Recap: Kitchen AMA on Twitter Space (January)
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Good afternoon PancakeSwap community and CAKE holders!🐰
Here’s a recap for those who missed the live AMA on Twitter Spaces.
Chefs looked back at their achievements in 2022 and shared their plans for this new year.
They delved into the details of PancakeSwap 2023 Q1 roadmap and had a fantastic time connecting with the community. It was a fantastic kick-off to the year and a memorable event for everyone.
Participants:
- Chef Mochi 🧑 (Head Chef)
- Chef Bun 🐰 (Product Manager)
- Chef Gyoza 🥟 (Product Manager)
- Chef Icy 🥞 (Business Development Lead)
- Chef Fran 🧉 (Community Manager)
- Chef Brownie 🍫 (Marketing Lead)
Chef Fran🧉 was moderating the AMA.
Opening Words
Chef Mochi🧑: Hi everyone, welcome to 2023! Thanks to everyone for joining the first AMA of this year.
Looking back on 2022, the Chefs are very excited by what we have achieved during the year. We have revamped our tokenomics, introduced locking, Pottery, StableSwap, Perpetual Trading, IFO updates, and successfully went multichain.
During the bear market, the Kitchen has been even more focused on delivering products and utility to the community, since we can all focus more with less noise on CryptoTwitter.
The PancakeSwap of 2022 is a far cry from the PancakeSwap of 2021, and we’re confident that 2023 will be even bigger and better. We have a talented team of Chefs cooking up some exciting new things.
Now, let’s dive into the Q1 roadmap! Our Kitchen has grown in size and expertise, with more Chefs bringing their own unique ideas and experiences to the table. Chef Bun will introduce the much-anticipated v3 upgrade set to launch by the end of the quarter, and Chef Brownie has some exciting new marketing initiatives in the works.
Ok, enough introduction from me; let’s dig deeper into your questions on the Q1 roadmap!
Pre-Collected Questions
Q. Chef Fran 🧉: What’s v3 Swap and Liquidity Update? What’s going to happen with v2 Liquidity?
A. Chef Bun 🐰: As we previously mentioned, DEX is our core product. We constantly focus on improving the capital efficiency and user experience for traders, liquidity providers, and CAKE yield farmers. Previously, we have made many minor but profound improvements, but it is time for a giant leap.
The update will bring a streamlined and user-friendly trading, liquidity provisioning, and yield farming experience. All the tools and information you need will be readily available in one convenient location, with a simple and intuitive interface.
With the deployment of trading v3 by the end of Q1, we will steadily migrate our farms and liquidity over to the new version. We will announce the details and timing of the migration ahead of time, as well as all the technical information and testnet addresses for BNB ecosystem partners. We will have a migration page for users to guide you through the entire process. Expect the same smooth migration experience as last year.
We’re also looking for ecosystem partners for our v3 launch. If interested, please get in touch with our BD team on telegram: https://t.me/PancakeSwapBD.
Q. Chef Fran 🧉: What are your strategies and plans for multichain expansion?
A. Chef Mochi🧑: The PancakeSwap team is looking to expand to at least one or two other blockchain networks this year. Our top priority is to provide users with services they will find useful, as well as manage CAKE inflation and work to increase the value of CAKE.
We will only consider expanding into new chains if we can provide a high level of service and if these chains have the potential to grow our community over the long term. The team will carefully evaluate any future expansion into L1 and L2 chains with these considerations in mind.
Q. Chef Fran 🧉: What’s Market Maker integration, and how will it help PancakeSwap?
A. Chef Mochi🧑: PancakeSwap is working with Market Makers to help execute user trades. Market makers, or MMs, will work alongside our existing Automated Market Makers (AMMs) and won’t replace them. For example, if a trader wants to trade the MATIC token on PancakeSwap, and we don’t currently have an AMM pool for it, the MM can step in and execute trades using their own liquidity. From the trader’s perspective, nothing changes. They still go to PancakeSwap to trade, but they’ll see that the MM is executing their trade instead of the AMM pool.
There are several benefits to working with MMs:
- As PancakeSwap is still growing, MMs can help us offer trades on many tokens that we still need AMM pools for, allowing us to scale quickly.
- The fees are low and competitive, which traders will appreciate.
- It allows PancakeSwap to be strategic with our CAKE emissions, as we don’t have to incentivize every token with CAKE to acquire liquidity.
By working with MM partners, we can reduce CAKE inflation.
