The application for decentralized finance (DeFi) PancakeSwap has published a governance proposal detailing several goals of its native token CAKE. She received a majority of 98.8% on 11 million votes in a 24-hour voting window, while the opposition comprised just 131,000 participants.
- The second iteration of PancakeSwap’s tokenomics roadmap sees a maximum supply cap of 750 million for the CAKE token.
- The proposal, which received overwhelming support from participants, said that “a maximum supply cap and also incentives for even lower effective circulating supply better reflect the value, community and sustainability” of the application.
“We are proposing a maximum supply cap of 750 million (750m) for CAKE and will introduce revised tokenomics for locked CAKE, e.g. B. to provide our users with increased IFO benefits and agricultural yields.”
- CAKE’s current circulating supply was just over 294 million. Assuming the ongoing issuance rate does not change, it would take almost three years for the circulating supply to reach the cap.
- Besides reducing the overall supply of the token, the proposal also outlines the introduction of additional benefits and incentives for users to lock their CAKE.
- This includes adding value to the pancake staking system via vCake, bCake, and iCake, which are being developed to increase farming rewards, promote IFO benefits, and enhance governance voting opportunities.
- The main idea is to effectively reduce the circulating supply of CAKE.
- In the midst of the crypto bloodbath, the DeFi token was also hit. CAKE was down more than 10% over the past day. At the time of writing, it was trading at $4.05.
Source: Crypto News Deutsch