Here is the English translation of the text, with the specified terms translated as requested: The Table of Contents of this Article [Link to "How does the community view Binance's decision to allow employees to trade cryptocurrencies?"] How does the community view Binance's decision to allow employees to trade cryptocurrencies? [Link to "Benefiting from the on-chain meme coin craze, PancakeSwap's revenue soars"] Benefiting from the on-chain meme coin craze, PancakeSwap's revenue soars - What is PancakeSwap's ve-token model? According to "Wu Blockchain" last (19th) night, based on exclusive information, the cryptocurrency exchange Binance has issued an announcement to all employees, allowing Binance employees, except for the listing team, to invest in cryptocurrencies on Binance and other trading platforms, with an annual investment limit of $5,000. ### How does the community view Binance's decision to allow employees to trade cryptocurrencies? Wu Blockchain added that Binance's internal policy previously did not prohibit employees from trading cryptocurrencies, but required employees to hold the cryptocurrencies they bought for at least 90 days before they could trade again. In February this year, Binance founder CZ also mentioned in his interaction with the community that due to some restrictions Binance has on its employees, many employees are unable to grasp market demand, which has led to Binance not being able to update its products in a timely manner based on investors' needs. > Yes, Binance (CEX) has always restricted employees from trading cryptocurrencies. This is of course to protect users, but the side effect is just as you said, our product managers don't really understand user needs, this is something I can't control, let their management team decide. If this update is true, perhaps it is intended to resolve this issue. **Extended reading: [CZ decides to enter the on-chain meme market: Binance's restriction on employees trading cryptocurrencies has actually led to a disconnect with the community]** As for how the community views Binance's potential policy, some community members said that as the world's largest cryptocurrency exchange, Binance allowing employees to trade cryptocurrencies "wouldn't that be a sure win?" and "Especially for on-chain memes, if they have insider information about Binance's Alpha observation area or Binance's spot market will list some low-cap on-chain meme coins, even an investment of $5,000 might have an extremely high return!" Additionally, some people also said that whether this policy exists or not doesn't really matter, because if employees really want to trade cryptocurrencies, they can do so through on-chain wallets without anyone knowing, and this policy is just bringing the employees' cryptocurrency trading behavior from behind the scenes to the forefront. However, as of the editorial deadline, Binance has not yet confirmed this. ### Benefiting from the on-chain meme coin craze, PancakeSwap's revenue soars From early February to the present, under CZ's active promotion, the on-chain meme coin craze that was originally on the Solana chain has gradually shifted to the BNB Chain, attracting the attention and participation of on-chain prospectors. As a result, the decentralized exchange PancakeSwap on the Binance chain has also seen its revenue soar rapidly. Regarding this, KOL Super4DeFi posted on the social platform X yesterday (19th) that PancakeSwap's protocol revenue in the past month has reached $26 million. However, the KOL also said that PancakeSwap's token economic model using the vote-escrowed token model may have taken a detour, and a better approach would be to directly repurchase and burn the tokens: > Pancake's recent revenue is amazing, with $26 million in protocol revenue in the past month. If estimated statically, it would be a P/E of 3, but... in this circle... this valuation method may be a trap... after all, the business fluctuates greatly... the revenue situation is even more volatile than the K-line. > > At the same time, I think Pancake's adoption of the ve-token model may have taken a detour, and if they adopted a direct repurchase and burn model, it would be better. After all, most of CAKE's holders are still staying on the Binance platform, and there are not many people who really go to Pancake to stake; and from the business perspective, the ve-token model has not promoted growth. If it was changed to a model where most of it is repurchased and burned, and a small portion goes to the treasury, and then they create a cakeburn website, it would be more intuitive. CZ agreed with the KOL's suggestion, commenting: > This analysis is very good, many models are too roundabout, burning is the most direct. #### What is PancakeSwap's ve-token model? PancakeSwap's ve-token model refers to the token economic model it has introduced based on "vote-escrowed token". Specifically, it is related to veCAKE. This model aims to give users more governance power and revenue distribution influence by holding and locking the native token CAKE, in order to incentivize long-term participation and stable development of the ecosystem. Its core includes: - **Locking CAKE to become veCAKE**: Users can lock CAKE tokens for a period of time, which will then be converted to veCAKE. The longer the lock-up period, the more veCAKE the user will receive, which means their voting weight and revenue rights will also increase accordingly. veCAKE itself is non-transferable and can only be obtained by locking CAKE, and will be converted back to regular CAKE after the lock-up period ends. - **Voting rights and governance**: veCAKE holders can participate in PancakeSwap's "Gauges Voting" system to vote on the distribution direction of newly issued CAKE tokens. For example, they can decide which liquidity mining pools (Farms) or products will receive more CAKE rewards. - **Enhanced earnings**: In addition to governance rights, veCAKE holders usually also receive additional earnings. For example, on PancakeSwap, users who lock CAKE may enjoy a higher share of transaction fees or other rewards. - **Deflationary pressure**: The ve-token model reduces the circulating supply of CAKE by locking it, which may provide some price support for CAKE.