DEX PancakeSwap proposal to reduce the issue of the CAKE token from 750 million to 450 million 98% supported community members.
“By reducing the supply of our tokens by 300 million, we mark PancakeSwap’s successful transition from a high-inflation issuance model to the ultrasonic era,” the proposal description reads.
According to the project team, the coin has been able to achieve a deflationary pattern over the past few months, and the reduction in issuance will strengthen its position.
By January 4, 2024, the updated maximum circulating supply of CAKE is expected to be officially reflected on major digital asset tracking platforms.
According to CoinGeckoat the time of writing, the market supply of the token is 243 million.
CAKE practically did not react at all to the acceptance of the proposal, falling by 3.9% over the day. However, earlier – after the announcement of the initiative on December 21 – the asset grew by 20%.
Binance exchange 15-minute CAKE/USDT chart. Data: TradingView.
On December 26, PancakeSwap burned 10 million CAKE for $34 million as part of the emission reduction. Against this background, the token jumped by 25%.
Let us remind you that in November DEX launched a gaming marketplace with support for NFTs and the CAKE token.
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2023-12-29 14:40:25
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