✍️ 27 December, 2023 – 16:11 👤 Editor: Jakub Motyka
- PancakeSwap proposes reducing CAKE’s total supply to 450 million, leading to a 23% price surge and a shift towards a deflationary model.
- From 750 million to 450 million tokens.
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PancakeSwap, the decentralized exchange (DEX) platform, recently unveiled a proposal to significantly reduce the total supply of its native token, CAKE, from 750 million to 450 million.
This decision, which aims to shift CAKE towards a deflationary model, has sparked a notable increase in the token’s value, alongside varied predictions for its future price.
The Supply Reduction Proposal For PancakeSwap (CAKE)
PancakeSwap‘s proposal to reduce CAKE’s total supply by over 300 million comes after months of consistent deflation through various token burns. This move is part of the platform’s broader strategy to transition CAKE to what it calls the “Ultrasound Cake” model.
The rationale behind the proposal includes precise estimates of incentives for growth, moving away from a hyperinflationary approach, and ensuring flexibility for future expansion.
The current circulating supply of CAKE is over 388 million, and the reduction is expected to help the token gain market share across all chains while sustaining the veCAKE model.
Following this announcement, CAKE’s price surged by 23%, a positive sign from the investor community. As of now, the price of CAKE is $2.54. PancakeSwap currently holds the #87 position in terms of market capitalization in the cryptocurrency market, with a live market cap of $669,049,541. The 24-hour trading volume for CAKE stands at $237,166,506, indicating a significant 246.70% increase.
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