill me. Since I’m a dumpling, I guess it could be steaming or pan-fried.

IFO

As business development bunnies are looking for quality IFO candidates, the product team will migrate the IFO pool and the IFO credit system to the new fixed-term staking pool. It’s the same story as before, HODL CAKE participating in IFOs. And we all believe the new fixed-term staking CAKE pool is the best way for users to HODL their CAKE. Because apart from IFO and Farm Booster I mentioned above, we have more coming next.

More

We can’t leak whole lot but just like what we’ve shown in this photo. We are going to keep adding utility to the fixed-term staking pool, including governance voting, which allows users to get further involved in our protocol. We understand that the farm adjustments votes are not very ideal, and this could be a significant improvement to it. And like the photo says, we are going to try to make it expand across our entire PancakeSwap ecosystem.

🦆 Chef Bun repeatedly mentioned that he didn’t want to spoil the fun, but he shared a lot!

Lottery

Q. Can anyone explain in layman terms what lottery by staking means?

🐰A(Chef Cadbury). In layman terms, users can stake CAKE in this new lottery game, and part of the staking rewards will be used to participate in each lottery round. Staking rewards will be funnelled to add up to the prize pot. So, a few things are new here, at least in our current plan:

*First, users are paying from their staking income to participate instead of paying out of their wallet for each ticket which is around US$5.

*Second, users who stake CAKE in this game will automatically be participating in each round of the lottery; and

*Third, lottery rounds in this game will be triggered to run when the prize pot reaches a certain amount;

The lottery is one of our most popular subsidiary products. Auto-participation, triggered by prize size, are something that many users have been asking us to add. We just think that participation by staking will be an elegant solution on all technical sides, user experience and Tokenomics.

We think the lottery helps us to increase CAKE revenue and burn.

🧙 Q. Nice! If I understand correctly, the users can just stake in this new pool and then automatically participate in the lottery?

🐰A. Right. We’ll use the staking rewards added up to the prize pot. The users who’re staking in this pool will be the participants.

🧙 Nice…Awesome…

🦆 CakeMage seems to be a gambler, confirmed.

NFT Gamification

Q. What happened to Gamification and more NFT utility?

🦆This wasn’t delivered in Q1 and not in Q2 Roadmap. Therefore many users asked for it.

🐰A. We understand that we put gamification on the Q1 roadmap and have taken it away in Q2. I will try to explain this from 2 angles.

First, in Q1, we actually did work on developing and creating our own mini-game to understand the community’s interests. As simple as it sounds, we developed this bunny racing game, — it’s just a game for users to bet on the Bunny that would run the fastest in each round. But upon testing it and rethinking the direction of gamification, we believe that we needed much more research and development to make this content meaningful in terms of rewards, user experience and entertainment value. We did not want just to launch anything with sub-par quality to fulfil the roadmap item. We will launch it when it’s to a point where we feel like it can provide real value, like entertainment value, or Tokenomics-wise, it can help with CAKE or user acquisition. So we did develop something and shelved it.

Secondly, we’ve also been rethinking the gamification direction. Different ideas are floating around. Do we want to launch completely unrelated mini-games? Or should we focus on gamification related to our core products like farms, pools, and IFO — more like task-based or achievement-based UI? Or should we further solidify our role as the platform within BSC to work with other game projects to bring game content and NFT utilities to our site while providing exposure and traffic value to them? These are the directions we’re thinking and headed. While we cannot disclose the names as nothing is set in stone yet, we have started some initial discussions with several biggest game projects on BSC.

We still believe in games and gamification as the long-term trend and as an essential aspect to increase adoption in general. We’re still working on it, but we do not want to set a deadline to rush it — if it is not but to the standard where it can provide real value to our users.

ZAP

Q. Not a question, but please give some comments about Zap details.

🥟A. This is a question for Chef Cheems, but he’s away from the keyboard at the moment, so I’m going to answer it.

Zap is the function to make adding liquidity/removing liquidity much easier.
You have to go through a relatively complicated process if you want to add liquidity now. First, you have to swap, prepare two tokens 50:50, go to the liquidity page, and provide it. It is not a super complicated mess, but it’s challenging for DeFi beginners.

ZAP feature is very newbie-friendly, for anyone who got entered DeFi Space. We think right now it’s good timing to add this feature as we are getting more new users via the mini-program in the Binance app. Even if the users aren’t familiar with DeFi, they will be able to add liquidity with a single click.

