Recap: Pancake AMA (Aptos Deployment) on Twitter Spaces (October)
Good afternoon CAKE holders!🐰
For those who didn’t participate in the AMA that was live on October 20th on Twitter Spaces, or for those who want to relive it, here is the recap!
AMA information
For confidentiality and security reasons we could not leak anything about this before (although we were really looking forward to it), but today we can tell you that we’re presenting a Proposal for PancakeSwap deployment to Aptos Chain.
This time, we decided to first announce it, then make an AMA on Twitter Spaces to evacuate all the doubts that our community had. And lastly, open the proposal for all CAKE holders to vote.
We hope that you can read this recap carefully and remove all doubts before casting your vote.
If you missed the proposal, you can read it here
Participants from the kitchen:
- Chef Mochi 🐰 (Product Team)
- Chef Bun 🥟(Product Team)
- Chef Icy 🥞(Business Development)
- Chef Fran 🧉 (Community Manager)
Chef Fran was moderating the AMA.
Pre collected Questions
Q. Chef Fran🧉: Why launch on Aptos and not on other more established chains like Cosmos/Polkadot/Arbitrum or Polygon?
A. Chef Mochi🐰: I think this is a question that everyone will definitely want to know — why did PancakeSwap choose Aptos. Depending on the which information sources you look at, there are currently about 100–200+ projects building on Aptos. At launch, the Aptos team has already gained strong traction with builders in crypto space.
Since PancakeSwap has always been a DeFi project which has been strong in launching projects and helping out with their liquidity, joining early would allow us to offer the community many new projects to participate in.
Q. Chef Fran🧉: I think most of the community loves the idea but they care about the security. Won’t expanding affect ecosystem security?
A. Chef Mochi🐰: We agree that security is the most important aspect. Aptos is definitely a new chain and is in its early deployment period and that is why we are going to roll out gradually.
We’re really happy to see there are many other established infrastructure protocols which are moving over to Aptos, and we are also talking to them as they have the best track record of security.
As a quick example, we’re actively speaking with stablecoin issuers to find out when they will be issuing native stablecoins, so that we minimize bridge security risks.
Q. Chef Fran🧉: Will the total supply be affected? And how about emission?
A. Chef Mochi🐰: Total supply will not be affected. On the most recent CAKE emissions reduction proposal, we mentioned that we will be looking to redirect some Syrup pool emissions to be able to incentivize farms on other chains.
We will be using these Syrup pool emissions to attract the many projects which are developing on Aptos right now so that PCS will be able to attract the best projects which are launching.
At the heart of it, Chefs always think of the CAKE token as a single token with only 1 tokenomics, no matter where the CAKE token is.
Oh, and for Ethereum emissions on the farms we’ll confirm them shortly, probably next week.
Q. 🧉: There will be a native CAKE token on Aptos? Will the price be pegged to the Bnb Chain?
A. 🐰: We are currently discussing bridging solutions for CAKE with most established bridging solutions that are supporting Aptos. Aptos has already lined up multiple bridge partners who are bringing in most established assets such as BTC, ETH, BNB and stablecoins into the Aptos ecosystem.
For CAKE, we are working on bridging solutions so that CAKE can eventually be freely and securely moved between BNB Chain and Aptos chain. While the infrastructure is still being gradually set out, once it is all set up we expect CAKE to be balanced by market forces since any price imbalance can be corrected by users who can arbitrage CAKE on both chains.
Q. 🧉: We’re all aware about the recent FUD on Aptos launch. Could you say that Aptos is a safe chain to go to?
A. 🐰: We have been working with the Aptos team for quite some time now, and they are a professional team with strong roots in the crypto system having led Facebook’s previous crypto team. As they are just launching, there were definitely some early hiccups and we are constantly in contact with them to understand what’s going on.
We believe these are issues at initial launch and will be resolved eventually. Also, many of the established bridges that we all know have already deployed on Aptos. We’re looking at them to see how they can help with native asset bridging, secure pegged-asset bridging and also NFTs.
Q. 🧉: Will CAKE per block from BSC be spread through ETH Network and Aptos, or will we increase the amount of CAKE per block?
A. Chef Icy 🥞: It will be spread across, as per the multichain proposal — so up to 1.25 CAKE may be redirected from Pools emission. In other words, there would be no increase of CAKE per block under this implementation.
But, if there’s significant competitive advantages to increasing CAKE per block, we will put it to a community vote first on BNB Chain.
