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Pancakeswap gains overwhelming community support for 300 million CAKE token supply reduction, bolstering market presence across chains.
Pancakeswap, the third-largest decentralized exchange globally, recently witnessed a near-unanimous community vote on a governance proposal to reduce the CAKE token supply by 300 million, shifting it from 750 million to 450 million. The resounding support of 97.8% underscored the community’s confidence in this move, aimed at enhancing market share across various chains and sustaining the VECAKE model.
🐰💙PancakeSwap Fam, the moment is here!
— PancakeSwap🥞Everyone's Favorite DEX (@PancakeSwap) December 28, 2023
🥞Proposal to reduce the max supply of $CAKE from 750M to 450M!
🌟By reducing our token supply by 300,000,000 $CAKE, we signify PancakeSwap’s successful shift from a high-inflation emissions model to the Ultrasound CAKE era.
🗳Vote for… pic.twitter.com/3zCzoBBiRl
Post-vote, CAKE displayed impressive performance, surging 42.6% against the U.S. dollar over the past week and achieving a notable 62% increase for the month. However, a minor 2.4% dip against the greenback occurred in the last day.
Presently, CAKE boasts a market capitalization of $872 million, constituting 0.05% of the $1.75 trillion crypto economy. Pancakeswap, with $1.66 billion in total value locked, has witnessed a 16.8% increase in the past month, reinforcing its standing in the decentralized exchange arena.
Despite CAKE’s monthly surge, it remains 91.8% below its all-time high of $43.96 per coin in April 2021. CAKE’s current 24-hour intraday trading range fluctuates between $3.49 and $3.83 per unit.