_Good Afternoon, PancakeSwap Community and CAKE Holders!_

It's been an incredible journey since the inception of our PancakeSwap Ambassador Program,  where we [introduced the Pancake Masters](https://blog.pancakeswap.finance/articles/pancake-swap-launches-ambassadors-program)—devoted PancakeSwap enthusiasts who diligently moderate our communities and translate content into various languages. 

Since then, the program has seen substantial growth:

- Over 30 active ambassadors
- Presence on  key platforms: Telegram, Discord, and Reddit
- 15 Telegram communities catering to diverse languages 
- Translation of over 1900 articles on [our blog ](https://blog.pancakeswap.finance/)

As time progresses, we recognize the importance of empowering our community further! 

### **Introducing the PancakeSwap Content Creators—Pancake Lords: Your Guide to All Thing PancakeSwap**

![Untitled (3).png](https://sgp1.digitaloceanspaces.com/strapi.space/faa9d1d7409b952124be1e158841d1a7.png)

We're excited to introduce Pancake Lords, a dedicated team of enthusiasts passionate about educating, engaging, and empowering our community. 

Here's a glimpse of what they do:

- Content Creation and Education: Craft clear, concise guides on navigating PancakeSwap and produce educational content on DeFi and cryptocurrencies.
- Visual Communication: Create engaging infographics to simplify complex information related to PancakeSwap.
- Community Engagement: Maintain a consistent posting schedule to keep the community informed and engaged with regular updates.
- Promotion and Events: Host events like Ask Me Anything (AMAs) to foster community interaction and engagement.
- User Interaction and Storytelling: Actively engage with the community by sharing success stories and fostering user interaction.

### **Benefits of Being a Pancake Lord:**

- Official Recognition: Receive acknowledgment through our official social channels.
- Golden Kitchen Pass: Enjoy exclusive monthly calls with PancakeSwap's core team, providing early updates and opportunities to share insights. 
- Exclusive Access: Participate in special events and access new products and services early.
- Enhanced Networking: Connect with key players in the DeFi space and stay updated on industry trends. 

And More!

### **Want to Become a Pancake Lord? Here’s How!**

If you're passionate about becoming one of PancakeSwap’s elite content creators, we invite you to apply through our community application form: 

👉 Apply Here: https://pancakeswapforms.fillout.com/t/4v7usjPLP2us 

**Application Process**
- Phase One (July 1st - July 14th): Submit your application during this period.
- Phase Two (July 15th - July 21st): Onboard new ambassadors and provide guidelines.
- Phase Three (July 22nd onwards): Launch the new Pancake Lords into action.


Join Us in Building the Future of PancakeSwap!

Whether you’re creating content, engaging in community discussions, or exploring PancakeSwap’s features, there are many ways to contribute. 

Explore all the opportunities on our new [Community Notion Page ](https://pancakeswap.notion.site/PancakeSwap-Community-Page-3d149c6f6a1e483fa15cf56f0b991020?pvs=74)

We eagerly await welcoming new Pancake Lords to our community!

Stack ‘em! 

The Chefs🥞




Are you the contributor we're looking for? 

PancakeSwap Ambassador Program Expansion: Introducing Pancake Lords

We are excited to announce PancakeSwap’s **[Prediction Market](https://pancakeswap.finance/prediction?token=ETH&chain=arb&utm_source=blog&utm_medium=announcement&utm_campaign=Arbitrum&utm_id=PredictionLaunch)** on Arbitrum, featuring an AI-driven price feed powered by [Allora](https://www.alloralabs.xyz/)! Following the success of our Swap, Yield Farming, Syrup Pools, Perpetuals, and Options Trading features, this expansion signifies our commitment to delivering a wide array of functionalities to our diverse user base on Arbitrum. To mark this occasion, we’re launching a 9-week campaign with a total reward pool of 60,000 ARB. Read on to learn more about this campaign.

### **What is PancakeSwap Prediction, and How Does it Work?**

[**PancakeSwap's Prediction Market**](https://pancakeswap.finance/prediction?token=ETH&chain=arb&utm_source=blog&utm_medium=announcement&utm_campaign=Arbitrum&utm_id=PredictionLaunch) allows users to forecast the price movements of tokens such as ETH every 10 minutes with opportunities to earn a share of the round’s prize pool.

#### **How to use AI-powered Prediction:**

1. Go to [**PancakeSwap Prediction**](https://pancakeswap.finance/prediction?token=ETH&chain=arb&utm_source=blog&utm_medium=announcement&utm_campaign=Arbitrum&utm_id=PredictionLaunch) and select the Arbitrum Chain.

2. Select the prediction round you want to participate in and make your prediction based on either the AI's forecast or going against it.
- On the interface, you can align with the AI's forecast by selecting "Follow" or go "Against" the AI by not following it. Please note that you will only see whether the AI predicts the price to rise or fall after placing your bet. Both "Follow" and "Against" bets will be placed by users, meaning the AI will not predict against any user. Instead, users choose to either trust the AI or go against it based on their judgment.

- **Example:** Let's say the current ETH price is $3,500. If the AI forecast predicts the ETH price will rise/fall in the next 10 minutes, and you want to follow the AI's prediction, select "Follow" to align with the AI's prediction. On the other hand, if you think the AI may be wrong, click "Against" to go against the AI's prediction. Please note that you can only see whether AI is betting up or down after you place the bet!

_Disclaimer and Risk Warning: The AI prediction is powered by Allora, and after initial testing, the accuracy is 65%. This means the AI can predict correctly or incorrectly, users should exercise caution and make informed decisions when choosing to follow or go against the AI's predictions.. This content is for general information and educational purposes only, without representation or warranty. It should not be construed as financial, legal, or other professional advice, nor intended to recommend purchasing any specific product or service. You should seek advice from appropriate professional advisors._

![Screenshot 2024-06-23 at 07.48.37.png](https://sgp1.digitaloceanspaces.com/strapi.space/f3702ee211b7d1fa273a1a69060007e9.png)

3.Place your prediction by entering the amount you wish to predict (minimum is 0.00001 ETH), confirming your transaction, and signing it in your wallet.

4.Wait for the Round to Close: Watch the result after 10 minutes.

**- For example**, if the current ETH price was $3,500 and you followed the AI prediction that it would rise in the next 10 minutes, and the price increases to $3,505, your prediction was correct, and you win a share of the round's prize pool. Conversely, if the price falls to $3,498, you would lose for making the wrong prediction.

![Screenshot 2024-06-23 at 08.29.15.png](https://sgp1.digitaloceanspaces.com/strapi.space/1dea737c1ce17fe6a09325025bf9eb07.png)

5.Collect Your Winnings: If your prediction is correct once the round ends, collect your winnings! You can also view the history of previous rounds in the "history section".

_Please note that the payout multiplier for each round will vary based on the bets placed by users on each side._

**Supported Tokens for Launch:** ETH

**Fees:** 3% of each round's total pot to the treasury, with a portion of the fees used for buyback and burn. The remaining fees will be used in the treasury for future marketing and development.

**Make your predictions now:** https://pancakeswap.finance/prediction?token=ETH&chain=arb&utm_source=blog&utm_medium=announcement&utm_campaign=Arbitrum&utm_id=PredictionLaunch


### Join the Campaign and Win from a 60,000 ARB Reward Pool!

To celebrate this launch, we're running a 9-week campaign with 60,000 ARB rewards. This initiative is part of PancakeSwap’s effort following a grant of 450,000 ARB from the Arbitrum Long-Term Incentive Pilot Program, with 60,000 ARB allocated specifically for this Prediction campaign. Each of the four tasks will start and conclude each week, giving you a chance to win every week.