Above all, CAKE is precious, and us Chefs will use it wisely.
Q. 🧉: How Will be the IFOs on Aptos? Will the iCAKE of BSC still work?
A. Chef Icy 🥞: I love IFOs, and I know our community loves IFOs, so I love this question!
In our deployment to Aptos, we will be shipping a Minimum Viable Product (MVP) version of IFO, as we would like to move very quickly. But, and this is important, we absolutely adore the IFO experience on BNB Chain, and would love to share that experience in our multichain journey.
One of the other reasons why we need to ship a MVP instead of the full-fledged version — besides speed of delivery for competitive advantage — is that we care a lot about security. For instance, we need to make sure that we are able to securely relay the iCAKE number across chains, since it has a significant impact on our IFO mechanics.
In general, we are working with many chain solutions to see how we can bring the best features of CAKE into the multichain future.
Q. 🧉: Were you guys contacted by the Aptos Foundation? Or are you guys looking at this as an opportunity to make a move and have a first mover advantage?
A. Chef Mochi🐰: We were proposed the idea of ‘PancakeSwap integration with Aptos’ and it made a lot of sense to us given the ecosystem of builders they have attracted and the fit with our farms/pools/IFO products. We want to let Aptos projects know that PancakeSwap will be there to partner with them as they launch, and we think this can really benefit all CAKE holders.
Q. 🧉: Another part of the community thinks we’re leaving BNB Chain…
[Wild Icy appears] 🥞: NOOOOOOOOO
🧉: What would be the point of deploying CAKE in Aptos there if you still have people to go back on BNB Chain? Is the BNB Chain out of the equation?
A. 🥞: Okay, to be clear, if I wasn’t already, no. We are not leaving BNB Chain, BNB Chain is our home. I think you get a really good PancakeSwap experience here and we have built such a great community, platform and product — we will never abandon BNB Chain.
If we have a numerical representation of this, note, for instance,that Aptos receivesup to 1.25 CAKE / block (if no emissions go towards Ethereum) while on BNB Chain it’s enjoying >11 CAKE per block.
For the part on what’s the point of deploying CAKE, I think you have answered your own question — because BNB Chain is our home and if the Aptos projects are interested, we would be happy to help them on both chains for the full PancakeSwap experience.
🧉: What about the $CAKE token? How are you going to manage $CAKE token? Will it be bridged?
A: Chef Bun 🥟: Like what Chef Mochi mentioned above, there will only be ONE CAKE token. So bridging will be involved in bringing CAKE to Aptos. I’m aware that our community focus a lot on security. And previously, I have been giving out a very generic answer. So today, without getting too technical, here are more insights into the security aspect of bringing CAKE to Aptos.
We are currently talking with several industry-leading bridging solution providers to complete this monumental mission. Many have a good track record in the field and have been adopted by many well-respected protocols. On our side, we will not rely solely on our provider. Our developer bunnies with technical backgrounds will also check all the details of the solution we will implement. And try to mitigate possible risks.
Another notable thing to point out is that although we are relying on third-party providers. We always try to gain as much control as possible — especially things like permissions and ownership on some critical pieces. Because we know it’s beneficial for our users, that we have more control over the pipeline and actually own our product.
So with all of that, we are very excited to bring CAKE to a broader platform with the support from all the amazing partners.
🧉: After going to Aptos, will the pool also be deployed? How will the rewards be handled?
[Icy- The ears killer] 🥞: YESSSSSSSSSSSSSS. Similar implementation to BNB Chain, but instead of block-by-block we may do second-by-second. Basically you’re going to get your rewards at frequent intervals.
A: Chef Bun 🥟: I will also chime in and take this chance to answer some similar questions regarding specific products, without leaking too much detail. The deployment on Aptos will be a stream of exciting bangs 🎉 instead of a huge pop 💥. We want to move fast, so we will be bringing a few of our popular products there as MVPs, fast. Then with supports like infrastructures getting more mature, we will make the decision to bring in more detailed mechanics and make those products even sexier.
🧉: How long can we expect to go live on Aptos if we vote yes? Community is pretty amazed that you guys can develop that fast. What is the progress of the development?
A. Chef Mochi🐰: We have been in discussions with Aptos for quite some time now, and have received a lot of support in our deployment. We should be able to launch our full suite of products pretty soon though we are going to do so carefully as the ecosystem is in early stages and many projects/tokens have just been set up.
