Bitcoin
Bitcoin (BTC)
$58,648.00 0.85494
Bitcoin price
Ethereum
Ethereum (ETH)
$3,153.21 0.4414
Ethereum price
BNB
BNB (BNB)
$528.83 -1.0442
BNB price
Solana
Solana (SOL)
$139.30 0.18287
Solana price
XRP
XRP (XRP)
$0.5364360 14.53659
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000172 4.17524
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000086 -1.69342
Pepe price
Bonk
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$0.0000223 -0.96166
Bonk price
Bitcoin
Bitcoin (BTC)
$58,648.00 0.85494
Bitcoin price
Ethereum
Ethereum (ETH)
$3,153.21 0.4414
Ethereum price
BNB
BNB (BNB)
$528.83 -1.0442
BNB price
Solana
Solana (SOL)
$139.30 0.18287
Solana price
XRP
XRP (XRP)
$0.5364360 14.53659
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000172 4.17524
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000086 -1.69342
Pepe price
Bonk
Bonk (BONK)
$0.0000223 -0.96166
Bonk price
Bitcoin
Bitcoin (BTC)
$58,648.00 0.85494
Bitcoin price
Ethereum
Ethereum (ETH)
$3,153.21 0.4414
Ethereum price
BNB
BNB (BNB)
$528.83 -1.0442
BNB price
Solana
Solana (SOL)
$139.30 0.18287
Solana price
XRP
XRP (XRP)
$0.5364360 14.53659
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000172 4.17524
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000086 -1.69342
Pepe price
Bonk
Bonk (BONK)
$0.0000223 -0.96166
Bonk price
Bitcoin
Bitcoin (BTC)
$58,648.00 0.85494
Bitcoin price
Ethereum
Ethereum (ETH)
$3,153.21 0.4414
Ethereum price
BNB
BNB (BNB)
$528.83 -1.0442
BNB price
Solana
Solana (SOL)
$139.30 0.18287
Solana price
XRP
XRP (XRP)
$0.5364360 14.53659
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000172 4.17524
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000086 -1.69342
Pepe price
Bonk
Bonk (BONK)
$0.0000223 -0.96166
Bonk price

PancakeSwap initiates voting to reduce token supply, CAKE reacts with 6% surge

pancakeswap-initiates-voting-to-reduce-token-supply-cake-reacts-with-6-surge
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Markets
PancakeSwap initiates voting to reduce token supply, CAKE reacts with 6% surge

The developers of the decentralized exchange (DEX) PancakeSwap have opened a vote to reduce the tokens of their CAKE ecosystem.

On Dec. 28, PancakeSwap developers presented a vote called the proposal to reduce the total CAKE token supply. The initiative involves reducing CAKE from 750 million to 450 million. The collection of votes will last 24 hours; if approved, the proposal will come into force on Jan. 4, 2024.

“Now that CAKE has achieved consistent deflation for several months and is focusing on accelerating our journey to ultrasound CAKE, this proposal aims to reduce the CAKE token’s total supply to a maximum cap of 450M CAKE.”

PancakeSwap blog

The price of CAKE reacted by rising 6.5% amid the launch of the offer. According to CoinMarketCap data, the token has increased in price by $3.74 over the past 24 hours. The market capitalization of the token also increased to $999.4 billion.

PancakeSwap initiates voting to reduce token supply, CAKE reacts with 6% surge - 1
Source: CoinMarketCap

PancakeSwap head Chef Mochi also noted that with a current turnover of 388 million CAKE, the team believes that this new, lower capitalization will be enough to gain market share across all networks and support the veCAKE (vote-escrowed) model.

The veCAKE model is designed to empower CAKE holders with increased governance influence, boost liquidity across our pools and supercharge rewards for CAKE stakeholders.