**Campaign Period:**

**Week 1:** 26 June 13:00 UTC to 2 July 23:59 UTC 2024

**Week 2:** 3 July 00:00 UTC to 9 July 23:59 UTC 2024

**Week 3:** 10 July 00:00 UTC to 16 July 23:59 UTC 2024

**Week 4:** 17 July 00:00 UTC to 23 July 23:59 UTC 2024

**Week 5:** 24 July 00:00 UTC to 30 July 23:59 UTC 2024

**Week 6:** 31 July 00:00 UTC to 6 Aug 23:59 UTC 2024

**Week 7:** 7 Aug 00:00 UTC to 13 Aug 23:59 UTC 2024

**Week 8:** 14 Aug 00:00 UTC to 20 Aug 23:59 UTC 2024

**Week 9:** 21 Aug 00:00 UTC to 27 Aug 23:59 UTC  2024

**Eligibility:** Open to all users participating in predictions on Arbitrum.

#### How to join the 9-week campaign with 60,000 ARB rewards

#### **54,000 ARB Rewards to be distributed weekly!**

**1. Loss Protection with 27,500 ARB: Up to 100% of losses are refunded weekly based on total eligible losses.**

- Your losses are protected with a 3,000 ARB weekly refund pool. Users who incur losses on their predictions during the campaign period can receive up to a 100% refund in ARB rewards to compensate for their losses. At the end of each week, we will calculate the total losses incurred by all eligible users.

- Each user can receive a maximum refund of 100% of their loss amount, with final amounts adjusted based on total losses across all users.

- Calculation Example: If you lost equivalent to 100 ARB in a week and the total loss, including other users, was 4,000 ARB, your compensation would be: (100 / 4000) * 3000 = 75 ARB

_(The maximum loss protection you can receive is 100% of your loss amount. Please note that when you place your prediction, you predict with ETH. To calculate your loss in ARB, we will use the latest ETH to ARB conversion price, and at the end of the week, the closing price will be used.)_

**Track all your loss/win/volume etc prediction on our dune dashboard:** https://dune.com/pancakeswap/pancakeswap-prediction-campaign-on-arbitrum

**2. Top Prediction: 1,500 ARB Weekly**

- The top 10 users with the highest volume predictions will share a 1,500 ARB reward pool. Users must reach a minimum accumulated volume of $1,000 weekly to qualify. The top 10 users with the highest volume will be ranked and share the 1,500 ARB reward pool:

**Rank 1:** 500 ARB

**Rank 2:** 300 ARB

**Rank 3**: 200 ARB

**Rank 4-5:** 100 ARB each

**Rank 6-10:** 60 ARB each

**3. Random Draw: 1,000 ARB Weekly**

Each week, 10 lucky users who make at least 3 predictions will win 100 ARB each.

**4. Net Winning Bonus: 500 ARB Weekly**

Each week, the top 2 users with the highest net winnings will win 500 ARB. Your weekly minimum accumulated volume must be $1,000 to qualify. Rank 1 will win 300 ARB, and Rank 2 will win 200 ARB.

**Check out the leaderboard here:** https://dune.com/pancakeswap/pancakeswap-prediction-campaign-on-arbitrum

#### **Extra Bonus:**
- At the end of the campaign, an extra 6,000 ARB bonus will be shared among users who participated for at least 6 out of the 10 weeks. All eligible users will share the 6,000 ARB equally, with a maximum individual reward of 100 ARB.

- Any leftover rewards from any of the campaigns will be distributed among all participants who make a minimum of 3 predictions at the end of the campaign.

**Terms and Conditions:**
- Rewards will be distributed weekly within 5 days after the end of each week.

- Only predictions made on the Arbitrum chain are eligible for rewards.

- Only predictions made during the campaign period will be eligible for rewards.

- Users must adhere to the minimum accumulated volume requirements to qualify for rewards.











We are excited to announce PancakeSwap’s Prediction Market on Arbitrum, featuring an AI-driven price feed powered by Allora!

PancakeSwap Introduces AI-Powered Prediction Market on Arbitrum: Up to 100% Fund Protection and Launching  60,000 ARB Campaign

We are thrilled to announce that PancakeSwap has officially received a grant from Arbitrum to help grow both the PancakeSwap and Arbitrum ecosystems. This milestone is a testament to the strength of our community and the shared vision for DeFi.

On March 2nd, 2024, the kitchen submitted the Long Term Incentives Pilot Program (LTIPP) to the Arbitrum DAO to bring PancakeSwap's innovative products and growth strategies to the Arbitrum ecosystem. You can view the proposal here: **[PancakeSwap LTIPP Application.](https://forum.arbitrum.foundation/t/pancakeswap-ltipp-application-final/21755)**

Since then, we have received overwhelming support from our DeFi partners and the Arbitrum community. Wintermute, for example, [praised our application](https://snapshot.org/#/arbitrumfoundation.eth/proposal/0xd140d8bbbfd1a2b543675468e072a2ab3cc14a252119ff7fe7541aa048fe0153), stating, **_"PancakeSwap’s application was solid and scored well across a lot of criteria. They have a great reputation and a long history of development and growth. They bring some interesting and novel product offerings to Arbitrum under one UI, making it easy for users to access. Their upcoming integrations with Arbitrum-native applications are also a plus."_**

The LTIPP proposal passed with a staggering 95.8% support via a snapshot on April 16, 2024. You can view the results here: **[Snapshot Proposal.](https://snapshot.org/#/arbitrumfoundation.eth/proposal/0xd140d8bbbfd1a2b543675468e072a2ab3cc14a252119ff7fe7541aa048fe0153)**

Now that we have received the Arbitrum grant, we are excited to announce several initiatives and products to grow both ecosystems together.

#### **Reward Distribution**

We have 450,000 ARB rewards to distribute over the next 12 weeks on Arbitrum PancakeSwap:

- 330,000 ARB for v3 liquidity mining
- 60,000 ARB for Stryke options liquidity mining
- 60,000 ARB for Prediction

#### **Here’s how you can earn these rewards:**

*1\. v3 Liquidity Mining:** ARB rewards via Merkl

![Screenshot 2024-06-11 at 18.32.17.png](https://sgp1.digitaloceanspaces.com/strapi.space/f568a0975111b4ff218d5206e9dea36a.png)

23. Find the list of eligible pools here: **[Merkl Pools](https://merkl.angle.money/?status=past&search=pancake&chain=42161).**
24. Click on your desired pool and then on the PancakeSwapV3 icon to directly seed liquidity with us.
25. After seeding liquidity, stake your LP token on our **[PancakeSwap Farms page](https://pancakeswap.finance/farms?chain=arb).**
26. You can now earn both PancakeSwap Farm and Merkl rewards.
27. Claim CAKE on PancakeSwap, claim ARB on Merkl.

**2\. Stryke Options Liquidity Mining:** ARB rewards via Merkl

![Screenshot 2024-06-11 at 18.20.11.png](https://sgp1.digitaloceanspaces.com/strapi.space/de24ead39273d0c11ba951a07636ffea.png)

31. Find the list of eligible pools here: **[Merkl Stryke Pools](https://merkl.angle.money/?status=live%2Csoon&chain=42161&search=strykepcs).**
32. Click on your desired pool and then the StrykePancakeSwap icon to directly seed liquidity on our Options trading UI.
33. Claim your ARB rewards on Merkl

**3\. PancakeSwap’s AI-Prediction Market is now live on Arbitrum,**

![2024-06-26 13.51.42.jpg](https://sgp1.digitaloceanspaces.com/strapi.space/f2586a1c446e7be74d1b9b87fefd61bd.jpg)

To celebrate this launch, we're running a 9-week campaign with 60,000 ARB rewards:
- Loss Protection with 27,500 ARB: Up to 100% of losses are refunded weekly based on total eligible losses.
- The top 10 users with the highest volume predictions will share a 1,500 ARB reward pool.
- Each week, 10 lucky users who make at least 3 predictions will win 100 ARB each.
- Each week, the top 2 users with the highest net winnings will win 500 ARB. 
- At the end of the campaign, an extra 6,000 ARB bonus will be shared among users who participated for at least 6 out of the 10 weeks
- To pariciapte in this campaign and more information please refer to the blog **[here](https://blog.pancakeswap.finance/articles/pancake-swap-introduces-ai-powered-prediction-market-on-arbitrum-up-to-100-fund-protection-and-launching-60-000-arb-campaign?utm_source=socials&utm_medium=announcement&utm_campaign=Arbitrum&utm_id=PredictionLaunch)**

We are excited to bring these opportunities to our community and look forward to seeing the positive impact on the PancakeSwap and Arbitrum ecosystems. Stay tuned for more updates!

