Decentralized crypto alternate Pancakeswap has applied a brand new voting system. Known as “Gauges,” the system allows governance token holders to vote for extra rewards to be distributed to explicit swimming pools, based on a Nov. 22 weblog put up. The alternate has additionally sunsetted its vCAKE metric, changing it with a brand new metric referred to as “veCAKE.”
Your CAKE, Your Voice
Introducing Gauges Voting and veCAKE
— PancakeSwapEveryone’s Favourite DEX (@PancakeSwap) November 22, 2023
Pancakeswap is the third-largest decentralized alternate when it comes to whole worth locked (TVL), based on blockchain analytics platform DeFiLlama. On the time of publication, it had over $1.4 billion TVL. Its governance token, CAKE, is distributed as a reward to customers who present liquidity. It’s ruled by a decentralized autonomous group, CakeDAO, which includes all CAKE holders.
Below the brand new system, CAKE holders can vote on which swimming pools will obtain extra rewards each two weeks. Nonetheless, to achieve the flexibility to vote, they have to lock their CAKE into a sensible contract for a set interval. The longer they lock their tokens up, the extra voting energy they obtain. Voting energy is measured in a metric referred to as “veCAKE,” which has changed the earlier “vCAKE” metric, the put up said.
The alternate has additionally eradicated its “syrup pool” reward system, which beforehand allowed members of CakeDAO to stake their CAKE to obtain an extra share of the alternate’s charges. As an alternative, the extra charges will now solely be given out to customers who’ve veCAKE.
Based on the put up, this variation was applied to extend the utility of the CAKE token, permitting solely CAKE holders to affect which swimming pools are most worthwhile:
“The fantastic thing about this method lies in its exclusivity, as solely veCAKE holders can channel CAKE emissions in direction of the swimming pools the place you may have stakes, incomes extra CAKE emissions as their swimming pools garner extra votes[.]”
To facilitate the transition from vCAKE to veCAKE, the alternate’s interface now supplies the choice for staked CAKE to be transferred into the brand new contract by pushing a button and confirming the transaction.
Pancakeswap isn’t the one DEX including new options in November. On Nov. 14, Uniswap released an Android version of its cellular pockets, and Sushiswap started testing native Bitcoin swaps throughout 30 networks on Nov. 17.