Prediction

Q. Can you provide any information about what “& more” means for prediction?

🥟A. We…put…” more” as a teaser…. ah…….

🧙Please. Elaborate.

A. OK…Some features are reserved in “more” for a reason, lol. So let’s try to keep some of the surprises and fun on the launch day or the announcement day. However, I could hint that “more” could possibly include something to do with some of our existing ecosystems or products. PancakeSwap always tries to provide a uniform ecosystem experience to our users. And we are looking into adding more features to tighten this up. We can’t give more details for now, sorry.

🧙No problem! That’s probably a good segway to the next question, which is also about prediction..

Q. Multicurrency predictions on the way?

🥟A. Many community members have been asking to support the other tokens, not only BNB. So yes, we’re making it. Predict the next supported currency on Prediction and make a guess. 🔮

🧙 My guess is probably CAKE, but I’ll be happy to surprise any other tokens.

🥟 Maybe. lol

Affiliates program

Q. What’s the update on the affiliates program?

🥟A. Making an affiliate/referral system that works in the anonymous DeFi space has been challenging. Forking the existing system and blindly providing the precious CAKE isn’t good. The numbers aren’t that important now. We want to attract real users who are not in the CAKE ecosystem now and reach out to those who aren’t in DeFi space now, with a better system. That’s why we went in the direction of collaborating with Binance on a mini-program. We consider that getting CeFi users is more important. We will take a little more time to design and develop a better system that works. We don’t want to boost just the numbers.

🧙 That makes a lot of sense… oh! Cheems, are you there?

🐕(Chef Cheems) (The sound of closing the door)

🐕…Hello!

Q. Does the team plan to improve the usability and/or performance of the current NFT marketplace? It is still quite limited and slow (sometimes out-of-sync)

🐕A. We couldn’t spend enough time on the NFT marketplace due to other higher priority products: MasterChef v2, Fixed-Term staking, etc. We fixed some minor bugs.

Currently, we are hosting the hackathon along with the BSC team with the bounty, please join if you’re a developer! We’ll also have another hackathon right after it. Please keep your eyes on our announcement. About us, once top priority items are done, the team can spend more time on it.

Live Q&A

Chefs and CakeMage picked questions and answered them. 🐇🐇💨💨

Q. When will you post Pancakeswap v2 Audit to us？ What‘s the new cake pool’s smart contract address？

🥟A. Slowmist and Peckshield, and two others have audited MasterChef v2 contract. We’ll publish the audit report really soon.

Contract address is 0xa5f8C5Dbd5F286960b9d90548680aE5ebFf07652

More info: https://docs.pancakeswap.finance/code/migration/masterchef-v2

Q. When are we going to see the Locked staking APYs?

🥟A. APR/APY are very dynamic figures. It depends on how many CAKE will be staked in and how long they stake. We’ll see the number when it’s launched.

🦆 After Migration, the release date of Fixed-Term Staking was announced!

Q. How chefs can ensure that the APR of Fixed-Term Staking won’t drop lower than Flexible staking?

🥟A. If more users choose to lock their CAKE, flexible APY would be lower. Like any of the previous CAKE pools — more CAKE staked, lower the APY. However, fixed-term staking positions will always have a fixed yield boost rate based on flexible stakings.

Q. Is there any “max staking” per wallet?

🥟A. No. It’s really easy to make multiple wallets and stake via each wallet… “max” restriction isn’t helping much.

Q. How can I become a pancake intern?

🦆A. We are not taking interns currently.

Q. Do I understand correctly that additional rewards for locked stacking will increase token inflation? (edited)

🐰A(Chef Snowball). No, there won’t be other newly minted CAKE. We plan to redistribute the rewards so that the users who stake for a longer time will get more rewards, and those who stake for a shorter time will receive fewer rewards.

Q. Did you say no new Cake will be minted?

🐰A(Chef Snowball). There will be new CAKE minted going forward, but we are doing Tokenomics redesign now to lock more CAKE and increase revenue to burn more CAKE. We plan to release the new Tokenomics design in early May, so stay tuned.

Q. Any plans to build a side chain specific for CAKE? That can burn CAKE and act as a better sidechain.

🐕A. Yeah BNB Chain team was proposing some ideas, but it isn’t in Q2 or Q3… It’s more question to them. We’ll have some kind of related thing coming up soon. I don’t know if we announced it already or not.

