veCAKE System is now live on zkSync Era. CAKE token skyrockets!

Decentralized exchange platform PancakeSwap has taken a significant step towards expanding its capabilities with the introduction of veCAKE Gauges during the zkSync era.

This strategic move seeks to give veCAKE holders greater power to influence the issuances of the CAKE token within the different liquidity pools, marking a milestone in its governance ecosystem.

📢 veCAKE Gauges are now live on zkSync Era!

✨ The veCAKE system empowers holders in impacting CAKE emissions within pools, offering utilities like direct gauge emissions and enabling 3rd Party Protocols through Delegation.

🥞 With the inclusion of zkSync, the current Trading… pic.twitter.com/UtpTUmwieQ

— PancakeSwap🥞Everyone’s Favorite DEX (@PancakeSwap) December 26, 2023

The veCAKE system, a shorthand way of referring to ‘vote-escrowed CAKE’, is designed to empower holders by allowing them to directly influence the distribution of CAKE token issuances in liquidity pools.

It offers a range of utilities, including the ability to issue directly through gauges, possibly allowing you to influence the issuance of rewards in specific pools.

One of the most notable new features of this implementation is the inclusion of zkSync, a Layer 2 scalability solution.

PancakeSwap’s native token, CAKE, has seen notable growth recently and currently stands at $3.71, according to official data from CoinMarketCap.

Over the past day, it rose by an impressive 28.14%, showing strong short-term performance.

Looking at the bigger picture, CAKE has shown notable gains, rising 68.37% over the past week and a notable 56.88% over the past month.

With this integration, the emission of 0.0131 CAKE per block, previously directed towards zkSync farms, is now added to the emissions of veCAKE

This partnership with zkSync promises to bring additional benefits to users, such as increased scalability and reduced costs when interacting with the platform.

PancakeSwap is emphasizing the importance of this update by encouraging newcomers to familiarize themselves with veCAKE through its documentation.

This detailed guide offers essential information on how the veCAKE system works, the benefits it brings, and how users can actively participate in governance and decision-making within the platform.

This increase in value reflects positive market sentiment and increased investor interest, coinciding with significant developments such as the introduction of veCAKE Gauges and the integration of zkSync, marking a period of substantial progress and potential within the PancakeSwap ecosystem.

Source