Reinventing recipe- New updates to PancakeSwap Farm Auctions!
Tl;dr
Taking into account the current market environment, and to better serve the smaller projects that join us for farm auctions, we are proposing the following changes for the upcoming #31 farm auctions, on September 29 2022:
- Frequency of farm auctions: 2 weeks 3 weeks
- Minimum bidding of CAKE: 5,000 CAKE 7,000 CAKE
- Winning farms: 1x multiplier from 7 days 10 days
- Number of winner: 3 (No change)
- Bidding time: 1 hour (No change)
What are Farm Auctions?
Farm Auctions are a cost-efficient way of boosting projects’ volume and attracting organic traffic/users. Not only will this bootstrap and bring immediate liquidity for project tokens, it also means that liquidity providers can farm CAKE at a high APY!
What are the key parameters changes?
- Frequency of farm auctions: 2 weeks 3 weeks
- Minimum bidding of CAKE: 5,000 CAKE 7,000 CAKE
- Winning farms: 1x multiplier from 7 days 10 days
- Number of winners: 3 (No change)
- Bidding time: 1 hour (No change)
Why change?
Firstly, a longer farm benefits everyone. A 10 days 1x farm would be more attractive to projects as well as you. On one hand, winning projects will have a 10 days farm, 3 days longer than the usual 7 days farm, this will allow them to have greater exposure and “air time” to our huge community. You will also be able to stake LP in the winners’ farms for 3 days longer, and take the extra time to learn about the projects while earning yummy CAKE tokens.
Secondly, more time between farm auctions enables projects to fully utilize the Farms won through farm auctions, such as planning more detailed marketing and/or product roadmaps. The change in farm auction frequency is in line with the longer farm duration, and setting farm auctions to happen once every 3 weeks means projects have more time to come up with a bidding strategy and maximize their benefit from the farm auctions
Thirdly, the extra time between farm auctions will allow PancakeSwap to consider a wider group of projects. This would make each farm auctions more exciting to participate in for projects, and more exciting for you to witness, and give up-and-coming projects a chance to win a farm to boost their liquidity and volume- this will in turn benefit the entire BNB ecosystem.
What is the process of farm auctions?
How do project teams win the auctions?
Farm auctions will be held once every 3 weeks, we will provide THREE 1x CAKE multiplier farms, lasting for a longer period of 10 days for projects to bid on. Project teams simply bid enough CAKE to be in the top three projects by the end of the auctions to win a 1x CAKE multiplier farm for their token! The CAKE tokens contributed by the three winning projects will be taken as payment and burned in the next CAKE burn.
If project teams do not end up contributing enough CAKE to be in the top three projects, they will be able to claim their CAKE back and try again in the next farm auctions.
We will try and get back to projects on their application as soon as possible. If projects have any queries, they can reach out to @PancakeSwapBD on Telegram.
Chef Pepper 🌶🐰🥞
