Pancakeswap’s new proposal to cap CAKE supply at 750 million while now it has a circulating supply of 300 million so let’s read more about it in our latest cryptocurrency news.
The DEFI application PancakeSwap released a governance proposal that details a few goals of its native token CAKE. It garnered a 98.8% majority acorss 11 million votes in the voting window of a 24-hour period while the opposition accounted for 131K participants. The second iteration of PancakeSwap’s tokenomics roadmap imposed a maximums supply cap of 750 million for the CAKE token and the proposal recieved quite the support from its participants, stating that a max supply cap incentives for smaller effective circulating supply better reflects the value and sustainability of the app:
“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 circulating supply of CAKE stood at 294 million so assuming there are no other changes in terms of the ongoing rate of emission, the circulating supply will take about three years to reach this cap. Besides reducing the total supply of the token, the proposal outlines introducing additional utility and incentives to the users that can lock their CAKE. This includes adding more value to the Pancake staking system via bcake, iCake, vCake which are being developed to ramp up the farming rewards, foster other benefits, and increase governance voting capabilities.
I spy, with my little eye, something that has to do with supply 👀 pic.twitter.com/DdEnVznhca
— PancakeSwap 🥞 #BSC (@PancakeSwap) May 12, 2022
The main goal is to reduce the circulating supply of CAKE so, amidst the crypto bloodbath, the DEFI token took quite the beating and was down by 10% in the past day but now it is trading at $4.05.
As earlier reported, A crypto scammer scammed himself as it was posted in Reddit when a user started asking for help in returning funds from a BEP-20 token he created. It turns out this was a scam mimicking an existing unranked project whose use case was to mine crypto on mobile phones. Whether on ETH or Binance Smart Chain, anyone can create a token. But with the binance Smart Chain, it is much cheaper and users seem to be making their way to the network.
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