PancakeSwap's Plan to Slash CAKE Token Supply by 300 Million

• PancakeSwap's Proposal to Reduce CAKE Token Supply
• Voting Schedule and Proposal Implementation
• Community Response to the Proposal
• PancakeSwap Team Member Comments
• Influence on CAKE Token Prices

PancakeSwap's Proposal to Reduce CAKE Token Supply

Most members of the PancakeSwap$3.46 -8.52% community welcomed a recent proposal to reduce the supply of CAKE token by 300 million. This suggestion was put forth by the decentralized autonomous organization (DAO) that oversees PancakeSwap governance. It aims to decrease the maximum supply of CAKE from 750 million to 450 million.

Voting Schedule and Proposal Implementation

The voting period commenced during the early hours in Europe on Thursday and is scheduled to conclude at 8:00 am UTC on Friday. Should the proposal receive approval, the reduction is slated for implementation by January 4, 2024.

Community Response to the Proposal

A staggering 99.95% of the community, which translates to 70,000 votes from CAKE holders, expressed support for the proposal shortly after it was presented.

PancakeSwap Team Member Comments

A member of the PancakeSwap team expressed that the reduction of CAKE puts the project on a trajectory for further growth across all deployments. They further explained, "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," as explained by Chef Mochi, the head of PancakeSwap, in a message on Telegram.

Influence on CAKE Token Prices

The price of CAKE tokens has seen nearly a 10% surge in the past 24 hours, with the majority of the movement observed shortly after the proposal was introduced, as demonstrated by data from CoinGecko.

Edited by Jonathan Stoker