Q. Chef Fran 🧉: How will Ambassador and Affiliate program work and how can someone be part of it?
A. Chef Brownie 🍫: Our mission is to become the leading multichain DEX in the industry and an affiliate program is an essential aspect of our multichain expansion strategy. So let me take this chance to share some details with you all:
First of all, let me explain how an affiliate program works:
Affiliates will receive incentives for promoting our brand and directing users to our platform, leading to increased adoption and a larger user base.More users and transactions on our platform will drive the overall growth and development of the PancakeSwap ecosystem.
As you are all aware we are a very established brand in the space and our goal is to bring it to the next level! An affiliate program will allow us to reach a wider audience by leveraging the networks and connections of our affiliates. This can be someone with a blog, Twitter, Youtube, and even media outlets. This will help us increase our company’s visibility and attract new users. With a sophisticated product already in place, our next step is to expand our global brand presence and bring our brand to the next level.
So how do you become an affiliate?
To become an affiliate, you must have a significant following on your website, blog, or any social media platform. You should have a good understanding of our products and be able to explain them to your audience. More details will be released soon once we get closer to launch so please stay tuned and look out for our announcement.
So to sum it up — an affiliate program will be an essential tool to help us become the leading multichain DEX and will also help us to increase adoption, build a stronger community, and overall growth of the PancakeSwap ecosystem.
A. Chef Fran 🧉: Our community plays a crucial role in the success of our protocol. We have been fortunate to receive a lot of support from our community members over the years, and we are deeply grateful for their contributions. We will launch our ambassador program in the coming months to recognize our community members and expand our global presence.
Through this program, members of our community will have the opportunity to become officially recognized as PancakeSwap ambassadors and to play an even more active role in shaping our future. Ambassadors will help us moderate our lovely community, help with content localization, and participate in industry meet-ups and events! You must be an active member of our community and be able to demonstrate your engagement and support for the project.
As an ambassador, you will be recognized for your contributions and receive exclusive perks and benefits as a token of appreciation. We will soon announce the ambassador program details and application ways, so please look out for the announcement and become a part of our fantastic CAKE gang!
Q. Chef Fran 🧉: How will Aptos IFOs work and when are you launching Aptos IFOs?
A. Chef Icy 🥞: As discussed in our recent Aptos AMA, our Aptos IFO deployment is a minimum viable product focused on safety and security. There’s quite a lot of CAKE involved in IFO so we just want to be safe!
One reason for this cautious approach is that Aptos is not built on the Ethereum Virtual Machine (EVM) and uses the Move language instead. This means that we can’t just “port” the IFO codebase over to Aptos, and instead, it has to be rewritten in Move, therefore requiring a more slow and steady approach.
Therefore, the format of our Aptos IFOs will follow the “Basic / Unlimited” format. We hope users can understand that this is because Safety is our top priority, and we hope to launch the first Aptos IFO soon!
Q. 🧉: Could you give us more details about upcoming NFT Utilities?
A. Chef Mochi🧑:We are seeking partnerships that have great products to enhance our NFT offerings. We recently upgraded our NFT marketplace, allowing us to host NFT collections that are not fully minted. This opens up new possibilities for us to collaborate with more partners on BNB Chain.
We are also actively reaching out to potential partners to explore joint opportunities in the NFT space. We are in early discussions with a few new partners who are continuing to build despite the bear market. Our goal is to bring meaningful and lasting contributions to our community, and we will keep you updated as soon as there are positive developments to share.
Q. 🧉: PancakeSwap is the DeFi protocol with the largest Total Value Locked on Aptos network. What will the next feature be on Aptos?
A. Chef Icy 🥞: The next feature in line is Aptos Initial Farming Offerings (IFOs). As you correctly pointed out, we have a significant amount of TVL, and our aim is to strengthen our presence in the DeFi space on Aptos. We are exploring ways to integrate and deepen the Aptos DeFi ecosystem, such as working with leveraged yield protocols, and lending platforms.
Q. 🧉: For IFOs, don’t you think it would be a better approach if you: a) Let the community vote on a proposal for at least three days. b) Work on a collaboration with Binance launchpad. c) Do an AMA with the project before the voting period is finished?
A. Chef Icy 🥞: First, with the most recent IFO, we could have done better. But before that, Superpower Squad has done well. That being said, we are aware that we still have many things to improve –Let me address the different points step by step:
- We’re implementing strict process changes to how we do IFOs internally to support better market and product performance, and holding project teams to higher standards, pre and post IFO.
