PancakeSwap flattens its supplyThe latest governance proposal to come out of the pan is set to cap its CAKE token supply.
- PancakeSwap, a dApp that runs on the Binance Smart Chain, will cap CAKE’s token supply at 750m. After a 98% landslide governance vote from CAKE fans on Thursday, a new proposal was put forward to recommend not a single token past 750m should be minted.
- The proposal also suggests changes to tokenomics. PancakeSwap wants to add use-cases for CAKE locked in staking pools that include weighted voting, boosted farm yields, and initial farm offerings of new tokens released by the crypto dApp. More CAKE staked will also lead to a drop in circulating supply, potentially upping the value.
- Currently, about 295m CAKE is in circulation, with the supply cap expected to be met by 2025. Unsurprisingly, the proposals saw no planned changes to its burning mechanism, which sends CAKE to dead wallets to lower the supply. We wouldn’t think pancake fans would be a fan of burning, but apparently it’s a thing.
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Honey, I burnt the pancakesShiba Inu may have started a craze of pyromania, and this time it's PancakeSwap that’s throwing its tokens on the fire.
- Another mass burning? We’re losing track over here. This week it’s PancakeSwap’s native token that’s on the fryer, burning a total of 6.7m tokens to the sum of $66m. Its developers seemed quite content with the incineration, taking to Twitter with flame emojis.
- With 281m CAKE still in circulation, there could be a way to go before investors can make an impact on price. The same applies to SHIB and other tokens with ample coin supplies – sending 100m of CAKE into a dead wallet is a lot of money to sacrifice to the cause.
- And since we’re not honeying our words – it didn’t help the price. CAKE clearly overcooked its pancakes, dropping 4% on Tuesday. Until then though, the token had been seeing some v tasty gains, rising 88% from a low of $5.20 on March 16.