🧙 Is that a leak???

🐕 Yah, I guess… There is one product which our users like a lot. It will have a non BSC application in Q2. I’m not sure if I could say this woof woof.

🧙 OK, OK, all right, I got you. It sounds a bit complicated.

🥟 NOT. ANNOUNCED. YET. I’ll definitely kill you.

🧙 lmao

🧙Q. There’re many questions about Gamification and NFT utilities. Although we touched on them earlier, Cadbury, can you go through the questions?

🐰A. As I mentioned, we’re thinking in the whole Gamification direction. We want to be a platform for the BNB Chain ecosystem, so we are actually trying to bring another game project to our platform. We’re asking these games to accept our assets, NFTs. You know, some of our characters to be used in their games. It would be one of our NFT utilities. It’s still a concept, and we’re discussing it with the partners.

🧙 That’s pretty good and exciting. Great to hear that chefs are chatting with the other GameFi projects.

Q. Any update on the achievement/point system?

🥟A. We haven’t forgotten about that. It’s challenging to touch anything without leaking too much. We…just want to tell you that we haven’t forgotten it.

🐕 We’re in the planning phase, but not in Q2.

🧙 Oh, so it’s not forgotten for sure!

🐕 I think it’s hard to forget when I have 2000 points or something.

🧙Q. There are some questions about IFO and Emission reduction voting.

🐕A. Both will come sometime after MasterChef v2 migration. We do not want to do anything in the middle of migration. Once the migration is settled, we will have IFO and voting usually.

Q. How have you found the impact of incorporating the Binance Mini App?

🐰A(Chef Cadbury). We are still trying to promote it. The main target of the mini-program is not the existing users but Centralized exchange users. We are working with the Binance team closely. I can’t share much information, but you will see more promotions.

🐕 Mini program development hasn’t been finished yet. They plan to implement more PancakeSwap features to mini-program for Binance users. They have only Swap and liquidity right now. Other products will be coming soon.

🧙Q. Will the NFT marketplace be added to the Mini app too?

🐕 I think the NFT marketplace isn’t under development now. The next product to be supported on the Mini app will be farming. The marketplace could be, in the future, but it’s the question of the Binance team.

🧙 Isn’t it another leak?

🐕 .whine….

🦆 By the way, Easter Promotion is already ongoing, don’t miss it!

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Q. How is recruitment coming along?

🐰A(Chef Snowball). Going well, actually. We should be able to bring some new devs within Q2 to do more things in parallel. We also recently had a new product manager join, Chef Mochi.

🦆 Mochi looks delicious 🤤

We are still hiring! Please check the job offer information: https://docs.pancakeswap.finance/hiring/become-a-chef

Q. Snowball, wen the Cakers win the competition?

🥟 Never. (Chef Bun belongs to Fearsome Flippers)
🦆 Never. (Chef Nina belongs to Syrup Storm)
🐰A(Chef Snowball). I guess I will have to do pole dancing now.
*Snowball belongs to Chaotic Cakers. He’s always told to pole dance as part of cheerleading.

🥟 This time, we have changed the rules a bit. If you are in the top 100, no matter which team you belong to, you can get both PancakeSwap NFT and MOBOX NFT.

🧙 Nice, go, Flippers!

Q. Have you considered allowing users to provide BNB for the purpose of securing the Binance Smart Chain and allowing users to receive % back of the rewards? Similar to Tranchess and ANKR? Perhaps use a portion of the rewards for burning Cake.

🐰A(Chef Snowball). this is not a bad idea, actually. We can potentially charge a % of the reward as a service fee and burn it.

Q. Most important question, what are the guy’s favourite pancake and waffle toppings?
🦆A. Stack more pancakes with Nutella as glue. No waffle, please.

Q. Pancakeswap Merchandise!!?

🦆A. It’s not in the roadmap but stay tuned!

Q. What steps Team Pancake swap is taking to increase the market cap of cake & reduce the circulating supply of cake?

🐰A(Chef Snowball). I think you will be happy when reading our new Tokenomics redesign post in early May.

Q. Wen New Macbook for ChefSnowball?

🐰A(Chef Snowball). The best question today.

Closing words:

🥟(Chef Bun) We’ll migrate tomorrow, keep your eyes on Twitter/Telegram Announcement. Make sure you’ll get the latest migration news.

Thank you, everyone, for joining!

🧙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
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🥞 Join PancakeSwap Discord server now!