To answer the question, it is closer to 90% than 10%.
🧉:Which wallets can we use for Aptos? Some wallets do not support it.
A. 🥟: There are a great number of wallets that already support Aptos, with more to come, you may find some of the names very familiar.
Hope you noticed that we just updated our wallet connect model. Thanks to Jojo, it looks awesome. On Aptos, it will be the same wallet connection model to guide you through the whole process. We’ll make sure it’s easy and also very familiar for you guys to set up.
—
[Icy adding some clarifications] 🥞: I previously said that if we do increase the CAKE emission per block, there will be subject to a community vote and I said that it’ll be a vote on BNB chain. And yes, that’s correct. And then the question is, isn’t the Aptos or Ethereum community supposed to have a say? Yes, you have a say, just bridge your CAKE over to BNB Chain and you can vote!
—
🧉: Will the rewards already voted for deployment be sufficient or will you do more re-allocation?
A. Chef Icy 🥞:At the moment, it seems sufficient. If we require more CAKE, we will consult the community first. CAKE is precious and we will use it wisely.
🧉: Last one! What would be the benefits for the PancakeSwap community?
A. 🥞:
So there are two types of benefits — for our tokenomics and for our platform.
For our tokenomics: If you look at our CAKE tokenomics chart, one of our key deflationary mechanisms is the trading fee burn. By increasing TVL, Volume traded, etc., we increase one of the key deflationary mechanisms, getting us closer to net zero or deflationary emissions.
For our platform: Having more users and diversity allows us to deepen our user base, and increase the total addressable market of the PancakeSwap product, platform and community.
For instance, if Nike sells its shoes in a new market, it helps to build the brand, increase awareness, and total demand for the company. (Maybe I need to start exercising soon)
These two benefits are developed with our main goal in mind — to benefit the user! Everything we do, we do with the user in mind. By improving our tokenomics and our platform, we believe that the whole PancakeSwap experience for the user would be elevated.
We genuinely believe that the Aptos chain has lots of exciting projects that we would like to introduce to our users, and to new users that we meet on Aptos, that the BNB Chain ecosystem is exciting!
So with better CAKE Tokenomics factors, a growing platform, we hope our users will enjoy the PancakeSwap multichain journey!
Community Questions
🧉: Will there be the same burning mechanism on Aptos?
A: Chef Bun 🥟: First of all, I’m not quite sure which burning mechanism that you’re referring to.
Is that the minterburn that we built into the current MasterChef, or is the buyback and burn? If you’re mentioning minterburn, we won’t have any on Aptos, because we’re only bringing the CAKE that we will use for incentivising liquidity or other incentives. We will only bring that part of the CAKE to Aptos. So the minterburn process will only happen on the BSC.
But Speaking of buybacks and burn, I think the technical or operational aspect of it isn’t really that important. Because no matter where and how we execute those buybacks and burn, the goal is the same — using our revenue to buy CAKE and burn them, aka take them out of circulation. So those might happen on Aptos, but also we might bridge them back to BSC and execute them there. But I can assure you that all the revenue that goes to buyback and burn will be executed accordingly and securely.
🧉: How the deployment technically work? I assume the front-end stays the same and the user is able to Swap between chains at will? So the Funds deposited via Aptos Chain will be Bridged over to BNB Chan Smart Contracts?
A. Chef Mochi🐰: Basically PancakeSwap will be separately deployed on Aptos. Think of it as one PancakeSwap on the BNB Chain and one PancakeSwap being on Aptos. So if you deposit funds through Aptos Chain it will not automatically be bridged back to BSC. If you put money in Aptos it will stay on Aptos. The experience on the front end will be very similar to what we all used to have at BSC. But of course the assets will be different because it will be a different chain and there will be different projects launching with us. But overall the feel should be the same and your funds will definitely stay on the chain unless you want to bridge your funds across.
🧉: What volume of CAKE is planned to be transferred to Aptos?
A. 🥞: If you’re referring to trading volume, that would depend on the market. If we’re talking about emissions, as per our proposal, up to 1.25 CAKE per block, we will only use it if it’s necessary. Under current arrangements, the amount of CAKE that is planned to be transferred to Aptos at this moment will not exceed 1.25 CAKE per block, as per the proposal.
🧉: Do we have to create a new profile? I assume it’s about the PancakeSwap profile to take part in the IFO.