Stack’em,

The Chef’s

We are thrilled to announce that PancakeSwap has officially received a grant from Arbitrum to help grow both the PancakeSwap and Arbitrum ecosystems. This milestone is a testament to the strength of our community and the shared vision for DeFi.

PancakeSwap Receives Arbitrum Grant: 450,000 ARB Rewards to Boost Ecosystem Growth

In the dynamic world of decentralized exchanges (DEXs), recent changes in Uniswap’s fee structure have left many traders searching for alternatives. With Uniswap implementing a 0.25% interface fee, users are experiencing high transaction costs. But fear not! PancakeSwap, the leading multichain DEX, is here to offer a solution. This campaign promises lower fees, better prices, and refunds for the excess fees (interface fees) up to 8 Million USD you've paid on Uniswap. Join us in the movement to reclaim your fees and easily trade on **[PancakeSwap](https://pancakeswap.finance/swap?chain=eth&utm_source=blog&utm_medium=Ethereum&utm_campaign=Swap&utm_id=InterfacefeeRefund)**.

![7a71b27b849ba69c6b3519e711fdb171 1.png](https://sgp1.digitaloceanspaces.com/strapi.space/4dd3ef7ed75cc949b4a834059b4673cc.png)

#### **How to Get Your Uniswap Interface Fees Refunded**

**Step 1:** Check eligibility: You can join this campaign if you traded on the Uniswap frontend between 1 Jan 2024 00:00 UTC and 31 Mar 2024 23:59 UTC with a minimum accumulated volume of $5,000 in WBTC and/or WETH pairs on the Ethereum chain.

Uniswap frontend refers to any trade conducted through the Uniswap website and routed via UniversalRouter. You can easily check your eligibility by entering your address on the **[Dune dashboard](https://dune.com/pancakeswap/pancakeswap-uniswap-interface-fee-refund-campaign)**.

**Step 2:** Match your Ethereum Uniswap volume 1:1 on Ethereum PancakeSwap v3 in eligible pairs (WBTC and/or WETH pairs) during the campaign period (from 16 May 2024, 12:00 PM UTC to 15 Aug 2024, 23:59 UTC), and we'll reimburse your entire Uniswap interface fee. 
**Note: You must use the same wallet address for the trades on both Uniswap and PancakeSwap to qualify for the campaign**

_For example, if you've traded an accumulated volume of $1,000,000 on Uniswap frontend between Jan 1, 2024, and Mar 31, 2024, with WBTC and/or WETH pairs (such as WBTC/USDT, WETH/USDC, WETH/WETH, PEPE/WETH, etc.) on the Ethereum chain, paying a $1500 Uniswap interface fee, trading the same volume 1:1 ($1,000,000) on Ethereum PancakeSwap v3 with WBTC and/or WETH pairs during the campaign period (from May 16 to Aug 15) would lead to a full refund of the $1500 Uniswap interface fee._

**Step 3:** Track your Uniswap volume, interface fees paid, PancakeSwap Volume, and eligibility on the Dune dashboard by entering your wallet address: **https://dune.com/pancakeswap/pancakeswap-uniswap-interface-fee-refund-campaign**

![Screenshot 2024-05-16 at 12.18.48.png](https://sgp1.digitaloceanspaces.com/strapi.space/6937c49b4aa098c26b8fb7c17e95d572.png)

**Step 4:** Once you meet the criteria from steps 1 to 3, you can fill in this form to participate in the campaign and reclaim your fees: **https://forms.fillout.com/t/4qEqPz2hUFus**

**Please remember that to qualify for the Uniswap interface refund, YOU MUST complete all steps 1 to 4 outlined in the campaign. Missing any of these steps will result in disqualification from the refund program.**

#### **Additional Benefits of Trading on  PancakeSwap!**

**1. No Interface Fees:** Say goodbye to high interface fees. At PancakeSwap, you won't pay any interface fees, allowing you to trade freely.

**2. Lowest Trading Fees:** Enjoy one of the industry’s lowest fees. Starting from just 0.01%, you'll save money on every trade.

**3. Best Prices:** We offer the best prices for swaps, ensuring you get the most value out of your trades.

**4. Earn Points:** In addition to the interface fee refund, all qualified participants will be eligible for points allocation, which can be redeemed for exclusive opportunities in the future.

Trade on Ethereum PancakeSwap here: **[https://pancakeswap.finance/swap?chain=eth](https://pancakeswap.finance/swap?chain=eth&utm_source=blog&utm_medium=Ethereum&utm_campaign=Swap&utm_id=InterfacefeeRefund)**

#### **FAQs:**

We understand you may have questions about the campaign, so here are some frequently asked questions:

**Q1:** Am I eligible for an interface fee refund if I trade on other chains?

**Ans:** No, only trades made from eligible pairs, WBTC and/or WETH pairs, on the Ethereum Uniswap front end qualify for a refund, You MUST ALSO trade the same amount 1:1 on Ethereum PancakeSwap v3 to be eligible for the interface fee refund.

_However, you can trade on PancakeSwap across eight chains (Base, Arbitrum, zkSync, Linea, Polygon zkEVM, BNB Chain, opBNB, and Aptos) to save interface fees and trade at the lowest fees._

**Q2:** If I can't match the 1:1 trading volume, will I get a partial interface fee refund?

**Ans:** No, you must match the 1:1 trading volume to get a full refund. If you traded $5k volume on Ethereum Uniswap front end, then make sure to trade $5k on [Ethereum PancakeSwap v3](https://pancakeswap.finance/swap?chain=eth&utm_source=blog&utm_medium=Ethereum&utm_campaign=Swap&utm_id=InterfacefeeRefund).

**Q3:** If I used Uniswap before 1 Jan 2024 or after 31 Mar 2024, am I also eligible for a refund of the Uniswap interface fee?

**Ans:** No, only users who traded between 1 Jan 2024 00:00 UTC to 31 Mar 2024 23:59 UTC are eligible for the refund.

**Q4:** Who qualifies for the interface fee refund?

**Ans:** If you traded on Ethereum Uniswap front end between 1 Jan 2024 00:00 UTC and 31 Mar 2024 23:59 UTC with an accumulated minimum volume of  $5k in WBTC and/or WETH pair, AND match that volume on Ethereum PancakeSwap v3 during the campaign from 16 May 2024, 12:00 PM UTC to 15 Aug 2024 23:59 UTC, you will get all your interface fee refunded.

**Q5:** Do I need to complete the 1:1 volume in one trade, or can I reach it through multiple trades?

**Ans:** No such condition exists to match the volume in one trade; you can reach the required volume through multiple swaps. Your cumulative total volume should match your previous trades on Ethereum Uniswap's front end.

**Q6:** Where can I check the progress of my volume, fee, and eligibility, and how can I apply for the fee refund?

**Ans:** You can check your eligibility, volume, fee, etc., on this dune dashboard by simply entering your wallet address: **https://dune.com/pancakeswap/pancakeswap-uniswap-interface-fee-refund-campaign**

To apply for the interface fee refund, please fill out this form: **https://forms.fillout.com/t/4qEqPz2hUFus** 

**Q7:** I've matched 1:1 trading volume. When will I receive the interface fee refund in my wallet?

**Ans:** We'll distribute it within four weeks after the campaign ends.

**Q8:** Will trades/Swaps be routed through a DEX aggregator count?

**Ans:** Swaps made via a DEX aggregator WILL NOT be counted in the volume. Please use **[https://pancakeswap.finance/swap?chain=eth](https://pancakeswap.finance/swap?chain=eth&utm_source=blog&utm_medium=Ethereum&utm_campaign=Swap&utm_id=InterfacefeeRefund)**

**Q9:** Does my volume also have to match the exact pairs on Ethereum PancakeSwap v3 as I traded on Ethereum Uniswap front end? For example, if I traded $10,000 in the WBTC/USDT pair on the Ethereum Uniswap front end, does this mean I have to trade $10,000 in WBTC/USDT on Ethereum PancakeSwap v3 to qualify, or can it be any other pair?

**Ans:** You can trade in any eligible pair. You just need to match your volume with a 1:1 ratio, it can be any eligible WBTC and/or WETH pair on Ethereum PancakeSwap v3.

If you have more questions, join our community on **[Telegram](https://t.me/PancakeSwap)** or **[Discord](https://discord.gg/PUwKd7gu)**, and we will be happy to answer them.

