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The price of CAKE
+11.94%
CAKE was trading at $2.52 at 9:20 a.m. ET, up 13.1% in the past 24 hours, according to The Block’s Price Page for CAKE.
Price activity for PancakeSwap’s CAKE token. Image: the block’s pricing page
PancakeSwap announced Thursday a proposal to reduce CAKE’s supply from 750 million to 450 million.
“By reducing our token supply by 300,000,000 CAKE, we signal PancakeSwap’s successful transition from a high-inflation emissions model to a much more efficient flywheel,” PancakeSwap wrote on X.
The proposal
“Over the past year, PancakeSwap has significantly revamped its tokenomics, issuance and growth strategy,” said the proposal for the indicated symbolic reduction. “From advancing CAKE Tokenomics v2.5 to the most recent launch of the veCAKE Gauges System, CAKE is positioned to pursue continued growth across all deployments.”
“With CAKE having achieved consistent deflation for several months and focusing on accelerating our journey towards ultrasound CAKE, this proposal aims to reduce the total supply of the CAKE token to a maximum of 450 million CAKE. With a current circulating supply of 388 million CAKE De Kitchen believes that this new and lower limit will be sufficient to increase market share across all chains and sustain the veCAKE model,” the proposal said.
About the author
MK Manoylov has been a reporter for The Block since 2020, joining just before Bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for the publication, covering all crypto news, but with a bias toward NFT, metaverse, web3 gaming, finance, crime, hack, and crypto ecosystem stories. MK is a graduate of New York University’s Science, Health and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. You can follow MK on X @MManoylov and on LinkedIn.
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