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PancakeSwap Aims to Reduce CAKE Supply and Increase Farming Rewards
The PancakeSwap team has proposed a supply cap alongside new features that will enhance the utility of its token.
Decentralized Finance (DeFi) application PancakeSwap has released a governance proposal that outlines a roadmap for its native token, CAKE.
- The proposal, which was passed with a 98.8% majority across 11 million votes, suggests imposing a supply cap of 750 million for the CAKE token.
- CAKE currently has a circulating supply of 295 million. The maximum supply is expected to be in circulation within the next three to four years.
- The road map also details a plan of how to add value to the Pancake staking system, with vCAKE, bCAKE and iCAKE being created to increase farming rewards, boost initial farm offering (IFO) benefits and scale up governance voting capabilities.
- The aim of adding this functionality is to have PancakeSwap users stake more CAKE to force a reduction in circulating supply.
- Pseudonymous members of the PancakeSwap team will discuss the new roadmap with the community during a Twitter spaces at 13:00 UTC on Thursday.
- The application's native token has suffered like much of the cryptocurrency market this week, posting a 22.86% decline over the past 24 hours to trade at $4.02.
Read more: What Is PancakeSwap? Here's How to Start Using It
STORY CONTINUES BELOW
Oliver Knight
Oliver Knight is the co-leader of CoinDesk data tokens and data team. Before joining CoinDesk in 2022 Oliver spent three years as the chief reporter at Coin Rivet. He first started investing in bitcoin in 2013 and spent a period of his career working at a market making firm in the UK. He does not currently have any crypto holdings.
