Urgent Action Required: Changes to SYRUP Pools

PancakeSwap
Nov 3, 2020 · 3 min read

Edit:
Read the followup article here: https://medium.com/pancakeswap/update-on-the-syrup-incident-8f54bf5c054d

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Short summary:

From 10:15PM SGT, SYRUP has been discontinued due to an issue discovered in the SYRUP token contract. All existing and pending SYRUP Pools will be migrated to CAKE-based pools.

All your funds are safe and accessible, and you can harvest from the disabled SYRUP Pools as normal: you just won’t be able to earn any more through them until you migrate to the CAKE-based pools.

In order to continue earning from SYRUP pools, you need to:

  1. 1: Unstake SYRUP from existing SYRUP pools
    2: Unstake CAKE from staking to redeem your SYRUP
    3: Redistribute your CAKE among the updated pools

You do not need to:

  • Unstake from farms
  • Unstake from liquidity pools
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What happened?

An issue in the SYRUP contract has been discovered that allows more SYRUP to be created than intended. To solve the issue via the most direct route, the chefs have made the difficult decision to migrate all existing SYRUP Pools to CAKE-based pools. Governance voting will also move to a CAKE-based system in the very near future.

All your CAKE and previous pending rewards will still be safe and accessible, and you’ll receive a manual distribution based on a snapshot of your unclaimed rewards from each SYRUP pool when the change occurs. The distribution will be completed within the next 24 hours.

However, you won’t be able to earn any more through the pools until you migrate to the CAKE-based pools.

How will CAKE be affected?

The 10 CAKE per block (40% of CAKE emissions) rewarded to SYRUP holders will now be allocated to a stand-alone CAKE pool, in the same way that previous SYRUP Pool projects operated. This means you will now be able to choose between staking CAKE to earn more CAKE, or splitting your CAKE however you wish. While this may sound like a worse deal, in actuality it should raise the APYs across the board on the new CAKE-based pools, as in theory the CAKE will be more dispersed. The CAKE pool will now work the same as other pools.

What did the issue affect?

The effects of the issue are limited to the SYRUP Pools only.

Through exploiting the issue, users were able to withdraw their CAKE tokens without burning the respective SYRUP tokens. This meant they were able to artificially increase the supply of SYRUP tokens and earn more from the SYRUP Pools as a result.

  • It did not increase the amount of CAKE in circulation.
  • It did not reduce the amount of CAKE other SYRUP holders received as a proportion of 10 CAKE per block rewards.

Some collateral issues may be experienced by users who ignored warnings and bought or sold SYRUP tokens, as SYRUP is now effectively useless. These users may experience losses when attempting to exit SYRUP positions.

In closing

The chefs and community admins will be in the English Telegram channel (as always) ready to answer any questions that you may have.

We sincerely apologize for the trouble and hope that the community will forgive the inconvenience. Although this is a short-term hurdle, we believe that in the long term the decision to remove SYRUP should help grow CAKE’s use as a single utility token and lead to a simpler and more streamlined user experience.

Lastly, we want to take this opportunity to thank the incredible PancakeSwap community for remaining diligent and reporting the issue to us.

PancakeSwap Chefs

PancakeSwap

The #1 AMM and yield farm on Binance Smart Chain

PancakeSwap

Written by

The #1 AMM and yield farm on Binance Smart Chain. https://pancakeswap.finance/

PancakeSwap

PancakeSwap is a decentralized exchange running on Binance Smart Chain, with lots of other features that let you earn and win tokens.

PancakeSwap

Written by

The #1 AMM and yield farm on Binance Smart Chain. https://pancakeswap.finance/

PancakeSwap

PancakeSwap is a decentralized exchange running on Binance Smart Chain, with lots of other features that let you earn and win tokens.

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