The Coin Leaks News: With the current CAKE supply CAKE reaching 300 million people, the latest proposal aims to limit the maximum supply to 750,000.
The Decentralized Financial (Defi) Application PancakeSwap has issued a governance plan that outlines the goals of its native token CAKE. CAKE was able to secure the 98.8 percent majority of 11 million votes during an election window that lasted for one day and opposition was just 131K of the participants.
The PancakeSwap’s second version of its tokenomics roadmap sets an upper limit on supply of 750 million CAKE tokens. CAKE token.
The plan, which was met with an overwhelming response from the participants, said the proposal having “a max supply cap, and also incentives for an even smaller effective circulating supply better reflect the value, community, and sustainability” of the proposal.
“We propose a maximum supply cap of 750 Million (750M) for CAKE, and will introduce revised tokenomics for locked CAKE, such as bringing boosted IFO benefits and farm yields to our users”
The current CAKE circulating supply CAKE was just more than 294 million. Assuming that there aren’t any changes to the rate at which it emits it would be nearly three years before it would be at the level of the cap.
In addition to reducing the amount of tokens available The proposal also proposes the introduction of additional benefits and incentives for users to secure their CAKE.
This will add worth to Pancake Staking System through vCake, bCake and iCake. They are in development to increase the rewards for farmers, increase IFO benefits, and improve the ability to vote in governance.
The principal goal is to cut down on the supply of CAKE.
In the midst of the bloodbath for crypto and the blood bath, the Defi token was also hit hard. CAKE dropped over 10% in the past 24 hours. As of at the moment of this writing CAKE traded at $4.05.