**Disclaimer:**

- PancakeSwap reserves the right to change the campaign rules to address potential cheating or unforeseen circumstances.
- PancakeSwap reserves the right to decide on all matters related to the campaign, including but not limited to participant eligibility.

**Join us in the movement to reclaim your fees and trade with low fees on PancakeSwap. Don't miss out on this opportunity to save on fees and be part of the movement to get your interface fees back!**


In the dynamic world of decentralized exchanges (DEXs), recent changes in Uniswap’s fee structure have left many traders searching for alternatives. With Uniswap implementing a 0.25% interface fee, users are experiencing high transaction costs.

Get Your Uniswap Interface Fees Refunded on PancakeSwap, up to $8M!

### Data Recap

#### Overall
- Total Volume: $32.9B
- Average Daily Volume: $1.1B
- Unique Traders: 2.2M
- Unique Onsite Users: 3.6M
- Web3 Wallet — Onsite Users: 88K
- Web3 Wallet — Average Daily Users: 7.1K
- Gaming Marketplace - AVG Daily Users: 6.8k

### CAKE
- Total burned: 44.9M CAKE ($153.3M)
- Bought back from the market to burn: $5.6M
- Number of holders: 1,654,853 (MoM 0.88%)
- Effective CAKE Emission Rate: 1.36 CAKE/Block

*As our emissions and burn data are calculated and grouped by weeks, not months, the statistics above may not one-to-one reflect our “monthly burn”, and only serves as a guideline. For more information on our burns, please refer to our weekly burn post on our social channels.

### 🍽✅ Served In April 

#### PancakeSwap v4: See How It Empowers Devs & Protocols

![v4 features.jpg](https://sgp1.digitaloceanspaces.com/strapi.space/ef7cd158682f281f85fb91fd7a359ca9.jpg)

Since PancakeSwap v4 was announced, we've unveiled our commitment to innovation with the launch of Innovative Pools, featuring exciting additions like CLAMM and LBAMM. These new pools are set to elevate trading experiences for our users.
Additionally, we're thrilled to introduce fees on unique features, opening up new revenue paths for our platform. 

🌱 Wanna join us? Submit your ideas here: https://pancakeswapforms.fillout.com/PancakeSwap_Hooks_Submission 

📖 Learn More: https://blog.pancakeswap.finance/?category=v4 

Can't get enough? Check here:
https://developer.pancakeswap.finance/contracts/v4/overview 

#### Q2 Roadmap AMA: Interested in what is coming on PancakeSwap?

![roadmap ama recap.jpg](https://sgp1.digitaloceanspaces.com/strapi.space/15f31b95c13838330e089128f7e1f6ae.jpg)

April marks the dawn of a new quarter, and with it comes an eagerly anticipated roadmap update! 
As every quarter, the Kitchen and the Community convened for a live AMA session, offering clarity on all fronts and fostering community engagement. 

In case you missed the chit chat round with the Chefs, don’t worry, we got you covered! 

Both ways to recap the AMA are available for you to check: 
📺Live Version: https://www.youtube.com/watch?v=qerTianOWIA&t=2s&ab_channel=PancakeSwap 
📜Text Recap: https://blog.pancakeswap.finance/articles/pancake-swap-q2-roadmap-ama 

#### April 2024: PancakeSwap's CAKE Burn! 
![APril's burn report.jpg](https://sgp1.digitaloceanspaces.com/strapi.space/6106039fc55a9fef2c780fd5ee294728.jpg)

Turn on the oven! 🔥

April marks the 8th consecutive month of CAKE total supply reduction, with a cumulative -2,575,069 CAKE net mint. 

Take a look at April’s burn report here 👉 https://blog.pancakeswap.finance/articles/april-2024-pancake-swap-s-cake-burn

_Can you smell the burned pancakes? 🥞_

#### TWAP and Limit orders are now available on PancakeSwap - powered by ORBS 

![Twap y Limit x Orbs.jpg](https://sgp1.digitaloceanspaces.com/strapi.space/f2815d04367942e2582317ddea8040ca.jpg)

We have teamed up with Orbs Network to develop a new feature to level your trading experience. 

Say hello to TWAP (Time-Weighted Average Price) and Limit orders, now seamlessly integrated into PancakeSwap's ecosystem on the BNB Chain. This feature spans all DEX liquidity sources and versions (v2, v3 StableSwap, etc.). Moreover, we're planning to extend this feature to multiple chains soon! 

Reduce price impact, automate dollar-cost averaging, and take control of your trades. 

👉Get started now https://pancakeswap.finance/swap/limit

ℹ️More Info: https://blog.pancakeswap.finance/articles/pancake-swap-teams-up-with-orbs-network-to-introduce-twap-and-limit-orders

#### More Trading features! Strike comes with CLAMM Options Trading!

![Opciones.jpg](https://sgp1.digitaloceanspaces.com/strapi.space/c748caa32178ea15a77a71de9e03531a.jpg)

We’re introducing CLAMM Options Trading on PancakeSwap in Collaboration with Stryke
Options are derivative contracts that grant buyers the right, without obligation, to buy or sell an asset at a predetermined strike price in the future.

You can now trade options, build on-chain options liquidity, earn premiums, and earn swap fees on Arbitrum PancakeSwap.

Try it now 👉https://pancakeswap.stryke.xyz/ 

📚Read more: https://blog.pancakeswap.finance/articles/introducing-clamm-options-trading-on-pancake-swap-in-collaboration-with-stryke-formerly-dopex 

#### Gaming Marketplace: Shadow Realms launch! 

![shadow realms.jpg](https://sgp1.digitaloceanspaces.com/strapi.space/f8ed4496bfce2520e16a82bffe3f9ce9.jpg)

🎮 Enter the realm of legends with the launch of Shadow Realms on PancakeSwap's Gaming Marketplace, developed by ChainZ studios.

🌐Transact your in-game currency on BNB Chain, Polygon zkEVM, zkSync Era, Arbitrum One, and Base! 

Start Playing now! 👉https://pancakeswap.games/project/shadow-realms 

🕹️Shadow Realms is part of our expanding and robust Gaming Marketplace, where all users can seamlessly play and have fun, while staying within the crypto ecosystem like pros.

#### Aperture brings Automate LP to the Kitchen! 

![Aperture Finance.jpg](https://sgp1.digitaloceanspaces.com/strapi.space/7f7f1a5f985d49d96df7933c378be133.jpg)

We are thrilled to announce the integration between PancakeSwap and Aperture Finance to automate LP management. 

With this integration, users can leverage AI-powered intent-based LP management tools to optimize liquidity provision on PancakeSwap v3 pools across Ethereum and BNB Chain. 

Users can effortlessly automate their PancakeSwap liquidity positions (LPs), optimizing capital efficiency and minimizing the complexities associated with manual management. To celebrate the launch, there will be an APTR airdrop for PancakeSwap users; read on to learn more.

There is also an airdrop coming to all the users who interact with Aperture Finance! 

🪂 Join the INTENTional Campaign for the $APTR airdrop 👇

https://blog.pancakeswap.finance/articles/pancake-swap-integrates-with-aperture-finance-streamline-your-liquidity-management-with-ai-powered-intents-and-join-the-aptr-airdrop 

#### Purple has always been a known color for PancakeSwap! 

🤝PancakeSwap is coming to Monad
![Monad.jpg](https://sgp1.digitaloceanspaces.com/strapi.space/e9d870d00e6265f9e965201e00792917.jpg)

Industry-leading low trading fees, juicy yield farming, and everyone's favorite IFO.

With v4, expect gas savings and custom pool types, all on Monad's lightning-fast platform
Not much more leaks for now. Stay tuned!!! 

#### veCAKE is now on opBNB
![vecake en opBNB.jpg](https://sgp1.digitaloceanspaces.com/strapi.space/c6e2211c5f149f8ebeeed1ab37f6157a.jpg)

📄 veCAKE Gauges are now live on opBNB!

With the inclusion of opBNB, the current Trading Allocation emission of ~100 CAKE/day directed towards opBNB Farms will be added to veCAKE emissions.

