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 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

Cakepie is a Yield & veTokenomics service provider (veCAKE Manager) designed by Magpie to support the long-term development of PancakeSwap’s voting governance. Cakepie has now integrated the veCAKE Voting Market which allow users to participate in the voting process and earn voting incentives. Cakepie rewards CAKE holders and Liquidity providers, as well as offering cost-effective voting power. It also helps decrease CAKE’s circulating supply by locking up CAKE. To learn more about Cakepie’s ecosystem and tokenomics, please visit **[here](https://docs.cakepiexyz.io/cakepie-overview)**. Today's article will teach you how to participate via Cakepie’s veCAKE Voting Market and claim voting rewards.

_Please note: This article is for educational purposes only and does not constitute financial advice. PancakeSwap does not endorse or provide vote incentives through external markets. Users should conduct their research and exercise caution when using such services._

1\. Visit **[Cakepie’s veCAKE Voting Market](https://www.pancake.magpiexyz.io/bribe)** and navigate to the “Vote” tab.
![1.png](https://sgp1.digitaloceanspaces.com/strapi.space/9ac2ee90369fdc8db1e211f3a446a1bb.png)

2\. veCAKE Dashboard. In this section, you will find the following: 
![2.png](https://sgp1.digitaloceanspaces.com/strapi.space/88179320fc798f0534bc7accc50cc5c5.png)
- Your veCAKE holding 
- Snapshot time and voting end time for the current epoch.
- The number of votes each gauge receives and the total amount of veCAKE votes cast.

3\. Choose the gauge you want to vote for (e.g.,mCAKE-CAKE, StableSwap).
![3.png](https://sgp1.digitaloceanspaces.com/strapi.space/325847376e59eeaf54b4b8ce45ff010f.png)
- The first column shows the gauge you are voting for. 
- The second column shows the APR for the current epoch.
- The third column shows the total vote incentives to be distributed to all veCake votes for the current epoch.
- The fourth shows the total veCAKE vote for each gauge. 

4\. Click “Vote” to cast your veCAKE votes on your preferred gauges.
![4.png](https://sgp1.digitaloceanspaces.com/strapi.space/22ead706033dd65b45e86104a4188e0c.png)

5\. You'll be redirected to PancakeSwap's Gauges voting page.
![5.png](https://sgp1.digitaloceanspaces.com/strapi.space/0eeef53b171a7537e8dc29b9c78d9e2e.png)
- Gauges weight voting is conducted every two weeks. The beginning of an epoch, like revenue sharing, is at 00:00 UTC every Thursday. Please refer to our **[full documentation](https://docs.pancakeswap.finance/products/vecake/gauges-voting)** for veCAKE voting schedule.
- The incentives each gauge offers are divided by the total votes each gauge receives.
- Users can vote for gauges on different networks and receive incentives in different networks.

6\. Scroll down to "My Votes" and click "Add Gauges."
![a.png](https://sgp1.digitaloceanspaces.com/strapi.space/68f0077a6b6d9b3a892a4a13931a952c.png)

7\. Search for the gauge you want to vote for and click the "+" icon to add it.
![6.png](https://sgp1.digitaloceanspaces.com/strapi.space/675a8e46b793b488cd6dcb87ba88472b.png)

8\. Once you have added the gauges, you may select the percentage of your veCAKE that goes to each gauge.
![7.png](https://sgp1.digitaloceanspaces.com/strapi.space/ea55eae5edfee5810b7bbc7febeebcc5.png)
We use percentage as the unit of veCAKE votes because: 
- veCAKE gradually decreases with the remaining lock time. Estimating and calculating the exact number of veCAKE to vote for is impractical. 
- It is troublesome to re-vote in every upcoming epoch. Therefore, gauge voting is designed to carry your decisions throughout the upcoming epoch until you cast a new one. Please refer to our full documentation for veCAKE caluclations

Confirm your decision and click "Submit vote".

9\. After the voting period ends, you can claim your rewards on **[Cakepie’s veCAKE Voting Market](https://www.pancake.magpiexyz.io/claim)**; navigate to the “Claim” tab.
![Screenshot 2024-05-06 at 12.31.56.png](https://sgp1.digitaloceanspaces.com/strapi.space/79d0e6309c8beea4fe8e33bcd61804e4.png)
- If you have unclaimed rewards, the rewards value will show up on this page
- Voters can decide when to claim their corresponding rewards, there is no time limit for participants to collect their voting incentives.

Happy Voting!

Cakepie is a Yield & veTokenomics service provider (veCAKE Manager) designed by Magpie

How do you earn vote incentives on Cakepie’s veCAKE Voting Market?