- For the suggestion on Binance Launchpad projects, we need to consider that the general fundraising environment has changed. Back in 2019–2020, project teams had significant allocations that they could spend on marketing allocations, such as Launchpads. Nowadays, projects prioritize real revenues and justify every token emission, leaving fewer budgets for these allocations. As a result, there has been a decrease in the number of products utilizing Binance Launchpad. You would have noticed that the pace of launchpads in the last year, compared to previous years, is really different. However, PancakeSwap is still making efforts to secure Launchpad allocations whenever possible, though please do understand the different fundraising environments, and the more restricted project budgets.
- For AMAs, many in the community have rightly pointed out that the one hour window is too short, and there are a lot of AMA hunters. For the next IFO, we will collect AMA questions in advance and not limit AMA prizes to users who participate in the one hour live AMA window.
We will look to implement many of these improvements in the next IFO.
Q. 🧉: What’s the vision of Chef Mochi after taking on head chef position?
A. Chef Mochi🧑: PancakeSwap has thrived uniquely as a multi-product protocol built on top of our DEX. I firmly believe that PancakeSwap is in a position to eventually become the leading all-in-one DeFi platform for retail users across all major chains as we build through the bear market, supported by our community, NFT holders, and protocol partners.
We will focus on two things to become the leading all-in-one DeFi platform. First, we will ensure that the Kitchen always prioritizes products that current and future users will want to use for a long time. Second, in everything we do, we will focus on how it accrues value or increases the long-term burn of the CAKE token to ensure that tokenholders benefit in the long term.
Q. 🧉: What will happen after Max Cap (750M) is reached? How will PancakeSwap give yield?
A. Chef Icy 🥞: Before we even reach that 750M tokens, let’s think about where we are right now.
Our total supply is around 370M now, and our annual inflation rate is about 20%, or 10%, once you adjust for locked CAKE. This gives us an approximate runway of 3 years before we reach the 600,000,000 mark. Of course, this is assuming we don’t reduce emissions between now and then.
As our ultrasound CAKE proposal mentioned, we will continue to work on reducing net mint and increasing burn mechanisms.
Therefore, we are working towards emission-neutral CAKE well ahead of the 750M Max Cap is reached.
For the second question on yield,, if you look at our farms, there is yield from both CAKE incentives and trading volume. We’ll continue to double down on our mission of being a one-stop shop for all things DeFi, which will reinforce our position as the premier trading venue. This will help with trading volume and therefore yield.
Q. 🧉: Are there any plans to add more syrup pools, particularly on Aptos? And talking about this network, is there any plan about removing the maximum CAKE limit?
A. Chef Icy 🥞: Yes, there are plans to add more syrup pools in the future.
For the maximum CAKE limit, we implemented it as most Aptos project teams are in their early stages and may not have significant budgets for large syrup pools.
To ensure all users, whether big or small, can access the pools and enjoy a competitive yield on their staked CAKE, we have implemented the maximum CAKE limit.
However, as the ecosystem matures and project teams have deeper treasuries, we will look towards removing the maximum CAKE limit.
Q. 🧉: What steps can be taken to make CAKE deflationary, and what’s your plan for it? Many users are primarily focused on high APY in pools. Still, they may need help understanding the concepts of inflation and deflation and their long-term effects. Can you provide a message for these users who ask about lower APY?
A. Chef Mochi🧑: We are steadily and surely getting less inflationary. As you correctly point out, high APY in pools is a little misleading. Suppose PancakeSwap now decides to emit a lot of tokens quickly. Although the APYs look high, the utility has not yet caught up, so prices will drop due to too much CAKE coming out to the market.
We are constantly watching the APYs of other DEXs to ensure that we provide a top-tier sustainable APY in the market. Even though we have adjusted down emissions in recent months, our community realizes that we still provide one of the highest sustainable APYs in the market, and we intend to continue rewarding our loyal community and our lockers.
As for future plans to make CAKE more deflationary, we focus very simply on two things:
1) Ensuring that our emissions reflect what the DEX market is providing, but trying to reward our users more
2) More products that people use, which will increase CAKE burn.
We have been delivering on products and will continue to do so. In the bear market, we’re focused on building for the next bull market while ensuring we have a good balance of CAKE emissions and runway.
Q. 🧉:Have you thought about games like casino/sports bets without KYC to improve the CAKE Burn?
A. Chef Gyoza🥟: Relating back to Chef Mochi’s focus, we want to first build products that people use while introducing CAKE burn. We are always exploring and working on fun and innovative products.