As voted for previously, the Kitchen will retain a 40% voting share of total veCAKE votes currently allocated to the gauges system to vote for core pairs, such as USDT-BNB on opBNB. 

This is to maintain the liquidity depth and volumes of these core pairs, which contribute significantly to CAKE buyback-and-burn.

#### Redirecting Emissions to Locker Protocols

![Locker Proposal.jpg](https://sgp1.digitaloceanspaces.com/strapi.space/2071080cabb830be2165f065eb24ea0e.jpg)

🗳️During April, we presented a proposal to the community regarding reallocating CAKE emissions to the veCAKE locker ecosystem.

🌍After the proposal was approved, we're now strategically deploying bribes across CakePie, StakeDAO, & Hidden Hand to enhance liquidity in these pools: BNB-USDT, USDT-BNB, CAKE-BNB, & CAKE-USDT.

🙌  This strategic move aims to boost liquidity and drive efficiency without increasing overall emissions. 

If you wanna check the full proposal, you can do it here: https://pancakeswap.finance/voting/proposal/0x57121617ce82be6faab483b2e83fa626593f51c4e9c71670be36bfaa6cd96bf1?chain=bsc 
Thank you for your support in this decision! 

#### Arbitrum LTIPP application approved

![LTIPP Passed.jpg](https://sgp1.digitaloceanspaces.com/strapi.space/33f50ee0e95ecce7d81526e5b01c232d.jpg)

Thank you for your vote. Let’s grow on Arbitrum together 💙🧡

We will distribute:
💙330k ARB to our top performing V3 pools
💙60k ARB to boost our Prediction product
💙60k ARB to incentivize our options product with Stryke

💬Read more: https://snapshot.org/#/arbitrumfoundation.eth/proposal/0xd140d8bbbfd1a2b543675468e072a2ab3cc14a252119ff7fe7541aa048fe0153

#### New Farms
![farms.jpg](https://sgp1.digitaloceanspaces.com/strapi.space/0f79554489686f0efae84378fb7c0ccf.jpg)

#### New Pools
![pools.jpg](https://sgp1.digitaloceanspaces.com/strapi.space/c162b422bddb269532595352ef7a8988.jpg)

### Still Cooking - Coming Soon: 

#### Calling for community testers! - Be part of something awesome

If case you missed it, on May 1st, we posted this tweet: https://twitter.com/PancakeSwap/status/1785610125836734853 

We're preparing to unveil an exciting new feature and want you to join the journey!

We're seeking enthusiastic community members to beta test our upcoming product. Your insights will be invaluable as we fine-tune performance, fix bugs, and gather feedback!

✍️ If you're eager to get involved, sign up here to register your interest: https://forms.gle/csBrqPNBbcAtUXLS7 

#### Multichain Prediction, expanding the fun to more horizons! 

🔮 PancakeSwap's prediction game is designed to test your price prediction skills 🎯

Now deployed on Binance Smart Chain and zkSync Era, our goal is to expand the prediction universe to more blockchains! 

While we continue working on it, you can start playing right away! 👉 https://pancakeswap.finance/prediction 

### Still hungry?
Join us on **[Twitter](https://twitter.com/PancakeSwap)** , **[Telegram](https://t.me/pancakeswap)**, in our **[Discord](https://discord.gg/pancakeswap)** server, or in our growing **[Reddit](https://www.reddit.com/r/pancakeswap)** community!

Bon appétit!

The Chef's 🐰🥞


Check what happened in PancakeSwap during April! 

PancakeSwap April's Recap

Hey PancakeSwap Fam, 

We have teamed up with Orbs Network to develop a new feature to level your trading experience. Say hello to TWAP (Time-Weighted Average Price) and Limit orders, now seamlessly integrated into PancakeSwap's ecosystem on the BNB Chain. This feature spans all DEX liquidity sources and versions (v2, v3 StableSwap, etc.). Moreover, we're planning to extend this feature to multiple chains soon.

### **What are TWAP and Limit Orders?**
TWAP, a staple in traditional finance, is designed to break large orders into smaller trade sizes and execute them at regular intervals. This minimizes the order's price impact and allows for implementing a dollar-cost averaging (DCA) strategy. On the other hand, Limit orders empower users to buy or sell assets at a specified price or better, providing more control over trade execution.

### **Why Integrate TWAP and Limit Orders?**
- Price Impact Reduction: With TWAP, the adverse effects of high price impact on large trades or low-liquidity pairs are mitigated, ensuring better outcomes for traders.
- Automation of Dollar-Cost Averaging (DCA): Implementing a DCA strategy becomes effortless as TWAP automates the process, smoothing market volatility over time.

### **How to Get Started with TWAP and Limit Orders:**
1\. Visit **[PancakeSwap](https://pancakeswap.finance/swap/limit)** and connect your wallet to the BNB Chain.
![Screenshot 2024-04-10 at 14.51.04.png](https://sgp1.digitaloceanspaces.com/strapi.space/ae366949140d3eb83ef1973835f10a3f.png)

2\. Specify the token pair and amount you wish to trade.

![Screenshot 2024-04-10 at 14.52.27.png](https://sgp1.digitaloceanspaces.com/strapi.space/392c94d123dd77e7a5298c24ae86580c.png)

3\. Choose whether to set a limit price. Trades will execute only if the market price equals or exceeds the limit price.

![Screenshot 2024-04-10 at 14.52.33.png](https://sgp1.digitaloceanspaces.com/strapi.space/c138e81953f05ec254552a54bb34a49a.png)

4\. Determine the total number of trades and the trade interval to tailor the execution to your preference. Set the maximum duration for the order to ensure timely execution.
![Screenshot 2024-04-10 at 14.52.55.png](https://sgp1.digitaloceanspaces.com/strapi.space/91b2cd7e024464b218310087cf447a9c.png)

If you have more questions, please refer to our documentation **[here](https://docs.pancakeswap.finance/products/pancakeswap-exchange/limit-orders)**.

Empower your trading strategy with TWAP and Limit orders today **[on PancakeSwap](https://pancakeswap.finance/swap/limit)**, and elevate your trading game to new heights!

Happy Trading,

The Chef’s

Say hello to TWAP (Time-Weighted Average Price) and Limit orders, now seamlessly integrated into PancakeSwap's ecosystem on the BNB Chain

 PancakeSwap Teams Up with Orbs Network to Introduce TWAP and Limit Orders

### Data Recap
#### Overall
- Total Volume: $44.8B
- Average Daily Volume: $1.4B
- Unique Traders: 2.6M
- Unique Onsite Users: 5.3M
- Web3 Wallet — Onsite Users: 109K
- Web3 Wallet — Average Daily Users: 8K
- Gaming Marketplace - AVG Daily Users: 6k

#### CAKE
- Total burned: 36.2M CAKE ($143.7M)
- Bought back from the market to burn: $5.8M
- N° of holders: 1,640,421 (MoM 2.05%)
- Effective CAKE Emission Rate: 1.36 CAKE/Block

*As our emissions and burn data are calculated and grouped by weeks, not months, the statistics above may not one-to-one reflect our “monthly burn”, and only serves as a guideline. For more information on our burns, please refer to our weekly burn post on our social channels.

#### 🍽✅ Served In March

#### PancakeSwap v4: Your DEX, Your Innovation 

![v4.png](https://sgp1.digitaloceanspaces.com/strapi.space/0d14d562a94e0e569dc341d5caf55bbc.png)

Introducing PancakeSwap v4: For Developers, Traders & Every User.

Since the launch of PancakeSwap in 2020, we've achieved remarkable milestones. While PancakeSwap v3 brought improvements, it lacked composability for leveraging PancakeSwap’s liquidity and user base. Additionally, it didn't offer seamless integration for developers and DeFi protocols to create on top of it. 

That’s why we present PancakeSwap v4, a groundbreaking iteration designed to address these challenges head-on. Our codebase is open-sourced, inviting developers to explore and contribute.

This is just an announcement. The DEX is scheduled to launch in the third quarter of this year on Ethereum and BNB Chain, with intentions to expand to additional chains in the future
Hooks, Singleton, Customized Pool Types, Flash Accounting. A lot of new things are coming to the AMM, and we invite you to come and learn how you can contribute to it! We’re also initializing a $500K Developer Program & CAKE Emission grant program, an initiative to empower and support developers in the DeFi ecosystem.

