1
Decentralized crypto exchange PancakeSwap's Thursday proposal to reduce the supply of its $CAKE token by 300 million was welcomed by most of its voting community.
The decentralized autonomous organization (DAO) controlling the governance of PancakeSwap floated a vote proposal to reduce the maximum supply of $CAKE from 750 million to 450 million. The voting period began in early European hours on Thursday and will last until 8:00 am UTC on Friday.
If the proposal is passed, the reduction will be implemented by January 4th, 2024.
Over 99.95% of the community, representing 70,000 votes from $CAKE holders, favored the proposal shortly after it went live.
In a message to CoinDesk, a PancakeSwap team member said the reduction in $CAKE puts the project “in a position to pursue further growth across all deployments.”
“With a current circulating supply of 388 million $CAKE, the team believes this new and lower cap will be sufficient to gain market share across all chains and sustain the veCAKE model,” Chef Mochi, head of PancakeSwap, said in a Telegram message.
$CAKE token prices are up nearly 10% in the past 24 hours, with most of the movement taking place shortly after the proposal was floated, data from CoinGecko shows.
blockchainreporter.net
1
cryptopolitan.com