PancakeSwap works with Planet to help CAKE holders

Prior to the recent PancakeSwap migration, Planet had just over 637,407 CAKE deposited in the CAKE (PCS) vault. When PancakeSwap migrated their contracts, the rewards allocated to the CAKE pool became 0. We found a bug in our contracts that assumes the CAKE rewards assigned to the strategy, must be greater than 0, to calculate the users rewards earned and then proceed with the transaction. Due to the multiplier assigned to the CAKE strategy becoming zero, the contract is unable to process a new deposit or withdraw into Planet’s strategy.

Immediately we began to reach out to the PancakeSwap team. The chefs have been helpful and quick to respond with everyone on this issue. The goal became to create a solution to ensure everyone could withdraw their CAKE in the safest way possible.

After exploring several options with the chef’s at PancakeSwap it was decided the best option was to utilize a solution very similar to the Binance Pioneer Burn Program. Basically this program is designed to help users recover assets lost due to honest mistakes.

An important part of of this program is for there to be no new CAKE created to compensate CAKE holders. Each day CAKE is minted that is already scheduled to be burned in the weekly PancakeSwap burns. Planet users will be compensated from this CAKE. So it’s a 1:1 compensation. The CAKE stuck in the contract will be considered burned and stakers will be able to withdraw an equal amount of CAKE from the new contract.

We’re grateful for the PancakeSwap team’s efforts to help us make things right for CAKE holders. We can’t thank them enough for assisting us in creating a fast & fair resolution that enabled CAKE holders to recover their funds.

All syrup tokens in the affected vault will be burned to ensure that the stuck CAKE is burned forever and can not re-enter the circulating supply.

Burn Transaction: https://bscscan.com/tx/0xd5ffea4d9925d2f79249a4ce05efd4459ed179152ea5072a2df73cd4b9e88ba7

A new vault will be going live on Tuesday May 10th, 2022.

  • Click on the vault
  • Select MAX & withdraw your CAKE to your wallet

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Planet

Planet

Decentralize the planet’s finances. Governed by AQUA, powered by GAMMA. https://app.planet.finance/