It’s impossible to put into words how this announcement made us feel! We invite you to check our v4 directory to understand PancakeSwap v4 deeply. 

The moon is made of Pancakes! 

#### **PancakeSwap v4 Directory**

-[**PancakeSwap v4 page**](https://pancakeswap.finance/v4)

-[**Introducing PancakeSwap v4: For Developers, Traders & Every User**](https://blog.pancakeswap.finance/articles/introducing-pancake-swap-v4-for-developers-traders-and-every-user)

-[**PancakeSwap v4 Whitepaper**](https://github.com/pancakeswap/pancake-v4-core/blob/main/docs/whitepaper-en.pdf)

-[**PancakeSwap v4 FAQ**](https://blog.pancakeswap.finance/articles/pancake-swap-v4-answering-all-your-questions-about-v4)

-[**Mochi's vision for PancakeSwap v4**](https://blog.pancakeswap.finance/articles/chef-mochi-s-vision-for-pancake-swap-v4-a-leap-forward-in-de-fi-innovation)

-[**Why should Developers build on PancakeSwap v4 and How to build Hooks**](https://blog.pancakeswap.finance/articles/why-should-developers-build-on-pancake-swap-v4-and-how-to-build-hooks)

-[**Introducing PancakeSwap’s $500K Developer Program and CAKE Emissions Grant Program**](https://blog.pancakeswap.finance/articles/introducing-pancake-swap-s-500-k-developer-program-and-cake-emissions-grant-program)

-[**What’s in it for Developers, DeFi Protocols, Traders, and Liquidity Providers**](https://blog.pancakeswap.finance/articles/everything-you-need-to-know-about-pancake-swap-v4-what-s-in-it-for-developers-traders-liquidity-providers-and-defi-protocols)

-[**PancakeSwap v4 Developer Docs**](https://developer.pancakeswap.finance/)

#### ETH Global London: Our first hackathon! 

![ETHLondon Stand.jpg](https://sgp1.digitaloceanspaces.com/strapi.space/db084d462ab0073cf5c46abfcff3796a.jpg)

During ETH Global London, we unveiled the PancakeSwap v4 announcement. Through our keynote presentation and v4 workshop, helmed by the esteemed Chef Momo and Chef Burger, attendees gained invaluable insights into the transformative benefits and challenges accompanying this pivotal change within the PancakeSwap Kitchen and the whole DeFi ecosystem.

The cherry on top of the pancake is that we hold our first hackathon! Developers were tasked with crafting innovative features utilizing our Custom Layer with Hooks, vying for a chance to claim their share of the $10,000 prize pool! 🐰 A discerning panel of judges, comprised of loved PancakeSwap Chefs, faced the arduous challenge of selecting the deserving winners.

We extend our heartfelt gratitude to all those who visited our booth and offered their unwavering support throughout the event's three days.

If you missed out on the excitement, fret not! We've prepared a recap video for your enjoyment, ready to be replayed to your heart's content! https://www.youtube.com/watch?v=UBU9Ui9HZTc

#### March 2024: PancakeSwap's CAKE Burn - New ATH

![March Burn Recap 2024-04-07 23.58.27.jpg](https://sgp1.digitaloceanspaces.com/strapi.space/6a5e3ec6d1684e9bf8c5a4582d777b1a.jpg)

Can you smell the burned pancakes? It’s the smell of deflation 
In March, we burned 1,789,306 CAKE, with…drums please 🥁…-731,042 Net Mint! That marks a new ATH in terms of net mint 🔥

🐰This is the 7th consecutive month of CAKE total supply reduction, with a cumulative -2,103,059 CAKE net mint

Take a look at March’s burn report here 👉 https://blog.pancakeswap.finance/articles/march-2024-pancake-swap-s-cake-burn 

#### Affiliates Initiative: Mancake, the first candidate! 

![mancake proposal.jpg](https://sgp1.digitaloceanspaces.com/strapi.space/56f542875cc1bddce20ee9ae9b3f77ab.jpg)

In February, we presented our Affiliates Initiative to the PancakeSwap Community: To assist the PancakeSwap protocol in being up-to-date with the crypto industry’s developments, the Kitchen intends to invite and, on a case-by-case basis, approve forks of PancakeSwap onto any chains that PancakeSwap is not already deployed on, based on certain principles.

You can refresh your memory about it in this Forum Discussion: https://forum.pancakeswap.finance/t/discussion-on-pancakeswap-affiliates-a-multichain-expansion-strategy/395 

The reception was pretty good, and the valuable feedback was all taken! 

During March, we presented the discussion to launch our First Affiliate DEX initiative on the Mantle network with MancakeSwap! 

MancakeSwap; or ‘Mancake’ - is an affiliate fork of PancakeSwap on Mantle Network. Officially supported by  PancakeSwap and Mantle Network, Mancake provides users an all-in-one service to trade, earn, and own various cryptocurrencies in a trustworthy environment with a user-friendly interface.

The Mancake launch is now on voting stage. 🗳 Read more about the proposal and cast your vote for free here: https://pancakeswap.finance/voting/proposal/0xbf8ac28356bd7ad863c7a1bf9fb66901b44430f274986a4e8793639f8214a747 

#### bCAKE Migration: Attention CAKE Stakers!

![bcake migration banner.jpg](https://sgp1.digitaloceanspaces.com/strapi.space/4f5c3bf7b0969ee1cc1cb62c02a8aba4.jpg)

Starting on April 5th, if you’re staking CAKE on BNB CHAIN v2 Farms, StableSwap, & Position Manager, you must migrate your stakings, to continue earning rewards! 

🔍 See how to Migrate ⤵️
https://docs.pancakeswap.finance/products/yield-farming/bcake/migration-guide

![bcake migration pairs.jpg](https://sgp1.digitaloceanspaces.com/strapi.space/bfcba7e4c2c6a00b2e8bc5b34d6a5a6f.jpg)
 
🔜More pairs to be added - stay tuned for updates!

#### PancakeSwap x Wormhole Integration

![PancakeSwap x Wormhole.jpg](https://sgp1.digitaloceanspaces.com/strapi.space/165b14cfaa4fa18250d353d9a9683472.jpg)

🥞 PancakeSwap has now integrated Wormhole Connect, allowing seamless token transfers.

🌐 Transfer assets to BNB Chain hassle-free and enjoy uninterrupted access within the app.

🔗 Experience the multichain development with Wormhole Connect. Learn more: https://twitter.com/wormholecrypto/status/1768276001010942444

#### Position Manager: News 

![DefiEdge news.jpg](https://sgp1.digitaloceanspaces.com/strapi.space/3e3fbdc6487fc21cecde099c7c0390cf.jpg)

DeFiEdge’s Position Manager is now on Arbitrum PancakeSwap! Now you can enjoy DeFiEdge’s strategies on the Arbitrum Network! 

Dive into the 8 pairs LP with 80,000 ARB rewards over 6 weeks! Get started: https://pancakeswap.finance/position-managers?chain=arb 

#### New Pools

![Pools Marchpng.png](https://sgp1.digitaloceanspaces.com/strapi.space/5de943954e8883ef8d29afa22c60b7c2.png)

#### New Farms

![Farms March.png](https://sgp1.digitaloceanspaces.com/strapi.space/67361746805a54c48cfea4efbe1f833b.png)

### Still Cooking - Coming Soon!

**DEX: New Trading Venue**

There is always more to do to improve the PancakeSwap user experience. You can never be user-friendly enough! 

For a few months, we have been working on two new features that we believe will significantly improve how tokens are swapped in PancakeSwap and how users interact with the whole PancakeSwap ecosystem. 

Without giving too many details, we want to let you know that we will soon introduce both features together, and you can be part of that presentation! 

Are you interested in trying them out before anyone else? Let us know! 

**v4: Developers focused-activities**

Following the v4 Announcement and the success of our inaugural hackathon, we're thrilled to announce that this is just the beginning of a series of engaging events to come. 

That's right – more activities like these are on the horizon! We're committed to fostering creativity, innovation, and collaboration within our ecosystem, providing developers with opportunities to showcase their talents and push the boundaries of what's possible in decentralized finance. 

