- PancakeSwap unveiled a proposal to reduce CAKE’s total supply to 450 million.
- The proposal wants to reduce CAKE’s present total supply of 750M by over 300M.
- CAKE’s price surged 23% following the announcement by the platform.
Today, decentralized exchange (DEX) platform PancakeSwap opened discussions on a proposed plan to reduce CAKE’s total supply, a post on its website reveals. The proposal, which seeks to reduce CAKE’s total supply by over 300 million, has since sent the token’s price up.
Indeed, the exchange is seeking input from its community members on its goal to reduce the CAKE token’s total supply to a maximum cap of 450 million. The proposal follows months of what the platform called “consistent deflation” through several token burns.
At present, there are over 388 million CAKE in circulation—a drop aided by the consistent token burns. In total, CAKE has a present total supply of 750 million. Currently, each CAKE token is worth $2.76, data from CoinMarketCap shows.
PancakeSwap stated that the proposal is a commitment to its plan to pivot CAKE to a deflationary model called “Ultrasound Cake.” On why this is important,…
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