## **GM PancakeSwap community,**

PancakeSwap is thrilled to announce a strategic partnership with Teahouse Finance, a provider of comprehensive liquidity management solutions. This collaboration introduces new vault strategies featuring diverse trading pairs, simplifying liquidity management for users on PancakeSwap v3.

There are four vault options available: the USDC.e-WETH and WBTC-WETH vaults, each with a 0.05% fee; the USDC.e-USDT vault with a minimal fee of 0.01%; and the wstETH-WETH vault, also with a 0.05% fee. This guide will assist you in navigating these options to optimize your liquidity management.

## **About Teahouse Finance’s Vaults**

Teahouse Finance provides diverse professional investment strategies that align with users’ risk tolerance and investment goals. Much like a hedge fund, Teahouse’s platform assists both enterprise and individual clients in growing their crypto assets through secure and transparent asset management. Teahouse LP Vaults are dual-token vaults that allow users to provide liquidity by depositing token pairs into selected strategies managed by Teahouse or partners.

Teahouse’s LP Vaults on PancakeSwap utilize either the **Single-sided LP Strategy** or the **Adaptive Portfolio Strategy**.

**The Single-sided LP Strategy:** Unlike traditional LP, the Single-sided LP Strategy sets a price range above and a price range below the current spot price, each with one asset type as liquidity and waiting for the spot price to move into range. The strategy aims to maximize profits by narrowing the LP ranges for higher, more concentrated fees.

**The Adaptive Portfolio Strategy:** This strategy applies various fundamental portfolio-building concepts (e.g. mean-reversion and exponential gradient) to adjust the liquidity depth (weights) around the spot price. The performance of each method is analyzed via back-testing to identify the approach that delivers the highest swap fees earned. The strategy manager re-evaluates the algorithms periodically to ensure that the selected strategy still fits the current market conditions, and if not, switch to the current-best algorithm.

## **How Teahouse Finance’s strategies work on PancakeSwap v3**

Teahouse Finance’s LP Vaults on PancakeSwap v3 offer users an effortless way to deposit liquidity directly from Pancake's platform and utilize Teahouse strategies. By utilizing Teahouse's expert position management, these LP Vaults execute dynamic DeFi strategies that react to market signals in real time.

With the **[Single-sided LP Strategy](https://docs.teahouse.finance/teahouse-finance-1/lp-vaults/strategies/single-sided-lp-strategy)**, the two deposited tokens are placed as two single-sided LP ranges sandwiching the pair's spot price. This lowers the frequency of rebalancing, which in turn reduces the divergence loss ((when impermanent loss becomes realized). Providing single-sided LP helps mitigate the transaction costs incurred from frequent rebalancing, which is the case for double-sided LP positions (covering the whole price range) where swap fees are required to reinvest the fee earnings back into the LP pool.

As this strategy aims to maximize profits by narrowing the LP ranges, it requires some prediction of future price changes. Here is an example of how the price ranges are positioned and the changes in spot price. The red and blue sections represent single-sided positions for each token. You can see how the strategy can anticipate price changes and adjust each position accordingly.


For the [Adaptive Portfolio Strategy](https://docs.teahouse.finance/teahouse-finance-1/lp-vaults/strategies/adaptive-portfolio-strategy), Teahouse selected and evaluated various established portfolio strategies to see which performed the best recently. This strategy currently adopts the 50:50 equal-weight strategy (holding 50% in Token A, 50% in Token B, with equal weights across all positions), which, according to testing results, consistently performed the best over the time period tested. However, Teahouse continues to reassess the performance of the various portfolio strategies to ensure that it consistently utilizes the top-performing strategy.

The LP Vaults, overseen by professional Strategy Managers at Teahouse, provide users with not just robust risk management features, but also automated management, re-balancing, and compounding benefits. Simply deposit your assets and allow Teahouse to manage and grow them on your behalf.

## **How to use Position Manager on PancakeSwap with Teahouse Finance’s strategies**

1. Visit our Position Manager Page.
    
![Screenshot 2024-05-06 at 9.03.12 PM.png](https://sgp1.digitaloceanspaces.com/strapi.space/386c6b561c5f937d33e8bd93abb8e982.png)
    
2. In this case, we'll choose the pairs marked as **"managed by Teahouse Finance**' to try out their strategies.
    
![Screenshot 2024-05-06 at 8.54.05 PM.png](https://sgp1.digitaloceanspaces.com/strapi.space/b8b2c54be0f1d081b7ca498c47716165.png)
    
3. Once you've chosen **the trading pair with its respective strategy,** click the **"Add Liquidity"** tab.

 
![Screenshot 2024-05-06 at 8.55.48 PM.png](https://sgp1.digitaloceanspaces.com/strapi.space/934ab8010166acdc38f114a42278e536.png)

4\. A dropdown will appear displaying the needed deposit token, APR info, and the strategy provider's management fee. Specify the token quantity you wish to deposit and then **"Approve [Token].”**

    
5\. Review the details once more, and then click "Confirm.”

