PancakeSwap governance proposal set to cap CAKE supply at 750M
PancakeSwap, the decentralized finance (DeFi) application built on Binance Smart Chain, synonymous with its automated market maker (AMM) service and its quirky branding style, has released a governance proposal for the second iteration of its tokenomics roadmap.
The centerpiece of the lite paper’s new version suggested an imposed supply cap on the project’s native token, PancakeSwap (CAKE). Currently operating with a circulating supply of 293.4 million, according to quantitative data verified by CoinMarketCap, the paper advised a maximum figure of 750 million.
A governance voting window was opened to the community for a 24-hour period and attracted 11,008,360.64 CAKE votes, with an overwhelming majority of 98.80% of voters advocating for the admission of the proposal.
Speaking to Cointelegraph, the team revealed that there was “no cap on individual voting rights,” and that “it’s dependent on how much CAKE they have locked.”
️ Wow! You, our community, overwhelmingly supported our latest proposal, and we will be working hard to build and deliver on PancakeSwap’s future.We will be hosting an AMA later today at 13:00 UTC – not just on tokenomics – so do join us if you can. pic.twitter.com/cM6RyF2Y1P
The final outcome of the snapshot was evaluated by the team as an astounding positive, as they noted their intentions to implement the changes in the near future.
Cointelegraph reached out to the business developer of PancakeSwap, Chef Icy — who facetiously identifies himself as four quarters bunny, one-quarter robot — to expand upon their decision to select a three-year runaway for the tokens supply span, as well as learn more about their quantitative ambitions for the CAKE token and community impact of PancakeSwap over the time
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