Stay tuned for updates and be ready to unleash your creativity in future events. Together, we'll continue to build, innovate, and shape the future of DeFi.

#### Still hungry?
Join us on Twitter , Telegram, in our Discord server, or in our growing Reddit community!

Bon appétit!

_The Chef's 🐰🥞_



PancakeSwap March Recap

GM PancakeSwap Community,

We are excited to announce that PancakeSwap has teamed up with Stryke (formerly Dopex) to introduce CLAMM Options Trading. This product allows the building of on-chain options liquidity and enables users to seamlessly trade options, earn premiums, and earn swap fees. This collaboration represents a significant leap forward in decentralized finance (DeFi), merging PancakeSwap's robust platform with Stryke (formerly Dopex)'s cutting-edge options protocol.

### **Overview of PancakeSwap’s CLAMM Options**
PancakeSwap’s American-style CLAMM options will debut on the Arbitrum chain, offering flexibility with diverse expiry durations (1 hour to 24 hours).
- Markets: ARB/USDC, WETH/USDC, and WBTC/USDC
- Options Types: Call & Put
- Strike Prices: Based on v3 pool ticks
- Expiry Durations: 1H, 2H, 6H, 12H, and 24H
- Exercise Conditions: Exercising positions before closure to avoid in-the-money options expiring worthless. Users can choose to enable auto-exercise to skip further actions and realize profits automatically at expiry. 

 ### **What are Options?**
![trading-campaign (34).jpg](https://sgp1.digitaloceanspaces.com/strapi.space/9391f82952ac74a1d01a4d5d0b5865f6.jpg)
Options are derivative contracts that grant buyers the right, without obligation, to buy or sell an asset at a predetermined strike price in the future. Option buyers pay a premium for this right. If market conditions are unfavorable, option buyers can let the option expire, limiting potential losses to the premium paid. Conversely, if the market moves favorably, the option can be exercised to realize profits.

Options are generally categorized into "call" and "put" contracts. With a call option, the contract buyer acquires the right to buy the asset at a predetermined strike price. With a put option, the buyer can sell the asset at the predetermined price.

### **Key Terminologies**
- Option Positions: Long (buying) or short (writing/selling), call or put options.
- Strike Prices: Locked-in prices for buying (call) or selling (put) the asset at the settlement date/expiry time.
- Expiry: Represents the time till the options contract is valid. Net settlement happens at expiry or on exercise.
- Premiums: The fee received by option sellers and the cost incurred by option buyers.
- American option: Options contract that allows traders to exercise the option rights at any time before and including the expiration day.
- Option Moneyness: This is determined through the relationship between the strike price and asset price. It is used to classify if a strike price is In-the-money (ITM), At-the-money (ATM), or Out-of-the-money (OTM).
- A call option is ITM if the asset price exceeds the strike price. A put option is ITM if the asset price is below the strike price. If a user has purchased an option at a strike that goes ITM, the user will earn profits (excluding cost of buying i.e. premium) by exercising the option.  
- A call option is OTM if the asset price is below the strike price. A put option is OTM if the asset price exceeds the strike price. OTM strikes have no intrinsic value, so exercising doesn’t make sense.

### **Types of Options:**
1\. Call Option (Buy):
- Buyers: Gain the right to buy the asset at a predetermined strike price on a specified date, with potential profits if the price exceeds the strike.
- Sellers: Undertake the obligation to sell the asset, receiving upfront premiums but facing potential losses if the asset's price rises beyond the strike.

**Example**
![trading-campaign (42).jpg](https://sgp1.digitaloceanspaces.com/strapi.space/9c56745e454d6d34ee9dc3cf82af682e.jpg)
- On February 1, 2024, Alice initiated a buy call option at a $2,000 strike price and a $200 Option Premium. After 24 hours, Ethereum rose to $2,500. Now Alice exercises her buy call option, purchasing Ethereum at the strike price of $2,000 (lower than the current market value). Her profit is $2500 - ($2000 + $200), totaling $300, making her position in the money (ITM). 
- On the flip side, the seller, Bob, incurs a loss of $300 as Alice exercises her right to purchase Ethereum at the strike price (lower than the current market price), so he has to sell his Ethereum at the strike price of $2000, which is lower than the current market price marked at $2500.

**Risk/Reward**
![trading-campaign (29).jpg](https://sgp1.digitaloceanspaces.com/strapi.space/e3bdff0c2f38f488ac8fb40867f453e3.jpg)
The trader's (Alice) potential loss from buying a call option is limited to the premium paid. Potential profit is unlimited due to the increasing option payoff and the underlying asset price until expiration.

2\. Put Option (Sell):
- Buyers: Secure the right to sell the asset at a predetermined strike price, anticipating a decrease in the asset's price.
- Sellers: Accept the obligation to buy the asset, earning upfront premiums but facing potential losses if the asset's settlement price is lower than the strike price.

**Example**
![trading-campaign (43).jpg](https://sgp1.digitaloceanspaces.com/strapi.space/5a27002021c8a0843570f05bbfffaa0c.jpg)
- Alex initiates a buy put option on February 1, 2024, with a $2,500 strike price and a $250 Option Premium. On February 2, 2024, Ethereum drops to $2,000. Alex exercises his buy put option, selling Ethereum at the strike price of $2,500 (higher than the current market value). Resulting in a $250 profit, $2500 - ($2000 + $250), making his position in the money (ITM). 
- On the flip side, the seller, Dave, incurs a loss of $250 as Alex exercises his right to sell his Ethereum at the strike price (higher than the current market price), so Dave has to buy Alex’s Ethereum at the strike price of $2500, which is higher than the current market price marked at $2000

**Risk/Reward**
![trading-campaign (33).jpg](https://sgp1.digitaloceanspaces.com/strapi.space/1df52b39dfea566a7ccd9117d194e371.jpg)
The potential loss on buying a put option is limited to the premium paid for the options. The maximum profit from the position is capped because the underlying price cannot drop below zero; options are a highly leveraged instrument, and even a capped upside return when buying put options allows users to maximize gains on their capital.

### **Decoding the CLAMM Options: A Liquidity Game-Changer**

Crafted by the Stryke (formerly Dopex) team, the CLAMM options protocol introduces an efficient dual liquidity provision system for options traders (buyers) and PancakeSwap v3 pools. Here's a breakdown of how it operates:
- **Liquidity Addition:** Users adding liquidity to CLAMM options simultaneously contribute to the designated PancakeSwap v3 (CLAMM) pool within their chosen price range.
- **Options Trading:** When an options trader (buyer) initiates a position, the liquidity is extracted from the v3 pool to facilitate options selling. The user thereby becomes an options seller and receives a premium.
- **Idle Liquidity Management:** The unutilized liquidity resides in the PancakeSwap v3 pool, potentially earning trading fees as long as the pool price remains within the liquidity range.
- **Consistent Payoff:** The payoff from selling options and providing liquidity in a v3 pool mirrors the same IL or token balance, ensuring users face no increased risk compared to the conventional method of adding liquidity to v3 pools.
- **Minimal Risks:** Users face fewer risks, as liquidity might remain un-utilized due to lower options buying demand. Additionally, since liquidity is added to the pool in an inactive range, it might not earn any fees.

Refer to our **[step-by-step guide](https://blog.pancakeswap.finance/articles/how-to-provide-liquidity-on-pancake-swap-s-clamm-options)** on how to add liquidity to PancakeSwap CLAMM Options.

### **How Can I Start Trading Options on PancakeSwap?**

Refer to our **[step-by-step guide](https://blog.pancakeswap.finance/articles/how-to-trade-options-on-pancake-swap)** for participating in PancakeSwap’s Options Trading.

### **The Start of Something Even Bigger**
This collaboration marks a significant stride forward, delivering diverse trading opportunities for users and elevating fee-earning potential for liquidity providers. Join us on this transformative journey as we redefine DeFi trading with PancakeSwap and Stryke (formerly Dopex), where each trade unfolds new possibilities and rewards.

Stack’em

The Chefs

PancakeSwap has teamed up with Stryke (formerly Dopex) to introduce CLAMM Options Trading.

