PancakeSwap Proposes to Reduce CAKE Token Supply by 300 Million
Summary
PancakeSwap, a decentralized crypto exchange, proposed to reduce the supply of its CAKE token by 300 million, which was supported by over 99.95% of its voting community. The proposal aims to reduce the maximum supply of CAKE from 750 million to 450 million. If approved, the reduction will be implemented by January 4, 2024. The PancakeSwap team believes this lower cap will help gain market share across all chains and sustain the veCAKE model. Following the proposal, CAKE token prices increased nearly 10% in the past 24 hours.
