Community Approves Proposal to Reduce CAKE Total Supply by 40%
The proposal to decrease the total supply of CAKE tokens from the current 750 million to 450 million has been approved by the PancakeSwap community.
Community Approves Proposal to Reduce CAKE Total Supply by 40%
As reported by Coin68, PancakeSwap, the leading DEX on the BNB Chain ecosystem, has proposed to adjust the total supply of CAKE tokens from 750 million to 450 million. This initiative aims to reduce the annual inflation rate of CAKE to between 3-5% in line with the "ultrasound CAKE" journey.
On December 28-29, PancakeSwap conducted a vote on the proposal, which received overwhelming support from the community with 97.88% of votes in favor of the 40% reduction in CAKE supply.
The latest total supply adjustment for CAKE tokens is expected to be officially reflected on major price tracking platforms such as CoinGecko and CoinMarketCap on January 4, 2024.
Proposal to Reduce CAKE Total Supply by 40% Receives 97.88% Community Support.
Launched in 2020, PancakeSwap has grown to become the second-largest decentralized trading platform by volume and market share on the market, second only to Uniswap. Over the past year, PancakeSwap has significantly revamped its tokenomics model, focusing not only on issuance but also on development strategy.
From improving the CAKE v2.5 tokenomics model, launching the veCAKE mechanism, introducing a gaming marketplace, and deploying integrations across multiple networks like Base, Linea, Arbitrum One, and zkSync Era. Moreover, the DEX platform shares transaction fee revenues with CAKE holders.
At the time of writing, CAKE is trading around $3.7 USD, marking a slight 1% decrease over the past 24 hours but a notable increase of nearly 50% over the last 7 days.
4-hour chart of CAKE/USDT pair on Binance at 06:10 PM on December 29, 2023.