A: Chef Bun 🥟: The short answer would be no, but there is more detail within that no answer. What we’re aiming for in product development is that we do not want to create a separate or scattered Pancake Profile ecosystem. So ultimately, we would love to just bridge the current BSC profile system, and then you will have a single uniform profile across the entire PancakeSwap ecosystem, no matter which chains that you’re on. Of course, new users who created their profile on Aptos will be able to extend them to the current BSC one and explore the vivid PCS ecosystem on BSC.
🧉: IFOs: Are the current criteria that we have for the IFOS, still continue to be for future opportunities on the Aptos chain? Or would there be certain additional new criteria that would be introduced?
A. 🥞: We are trying to make sure that we have a consistent IFO experience. At the same time we would like to bring the BNB chain experience over to Aptos, but obviously we want this to be as secure as possible.
Chef Bun 🥟: Just like what we have built for the IFO on the BSC chain, we’ve constantly been improving it, receiving feedback and making small tiny adjustments and sometimes even feature updates. So that would be the same case for the Aptos IFO.
However, we do want to get there quickly. So the first version of the IFO would be the MVP. Then with more support from the infrastructures, we’ll be able to bring more dynamics into the system, like trying to create a seamless system, a seamless IFO experience between the two chains.
🧉: What are you doing to make sure that applicants are sustainable projects?
A. Chef Mochi🐰: We are working with the Aptos team to reach out to all their builders. And like I mentioned at the start of the AMA we see at least about 100 to 200 projects that are already developing on Aptos. And for PancakeSwap,sustainability is always about launching the best projects on our platform. There are so many projects to work with, and we know that there are many more who are launching in the next weeks and months. So we are also talking with them and in the immediate next half a year, we see such a big pipeline of projects, we will try totap on various projects to make sure that our expansion is sustainable.
🌀 Technically difficulties — “Go Afternoon” cycle 🌀
🧉: I received some Aptos tokens on BSC but I don’t know if it is trusted so I don’t want to interact with it. So I wanted to know if it was legit.
A. Chef Mochi🐰: As far as we know, there are no tokens launched on the BNB chain. I don’t know the specific token that’s in your wallet, but I would recommend that you be cautious with that one because we aren’t aware of it.
A: Chef Bun 🥟: It’s a general security practice with some heated events like this, not just Aptos. Every time we have an IFO, there are also a lot of fake IFO tokens with the same token name being airdropped or just appearing in your wallet. The general security or safety advice is to always double-check the contract address against a trustable source which is often the official website.
🧉: What is going to happen with the Squads regarding Multichain and upcoming IFOs?
A: Chef Bun 🥟: It is still quite early to give a solid yes or no answer. But we do look forward to also bringing our lovely Squads with CAKE to a broader platform. But first of all, we’re at the stage of trying to sort out cross-chain solutions for a lot of our products. Not only for CAKE tokens, but also a lot of the user information, like profiles that we do want to bring to the Aptos, and we will execute and make the decision when the infrastructures are there, and when we believe that’s in the best interest to do so, for our CAKE and, the most importantly, the PancakeSquad holders as well.
A. Chef Mochi🐰: I think earlier I mentioned we are speaking with various bridge partners and nowadays there’s quite a lot of different new technologies around bridges. And our bridge partners are also looking at how they can help with bridging NFTs. We are exploring and as BUN says this is very early and is also something that our partners are working on. So when there is a good solution for this we will definitely implement it.
🧉:Have Aptos project any plans to also manage [support] other languages apart from English speaking users?
A. Chef Icy 🥞:: We have a support for a number of languages, so if you go into Pancakeswap, we support a whole list of languages and so we do publish our documents and publications in many languages, and we have a great Community team which is able to help in those languages. If you go to our Telegram you can find a list of different communities there.
🧉:There are so many projects in Aptos offering the same that PancakeSwap will offer. What are the plans to bring more users to the Pancake Family? And regarding emission, could you explain in depth about the max supply and how are you going to manage that?
A. Chef Icy 🥞: We believe that we do have a unique offering in terms of having a really user focused DApp
A second question about Max Supply. I’ll say again: no, there wouldn’t be an increase in Max supply as I’ve previously mentioned and covered in both the multichain proposal and the tokenomics proposal back in May. So that will be what we will be using, and if you have a look at our voting proposals for more info you can find all the answers to your questions in greater detail.
It’s time to close! Now you can go and cast your vote on the Aptos Proposal!!!
Vote Here 👉https://bit.ly/3TpEAf8
🧉 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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