![4.2.jpeg](https://sgp1.digitaloceanspaces.com/strapi.space/66dffe89eec1ba807178a1064838b0e1.jpeg)

**Enhance Your Experience with PancakeSwap's Position Manager**

PancakeSwap's Position Manager is designed to simplify the liquidity provisioning process for LPs, aiming to reduce losses and increase profits. For more details about its features and our collaborations, check out our announcement blog: https://blog.pancakeswap.finance/articles/pancakeswap-rolls-out-the-position-manager-feature-on-v3.

**Enjoy**

**The Chefs**

There are four vault options available: the USDC.e-WETH and WBTC-WETH vaults, each with a 0.05% fee; the USDC.e-USDT vault with a minimal fee of 0.01%; and the wstETH-WETH vault, also with a 0.05% fee. 

PancakeSwap Partners with Teahouse Finance to Launch Position Manager on Linea

We are thrilled to announce the integration between **[PancakeSwap](https://pancakeswap.finance)** and **[Aperture Finance](https://www.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.

#### **What Does This Integration Mean for PancakeSwap and Aperture Finance?**

Through this integration, users can seamlessly add liquidity to PancakeSwap v3 liquidity pools on Ethereum and BNB Chain through Aperture, with the added benefit of managing their LPs through Aperture's advanced intent-based LP management tools. Likewise, PancakeSwap users can effortlessly manage their existing v3 liquidity positions with Aperture.

#### **The INTENTional Campaign: Participate in the Airdrop from Aperture**

To celebrate this integration, Aperture is offering a healthy bootstrapping of points for PancakeSwap users! 

- Any address that has LPed on BNB Chain or Ethereum PancakeSwap in the last 12 months (after 11 April 2023, ~00:00 UTC) +4,200 points

- Any address that has performed at least 1 swap on BNB Chain or Ethereum PancakeSwap in the last 12 months (after 11 April 2023, ~00:00 UTC) +2,100 points

- Snapshot was taken on 11 April 2024, around 00:00 UTC

In addition to this initial bootstrapping of points, all actions or transactions for LPs or swappers on PancakeSwap via the Aperture Dapp will receive a 3X boost on points compared to the same actions on other DEXes. For example - zapping into an LP via Aperture on PancakeSwap will generate 3X points compared to the same action on Uniswap.

The INTENTional campaign allows participants to qualify for a total airdrop pool of 42M $APTR, equal to 4.2% of the total supply. Check out more details about the INTENTional campaign **[here](https://medium.com/@aperturefinance/the-intentional-campaign-7-3307e91af884)**.

#### **How to get started with Aperture Finance**

_**For existing PancakeSwap v3 LP holders:**_ Connect your wallet to **[Aperture Finance](https://app.aperture.finance/?chainId=56)** by selecting “PancakeSwap'' and the desired chain (Ethereum/ BNB Chain). Then, navigate to the "Liquidity Positions" section to view and manage your LPs with Aperture’s tools.

_**For a new LP through Aperture Finance:**_ Connect your wallet to **[Aperture Finance](https://app.aperture.finance/?chainId=56)**. Select PancakeSwap as a DEX and your desired chain (Ethereum or BNB Chain) to add liquidity on. Follow the prompts to add your LP with advanced tools. Check out this **[guide](https://blog.pancakeswap.finance/articles/how-to-add-remove-liquidity-in-pancake-swap-v3-a-comprehensive-guide)** for broad principles on how to add LP in v3 pools.

#### **Aperture Finance offers a range of advanced features to streamline LP management:**

**1. Automated Position Rebalance:** Set triggers based on price, pool ratio, or time to rebalance LP positions automatically.

_Taking an example for reference (as shown in the screenshot below with an example)_

You can configure your rebalance parameters by selecting from three triggers: price, ratio, or time, and define your desired strategy. For example:

- **Price:** Rebalance when the token is above or below a specific price point (e.g., rebalance when BNB price is above/below $600).

- **Ratio:** Rebalance when a particular ratio is achieved (e.g., rebalance when the BNB-USDT ratio is 50:50).

- **Time:** Rebalance on a scheduled date (e.g., rebalance my BNB-USDT LP on April 20th).

Additionally, you can choose a "time buffer" for price or ratio-based triggers to ensure they only activate after a set period. For example, if you want to rebalance when BNB reaches $600 after the next 24 hours, you can set a 24-hour time buffer. _Please note that all set triggers will automatically expire after 90 days._

You can also establish a gas fee ceiling by specifying the maximum gas fee you're willing to pay, either as a percentage of your position or in dollar terms. For instance, if you anticipate high gas fees at the time of rebalancing position, you can set a gas fee ceiling to trigger rebalancing only when the fee is below a certain threshold, such as 10% of your position.

