PancakeBunny Claiming & Minting Mechanics

This article was written when the emissions rate was reduced from 5 to 3, so the numbers are illustrative and do not reflect the current emissions rate.

There Is No Missing BUNNY!

Hello Bunny Fam! 🐰🐰🐰

Recently, by popular community vote, PancakeBunny reduced the rate of token emissions from 5 to 3 to reduce the velocity at which the BUNNY supply was growing.

Team Bunny is happy to report that, for the exceedingly vast majority of you, the process was a smooth and uneventful one. You were able to follow, without significant difficulty, the vote on Snapshot and our multiple reminders, explainers, and notices across Medium, Telegram, Discord, and Twitter.

For a small number of you, however, perhaps new to PancakeBunny or new to Defi, our efforts were insufficient to ensure a smooth experience, and as a team, we apologize sincerely for falling short. In particular, we would like to devote this blog post to addressing a persistent misunderstanding among newer users that has led to misguided complaints about “missing” BUNNY following the recent reduction in token emissions.

Bunny Fam, Your BUNNY Is SA:FU. You are not missing any BUNNY.

To begin with, please rest assured that you are not missing any BUNNY. Understand that it is quite literally impossible for any BUNNY to have “gone missing” or to have “been taken” as a result of the emission reduction. This is because BUNNY is not minted until you claim your profits.

Consider the following scenario. Suppose you have staked 100 BNB in the PancakeBunny BNB vault. And suppose that, when you return after some time, the vault has generated 10 BNB in farming profits.

The vault does not display 10 BNB in profit directly. Instead, the vault displays a calculation of the amounts of tokens you would receive if you were to claim your profits at this moment, i.e. the breakdown of profits in BNB and BUNNY that you should expect to receive. So in this example, the vault would display:

  • 7 BNB (= 70% of 10 BNB) as your profits in your underlying token, and
  • 9 BUNNY (= 30% of 10 BNB x 3 BUNNY per BNB) as your profits in BUNNY rewards.

Then, suppose you click the CLAIM button. Clicking CLAIM triggers the following steps:

  • PancakeBunny claims the 10 BNB in profits from the underlying farming pool,
  • sends 3 BNB to the Bunny Pool for distribution to the community (the Bunny Distribution),
  • mints 9 BUNNY in exchange for the 3 BNB of Bunny Distribution, and
  • finally sends 7 BNB and 9 BUNNY in claimed profits to your wallet.

Note that none of the above transactions — from the claiming of the underlying profit of 10 BNB by PancakeBunny to minting 9 new BUNNY in exchange for the Bunny Distribution — happens until AFTER you click CLAIM. This means that the BUNNY you see displayed in your vaults as a portion of your profits has not been minted yet, and does not even exist until the moment you claim your profits. Your BUNNY rewards never come from a pre-minted stock of BUNNY. PancakeBunny does not mint BUNNY by the block.

Taking a step back, it is easy to see how the mystery of the “missing BUNNY” arose from a misunderstanding of the CLAIM process. In the above example, while the rate of BUNNY emissions was set at 5:1 before the deadline, the user would have seen a displayed profit of around 15 BUNNY. But as soon as the rate of emissions was reduced to 3:1, they would have seen a lower displayed profit of around 9 BUNNY. So if you were a user who didn’t understand that our vaults display the BUNNY that you should expect to receive based on the emissions rate when you claim (as opposed to displaying BUNNY tokens that have already been minted and allocated to you), it would be possible to mistakenly understand that you had lost 6 BUNNY from your profits.

Plan to Improve the Communication of Proposals and Their Execution

From a live service perspective, Team Bunny considers engaging and communicating with the PancakeBunny Community effectively to be its highest priority.

For our recent vote to reduce BUNNY emissions to 3 from 5 BUNNY per BNB, Team Bunny followed well-established Defi best practices:

  • we listened to the Community’s concerns about the Bunny Supply,
  • drafted a proposal to reduce emissions based on the Community’s feedback,
  • published the proposal on Snapshot for the Community to vote on, and
  • continuously communicated the status of the vote and subsequent execution of the emissions reduction through all of the social channels at our disposal.

In short, our communication protocols followed precisely the same process we used to communicate our first emissions reductions from 10 to 5 BUNNY per BNB without incident. But solutions that were effective and efficient yesterday are not necessarily sufficient to serve the community today. Consequently, in response to user feedback, we will be adding additional communications functionality to the PancakeBunny app page.

As many of you may recall, when PancakeBunny first launched 6 months ago, it was best practice for Defi projects to publish their protocols in the form of a web application that was optimized for efficient presentation of and staking in complex Defi strategies.

However, with our explosive growth in March and April and the welcoming of so many new members to the PancakeBunny Community, Team Bunny is fully aligned with the view that we must evolve PancakeBunny beyond a simple Defi app and into a site that is fully featured to leverage our daily traffic to complement our continuous live communications efforts on our social channels.

To this end, we will be adding the following elements to our medium-term ops and dev roadmap to maximize the effectiveness of the PancakeBunny site as a channel for persistent messaging:

  • Upgraded utilization of current persistent messaging inventory to alert users to important updates and user actions
  • Upgraded landing page UI to aggregate, integrate and alert users to important announcements on our social channels
  • Development and implementation of additional UI elements such as a countdown timer, ticker feed, etc. to ensure that we support use cases for users newer to Defi who are not actively engaged with our social channels

As always, Bunny Fam, we are profoundly grateful for your partnership as we continue to improve our service in every way possible. Team Bunny is firmly committed to our promise to listen and respond to Community concerns. And we are confident that together, we will continue to blaze a trail of innovation through the current market turbulence to emerge stronger than ever on the other side.

Thank you, Bunny Fam, and remember — Keep Calm and Hop On!

This article was written when the emissions rate was reduced from 5 to 3, so the numbers are illustrative and do not reflect the current emissions rate.

Welcome to the Bunny Community. Join us on our Defi journey!

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