We’re still focusing on maximizing the potential of Lottery, Prediction and other products our users enjoy. In the future, we may look to integrate more gamification elements into our product offering.
Q. 🧉:What proportion of CAKE burn is a result of Perpetual Trading and what are the plans to increase its user base and volume?
A. Chef Gyoza🥟: Part of the plan is to introduce the Affiliate Program to Perpetual Trading. With the affiliate program, users and affiliates will receive rewards from our perpetual trading platform. This helps promote the platform and, in turn, provides higher CAKE burn.
In the meantime, we have also started to offer Perpetual Trading on ETH through our partnership with ApolloX. We hope this will bring more awareness to our Perpetual Trading Platform.
Live Questions!
Q. Is there any prediction feature planned on other chains?
A. Chef Bun 🐰: We looked into the possibility of bringing our prediction and other gamification products to other blockchains. Aptos is a fast blockchain so it would be a good fit for fast-paced products like predictions. We checked the demand, and so far, it’s not our top priority.
Our main focus for Q1 is to improve our core exchange and liquidity. But we have some plans to expand our gamification offerings in the future. We’ll see what happens.
Q. Do you have any plans to get into the gaming business?
A. Chef Mochi🧑: We won’t be creating our own games, as building a fun and sustainable game requires a lot of resources and a big team. Instead, we’re focusing on the DeFi market and partnering with protocols that already have great games. We are keeping an eye out for potential collaborations in the field of NFTs and games.
Q. For emissions streamlining vote: Even though it’s a re-illustrate for streamlining, why is there a difference between the outcome after and before of this proposal?
A. Chef Bun 🐰: There’s a slight difference between the banner in Emissions Streamlining proposal and the previous one, which can be found on our documents page.
This difference is due to two reasons: a small adjustment in emissions for Aptos Farms to host more farms, and the use of rounded numbers in the new proposal’s banner.
However, once the proposal is approved, the banners will be updated with accurate on-chain numbers and posted on the documents page. Keep an eye out for updates!
Q. What do the chefs think about further utilizing locked staking rewards rather than just being locked?
A. Chef Bun 🐰: Currently, PancakeSwap offers three locked CAKE utility options, but these are just the beginning of what we have in store.
In 2023, as we expand to more blockchains, we plan to bring even more utility options to locked CAKE. This is because locked CAKE is a crucial part of PancakeSwap and we want to make sure it keeps getting better.
As we expand, we might even bring and mirror those utilities from the BNB Chain to other chains like Aptos or Ethereum. So there’s definitely more to come with locked CAKE.
Q. Will you guys be coming out with any cool new merch for 2023?
A. Chef Fran 🧉: Thanks for the question! My aim this year is to bring back our merch. We’re currently in the early stages of choosing vendors and testing the quality of products. The goal is to offer a wide variety of merchandise so that you can bring the PancakeSwap experience with you wherever you go.
Q. Will there still be more emission reductions on the locked Cake Syrup Pool?
A. Chef Icy 🥞: Regarding returns, there are two things to consider: the APR and the value of the underlying asset.
We’re putting a lot of effort into ensuring that the value of the underlying asset, or at least the factors that influence it, will increase. This might mean reducing the amount of emissions going towards staking. Currently, most of our emissions are directed towards staking, which doesn’t directly impact our main revenue source: trading.
Although reducing emissions may impact the APR, our staking yields are still competitive compared to other competitors in the market. That being said, for any changes in APR, we will do so with the community’s and the platform’s best interests in mind.
Q. Will the Farm Yield Booster be available for more Farms in the future?
A. Chef Bun 🐰: To clarify, we recently made changes to allow users to boost up to two farms. We have also fine-tuned the internal parameters, known as difficulties, to allow for a higher boost with the same lock conditions.
Regarding the Farm Booster product, bcake, we plan to regularly evaluate the list of farms, their performance data, and adjust parameters when necessary. This includes potentially increasing the number of farms that can be boosted or adjusting the difficulties.
Additionally, we are looking into expanding the list of bcake-enabled farms in the future. We are still determining an exact timeline at this time. This is part of our normal bcake review process, and we will continue to make adjustments based on performance data.
Thanks for reading!! Lastly, don’t forget to follow our Twitter account , join our Telegram Community and our Discord server to catch up on the latest news!
Chef Fran🧉
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