The PancakeSwap altcoin community has overwhelmingly approved a proposal to reduce the maximum supply of the decentralized exchange's native token $CAKE from 750 million to 450 million. The proposal received approximately 98% of the votes in favor.
Multi-chain decentralized exchange project PancakeSwap published a voting proposal last Thursday to reduce $CAKE's maximum token supply. The voting period has ended and the final results revealed a 97.88% majority in favor of reducing the maximum supply.
Updated maximum token supply figures for $CAKE are expected to be officially reflected on major price tracking platforms such as CoinGecko and CoinMarketCap by January 4.
Following the conclusion of the voting, $CAKE is trading at $3.71 at the time of writing, down 4% in the last 24 hours.
PancakeSwap stated that the reason for the change in supply of its altcoin is to move towards its goal of achieving a “very strong $CAKE” and to signal that the token is moving away from a highly inflationary model.
“After achieving consistent deflation in recent months, this latest strategic move to reduce the total supply of the $CAKE token to a maximum limit of 450 million CAKEs is in line with PancakeSwap's vision of a robust, deflationary model,” the PancakeSwap team said.
*This is not investment advice.
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