![Screenshot 2024-04-14 at 19.28.58.png](https://sgp1.digitaloceanspaces.com/strapi.space/02f72c6474a7dbbfeac25c2d8ac07088.png)

_Please note that currently, Aperture only supports LP automation when the LP (represented by an NFT) is in the user's own wallet, not when it is staked in a farm._

**2. Automated Position Closure:** Automatically remove LPs positions based on predefined criteria such as price, pool ratio, or specific dates. **For example,** if BNB reaches $600, you can withdraw all your liquidity and return the assets to your wallet or at a specified date, such as April 24th.

Similar to the previous feature of Automated Position Rebalance, you can set up triggers for position closure based on pricing, pool ratio, time, and gas ceiling cost.

![Screenshot 2024-04-14 at 19.26.37.png](https://sgp1.digitaloceanspaces.com/strapi.space/a9ed0500b629da5e03ad34c8cfdbe5ac.png)

**3. Auto-Compounding of Fees:** Reinvest fee earnings into LPs at set intervals, maximizing compound returns with optimized gas efficiency. **For example,** you can auto-compound your BNB-USDT LP fees whenever the total unclaimed fee revenue exceeds $100 (50%) and gas costs below $5 (10%).

To enable this feature, click on your position and locate the Auto-Compound button in the “Unclaimed Fees” section. Toggle to the Auto-Compound button and turn it on, then enter the minimum fee amount and maximum gas amount in dollars or as a percentage of your position. Finally, click the “Auto” button to confirm your settings.

![Screenshot 2024-04-14 at 19.43.10.png](https://sgp1.digitaloceanspaces.com/strapi.space/d3309adf8d635664672982fa39c5d300.png)

_Please note_ that Aperture will automatically compound your position at the optimal interval based on fees earned versus gas costs for rebalancing. Additionally, Aperture ensures that 100% of your fees are reinvested back into your position, with swaps performed through the same liquidity pool.

**4. Revenue Earning Limit Orders:** Create revenue-earning limit orders by providing single-sided liquidity at out-of-range prices, earning trading fees when the underlying asset's price crosses your specified price. **For example,** you can set a limit order for your BNB, selling it when the price hits 900 USDT to earn 900 USDT plus the trading fee.

To use this feature, navigate to the “Limit Orders” section and select PancakeSwap. Choose the asset you want to sell and the asset you want to buy. Specify the price you want to sell, and set a gas ceiling in dollars or as a percentage of the order. In our example below, you would sell BNB when the price reaches 900 USDT, then swap it to USDT and get 900 USDT and fees. Click 'set limit order' to complete the process.

![Screenshot 2024-04-14 at 19.52.22.png](https://sgp1.digitaloceanspaces.com/strapi.space/250bb56a85731648b7388a277144f88f.png)

_Please note_ that you must approve PancakeSwap's use of these tokens if you haven't already. After approval, Aperture will automatically close the position once your limit order has hit and the selling asset has been fully converted to your desired buying asset.

#### **Ushering a new era of liquidity management on PancakeSwap:**
Now, you can effortlessly rebalance, closeout, or auto-compound your liquidity positions based on price, ratio triggers, or predetermined time frames without constantly monitoring the markets. Manage all your PancakeSwap LPs with just a few clicks—let Aperture Finance do the heavy lifting for you!

If you have more questions, please join the respective communities of PancakeSwap ([**Telegram**](https://t.me/PancakeSwap) or [**Discord**](https://discord.gg/xBkMJdRJ)) and Aperture Finance (**[Telegram](https://t.me/aperture_finance)** or **[Discord](https://discord.com/invite/cWHQFH3GTz)**). Additionally, check out the Aperture documentation for detailed guides: **https://docs.aperture.finance/docs**

**About Aperture Finance**

Aperture Finance is a pioneering platform revolutionizing liquidity pool (LP) management through intent-based automation. Powered by innovative AI technology and a user-centric design philosophy, Aperture offers advanced solutions to streamline LP management and maximize returns for DeFi participants.

**About PancakeSwap**

PancakeSwap is the leading multichain DEX on BNB Chain, Ethereum, Aptos, Polygon zkEVM, Linea, Arbitrum, zkSync Era, Base, and opBNB. Launched in 2020, PancakeSwap is one of the most popular DEXs in the cryptocurrency industry due to its low transaction fees, high-speed trading, and user-friendly platform. PancakeSwap has over $740 billion in total trading volume and over $2.3 billion in total liquidity locked, making it the leading multichain DEX in the industry.














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

PancakeSwap Integrates with Aperture Finance: Streamline Your Liquidity Management with AI-Powered Intents and Join the APTR airdrop

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