Introducing CLAMM Options Trading on PancakeSwap in Collaboration with Stryke (formerly Dopex)

In our March 2024 report, we explore the world of CAKE token supply management on PancakeSwap. Learn how PancakeSwap reduces the total supply of CAKE through strategic burns and the pursuit of ultrasound CAKE.

### **CAKE Total Supply Reduction:**
As of  April 2nd, 2024, PancakeSwap has successfully burned 0.189% of the CAKE total supply for March 2024. To calculate this percentage, we divided the total net mint of -731,042 CAKE by the initial total CAKE supply on March 4th, 2024. This marks the seventh consecutive month of CAKE total supply reduction, with a cumulative -2,103,059 CAKE net mint over September, October, November, December 2023, January, February, and March 2024. 

### **Achieving CAKE Total Supply Reduction through Net Minting:**
In April 2024, PancakeSwap achieved a net mint of -731,042. This negative net mint indicates that more CAKE tokens were burned than minted during the month.

### **March Mint Breakdown**
- Farms: 816,702
- CAKE Syrup Pool: 117,600
- Other Product Usage: 123,962
- Total March Mint: 1,058,264

_Please note that we have excluded CAKE mints that directly contribute to burning, calculating the mint based on raw CAKE/block emission (including emission changes over the months) for a precise monthly mint estimate._

### **March Burn Categories**
- Swaps and Perpetual Trading Fees: 1,470,456
- Prediction: 190,134
- Pancake Protectors: 5,296
- Lottery, NFT Market, Profile & Factory: 123,420
- Total March Burn: 1,789,306

_Note: To ensure accuracy, we pro-rate weekly CAKE burns over two months. For example, burns occurring at the end of March and stretching into April receive a proportionate allocation between the two months._

### **Proof of Burn for March:**
- March 6: **[Link](https://bscscan.com/tx/0xddfc376c4cf0b13d02cc5feaaebbe084be4529a9c5db69be09777369dc312681)**
- March 11: **[Link](https://bscscan.com/tx/0xdf7c1def8b6f00e7a9c31e381fc045f82a4d53172f132c6e9098806293613abf)**
- March 18: **[Link](https://bscscan.com/tx/0xa5861c373be4ae42126094baea795553fb3c96994d8ca69ee2f650fb47124ac4)**
- March 25: **[Link](https://bscscan.com/tx/0x36d7c2768daca14123ac8d00882ff69ad826340557adbd1ab8f1fa2e3f6daad4)**
- April 2: **[Link](https://bscscan.com/tx/0xa486253829e13db5851890a04fd1bef6583b4092ff13d8e572bbd715deeb78a9)**

In our March 2024 report, we explore the world of CAKE token supply management on PancakeSwap.

March 2024: PancakeSwap's CAKE Burn

GM Fam,

We're thrilled to announce not one but TWO new trading campaigns launching simultaneously on PancakeSwap! These campaigns are designed to reward our veCAKE holders and the top 300 traders.

## **Campaign 1: veCAKE Holders - 10% Trading Fee Rebate**
- Campaign Period: July 1st, 2024, 00:00 UTC to July 31st, 2024, 23:59 UTC
- Eligible Chain: BNB Chain, Ethereum, Polygon zkEVM, zkSync Era, Arbitrum One, Base, Linea and opBNB
- Eligible Pairs: Explore 100+ eligible pairs; the full list is **[here](https://pancakeswap.finance/trading-reward/cake-stakers#rewards-breakdown)**.
- Reward: Earn a 10% rebate on trading fees from **[eligible pairs](https://pancakeswap.finance/trading-reward/cake-stakers#rewards-breakdown)**. For example, a 10USD trading fee will get you a 1USD rebate in CAKE.
- Reward Redeem Period: July 31st, 2024, 23:59:59 UTC to August 13th, 2024, 23:59:59 UTC

## **Eligibility**
1\. Hold a veCAKE position that remains active until the campaign snapshot on July 31st, 2024, 23:59 UTC.
- There are no minimum or maximum requirements for the amount of veCAKE you hold.
- Users can earn rewards equivalent to the amount of CAKE corresponding to their veCAKE holdings at the snapshot time. For instance, if your veCAKE balance at the campaign's end is 1,000, you can earn up to 1,000 CAKE.
- Increase your veCAKE holdings anytime before the campaign concludes to maximize potential rewards. To increase rewards, simply boost your **[veCAKE holdings](https://pancakeswap.finance/cake-staking)** during the campaign.

2\. Active Pancake Profile: For instructions on setting up your NFT Profile, refer to our guide **[here](https://docs.pancakeswap.finance/products/nft-market/nft-profile-system/profile-guide)**. 

## **How to Participate:**
1\. Check Eligibility: Verify your veCAKE balance at snapshot time on the **[Trading Reward page](https://pancakeswap.finance/trading-reward/cake-stakers)**.

2\. Trade Eligible Pairs: Select from over **[100+ eligible pairs](https://pancakeswap.finance/trading-reward/cake-stakers#howToEarn)** across 8 chains and execute trades during the campaign period.

3\. Earn 10% Rebates: Based on your veCAKE balance, you can receive a 10% rebate on your trading fees from eligible pairs. 

4\. Track your volume and rewards: Visit the **[trading reward page](https://pancakeswap.finance/trading-reward/cake-stakers#rewards-breakdown)** to track your trading volume and rebate amount.

![Screenshot 2024-07-02 at 18.25.08.png](https://sgp1.digitaloceanspaces.com/strapi.space/187cfc7daf2f29ee5f3e4b51c9853e12.png)

5\. Claim Rewards: **[Redeem your earned CAKE rewards](https://pancakeswap.finance/trading-reward/cake-stakers#rewards-breakdown)** during the reward claim period. Any rewards left unclaimed during this period will be forfeited and returned to the PancakeSwap Treasury.

## **2. Campaign 2: Top 300 Traders - 3% Trading Fee Rebate**

- Campaign Period: July 1st, 2024, 00:00 UTC to July 31st, 2024, 23:59 UTC 
- Eligible Chains: Ethereum, Polygon zkEVM, zkSync Era, Arbitrum One, Base, Linea, opBNB and BNB Chain
- Eligible Pairs: Explore 100+ eligible pairs, the full list **[here](https://pancakeswap.finance/trading-reward/top-traders#rewards-breakdown)**
- Reward: Top 300 Traders earn a 3% Trading Fee Rebate. For example, a 10USD trading fee will get you a 0.3USD rebate in CAKE.
- Reward Redeem Period: July 31st, 2024, 23:59:59 UTC to August 13th, 2024, 23:59:59 UTC

## **How to Participate:**
1\. Trade to Win: Select from **[over 100+ eligible pairs](https://pancakeswap.finance/trading-reward/top-traders#rewards-breakdown)** across 8 chains and execute trades during the campaign period.

2\. Track Your Progress: Monitor your position on PancakeSwap’s **[Top 300 Traders leaderboard](https://pancakeswap.finance/trading-reward/top-traders#rewards-breakdown)**. 

![LEADERBOARD.png](https://sgp1.digitaloceanspaces.com/strapi.space/3a05e01488e30e7d77fa656690912021.png)

3\. Earn 3% Rebates: Based on your leaderboard position, you can receive a 3% rebate on your trading fees from eligible pairs if you maintain your position within the top 300 traders until the end of the campaign.

4\. Claim Your Rewards: **[Redeem earned rewards](https://pancakeswap.finance/trading-reward/top-traders#rewards-breakdown)** during the reward claim period. Unclaimed rewards revert to the PancakeSwap Treasury.

![Screenshot 2024-07-02 at 18.26.13.png](https://sgp1.digitaloceanspaces.com/strapi.space/30b99aba7cad45d7cc680eb990139a31.png)

## **Important Notes:**
- Use the same wallet address across all transactions and chains to ensure accurate tracking of your trading volume. 
- Third-party trading aggregator volumes are not eligible for these campaigns. Make sure to trade direclty on the **[PancakeSwap Swap UI](https://pancakeswap.finance/swap)**
- Users can earn rewards from both Campaign 1 and Campaign 2

Don’t miss out on these exclusive opportunities to maximize your trading benefits on PancakeSwap! Join now and start trading to earn rebates on your fees.

Stack’em

The Chefs

We're thrilled to announce not one but TWO new trading campaigns launching simultaneously on PancakeSwap! 