Pancake Swap - Migrating To VeCAKE For Extra Perks

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Written by

#Club1BCH

4 months ago

Topics: CAKE, Pancake Swap, Cryptocurrency, Blog, Writing, ...

I used Pancake Swap since day one, farming in there soon after launch. I am still farming 3 years later, event if it is not what it was. The $CAKE token had a serious decline, even if PancakeSwap maintained the top DEX on BNB chain. You can still trade anything... with no registration!

Is Pancake Swap safe? Yes it is! The platform has up to date security audits from Certik and a Certik Shield insurance. In addition, PancakeSwap has a Slowmist security audit, a Slowmist Auto-CAKE Pool security audit and a Peckshield's Prediction V2 security audit.

The ecosystem is transparent, built on open-source software and all the smart contracts are publicly visible. The migration to V3 changed the way things were working, adding a different token dynamic.

Not everything turned into a better opportunity, as the APR to the pools is now ridiculously low. Staked some $CAKE into the CSIX pool, but farming at 0.69% APR gives me no incentive. I will probably spend more to unstake than the rewards farmed in this pool. Was it that low when I staked? No... the initial APR was close to 20%, and I choose this pool as it was the only one open for 60 days.

The staking allocation was reduced from 6.65 CAKE/block to max 1 token minted each block. The revenue of long term stakers will be boosted, as well token emissions weighting. This was the journey to .... ULTRASOUND CAKE! This will impact tokenomics, emissions and hopefully improve the token value on the long run.

The $CAKE value was so low that I decided to lock them all for 52 weeks, and get stress-free auto-compounding rewards for a whole year. The expected return of investments can be as high as 421 dollars, about 35 per months. Let me say it again.... it's not much but is honest work!

However, I had to migrate my stash to VeCAKE and tap into additional benefits. This was done easy, with only few clicks. Now my $CAKE is still locked until the 10th of May 2024, and also have 116.95 VeCAKE to use.

The first VeCAKE benefit is weekly revenue sharing and weekly CAKE pool rewards. There are 90k tokens distributed so far, with more to be added on a weekly basis.

Gauge voting changed the way LP providers will earn, with 179 gauges to chose from. The VeCAKE holders will use their tokens to vote for their favorite pools and boost them. They will be able to claim additional benefits from other protocols.

Dived straight into the new system and used my VeCAKE to vote. Didn't do any research and choose the recommended gouge, the one that will give me the highest rewards. This is identical with Velodrome, and I have to remember to vote every week.

Did I voted weekly? No I didn't! I remembered to go and check now, while writing this sentence. Went there after few weeks, voted, and hoped that I will remember more often. I want to keep my earnings maximal, and skipping votes doesn't bring rewards.

What other benefits I have for holding VeCAKE? I can participate in IFO public sales and support multi-chain IFOs. I can boost my winnings in Trading Campaign rewards, boost my fixed staking rewards, and many more!

It does sound like ... ultrasound CAKE! I can vote in snapshots, Farm Boost up to 2.5x and accelerated rewards, and who knows what else will be added! Maybe NFTs? Maybe airdrops? Who knows!