Since its inception, the PancakeSwap team has received over 11 million CAKE votes, with the majority of participants preferring the v2 evolution.
PancakeSwap, the Binance Smart Chain-based decentralized finance (Defi) software known for its automated market maker service and whimsical branding, has issued a governance proposal for the second iteration of its tokenomics roadmap.
The revised version of the litepaper’s centerpiece indicated a supply cap on CAKE, the project’s native token. According to quantitative data validated, the current circulating supply is 293.4 million, with a maximum amount of 750 million suggested in the paper.
A 24-hour governance voting window was provided to the community, and it received 11,008,360.64 CAKE votes, with an overwhelming majority of 98.80 percent of voters supporting the proposal’s acceptance.
According to the company, there is “no cap on individual voting rights,” and “it depends on how much CAKE they have locked.
The team rated the snapshot’s ultimate result as extremely positive, and they stated that they intend to implement the adjustments as soon as possible.
Chef Icy (PancakeSwap’s business developer) said to discover more about their choice to choose a 3-year timeframe for the token’s supply span, as well as their quantitative objectives for the CAKE token and PancakeSwap’s community effect over that time period.
First, the 3-year runway is based on 14.25 CAKE/block calculations, which is a very cautious estimate. Due to the additional fires caused by our weekly burning, our effective CAKE emissions are roughly 10.5 CAKE/block (trading fee burns, etc). Our effective runway will be 4.2 years based on a 10.5CAKE/block.”
Along with the supply cap proposal, three new utilities are intended to produce value within the staking ecosystem: vCAKE to improve governance voting processes, iCAKE to raise IFO benefits, and bCAKE to boost farming rewards.
Icy revealed more about how the introduction of vCAKE, iCAKE, and bCAKE could impact CAKE stakers, particularly their annual percentage yield (APY) options, promising to “continue to introduce innovative Defi practices to our platform and users that are battle-tested,” citing last month’s introduction of -ve and POL in the Defi sector.
“It has an impact on stakers since it increases the value of locked CAKE. The APY Model for the closed CAKE pool will remain unchanged, as it is based on our existing computations. The potential benefits should increase as users are able to get more value from their locked CAKE.”
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