Token

PancakeSwap

Burn

Million

<a href="https://bitcoinworld.co.in/pancakeswap-token-cake-soar-after-proposal-to-burn-300-million-tokens/" title="PancakeSwap Token (CAKE) Soar After Proposal To Burn 300 Million Tokens" rel="nofollow"></a>
&nbsp; 
<ul> 
 <li style="font-weight: 400">PancakeSwap token (CAKE) spiked more than 20% following a proposal to reduce the maximum token supply from 750 million to 450 million.&nbsp;</li> 
</ul> 
The price of CAKE, the native token of the decentralized exchange PancakeSwap, soared over 20% following a proposal to reduce the maximum supply by 300 million.&nbsp; 
CAKE was <a href="https://coinstats.app/coins/pancakeswap-token/">trading</a> hands at about $2.72 at 9:20 a.m. ET, an increase of 13.1% over the past 24 hours. 
<figure id="attachment_58645" aria-describedby="caption-attachment-58645" style="width: 100%" class="wp-caption aligncenter">
 <img loading="lazy" decoding="async" class=" wp-image-58645" src="https://bitcoinworld.co.in/wp-content/uploads/CAKE-Price-Chart-483x300.png" alt="" width="567" height="352" srcset="https://bitcoinworld.co.in/wp-content/uploads/CAKE-Price-Chart-483x300.png 483w, https://bitcoinworld.co.in/wp-content/uploads/CAKE-Price-Chart.png 760w" sizes="(max-width: 567px) 100vw, 567px">
 <figcaption id="caption-attachment-58645" class="wp-caption-text">
 CAKE Price Chart | Source: Coinstats
 </figcaption>
</figure> 
PancakeSwap announced on Thursday a proposal to cut CAKE’s supply from 750 million to 450 million.&nbsp; 
“By reducing our token supply by 300,000,000 CAKE, we signal PancakeSwap’s successful pivot from a high-inflation emissions model, to a much more efficient flywheel,” PancakeSwap wrote on X.&nbsp; 
See Also: <a class="row-title" href="https://bitcoinworld.co.in/donate-your-bitcoin-and-become-a-citizen-of-el-salvador/" aria-label="“Donate Your Bitcoin And Become A Citizen Of El Salvador” (Edit)">Donate Your Bitcoin And Become A Citizen Of El Salvador</a> 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f430.png" alt="🐰" class="wp-smiley" style="height: 1em; max-height: 1em;"> PancakeSwap Family! 
 <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f95e.png" alt="🥞" class="wp-smiley" style="height: 1em; max-height: 1em;"> We are proposing to reduce the max token supply of <a href="https://twitter.com/search?q=%24CAKE&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$CAKE</a> from 750M to 450M. 
 <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f4a5.png" alt="💥" class="wp-smiley" style="height: 1em; max-height: 1em;"> After a year of hard work and deflation, we are razor-focused on ultrasound CAKE. 
 <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f31f.png" alt="🌟" class="wp-smiley" style="height: 1em; max-height: 1em;"> By reducing our token supply by 300,000,000 <a href="https://twitter.com/search?q=%24CAKE&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$CAKE</a>, we signal PancakeSwap’s successful… <a href="https://t.co/PIk3SBEhiJ">pic.twitter.com/PIk3SBEhiJ</a> 
 — PancakeSwap<img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f95e.png" alt="🥞" class="wp-smiley" style="height: 1em; max-height: 1em;">Everyone's Favorite DEX (@PancakeSwap) <a href="https://twitter.com/PancakeSwap/status/1737757429721653305?ref_src=twsrc%5Etfw">December 21, 2023</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
<h3 id="span-style-font-weight-400-the-proposal-span">The Proposal</h3> 
“Over the past year, PancakeSwap has significantly revamped its tokenomics, emissions and growth strategy,” the <a href="https://forum.pancakeswap.finance/t/discussion-for-proposal-to-reduce-cake-token-total-supply/100">proposal</a> for the token reduction stated.&nbsp; 
“Starting from improving CAKE Tokenomics v2.5 to most recently launching the veCAKE Gauges System, CAKE is in a position to pursue further growth across all deployments.” 
“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 450 million CAKE. With a current circulating supply of 388 million CAKE, the Kitchen believes this new and lower cap will be sufficient to gain market share across all chains and sustain the veCAKE model,” the proposal added. 
See Also: <a class="row-title" href="https://bitcoinworld.co.in/pancakeswap-launches-a-new-voting-system-and-sunsets-vcake-metric/" aria-label="“Pancakeswap Launches A New Voting System And Sunsets vCAKE Metric” (Edit)">Pancakeswap Launches A New Voting System And Sunsets vCAKE Metric</a> 
<h3 id="span-style-font-weight-400-reason-for-the-reduction-span">Reason For The Reduction</h3> 
The reasons for the cut of 300 million theoretical CAKE are three. 
First of all, increase the level of certainty for the community about the future supply of the CAKE token. In fact, by reducing the maximum limit to 450 million, we are already getting close to the 386 million tokens already created.&nbsp; 
The second is precisely that of having taken a step forward towards ultrasound CAKE.&nbsp; 
The third is to ensure sufficient flexibility for growth.&nbsp; 
Now we will have to wait for the community to express itself, but given today’s +20% on the markets, it seems that it has already expressed itself in favor of the initiative. 
<blockquote>
 Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
</blockquote> 
The post <a href="https://bitcoinworld.co.in/pancakeswap-token-cake-soar-after-proposal-to-burn-300-million-tokens/">PancakeSwap Token (CAKE) Soar After Proposal To Burn 300 Million Tokens</a> appeared first on <a href="https://bitcoinworld.co.in">BitcoinWorld</a>.

PancakeSwap Token (CAKE) Soar After Proposal To Burn 300 Million Tokens

Obsah

ItsBitcoinWorld

Ďalšie články zverejnené 21. 12. 2023

Crypto 2023 in review: the most significant events that shaped the industry

AVAX Price Rallies 10% – Is Avalanche Rally Just Getting Started?

SBF’s request for a longer sentencing period denied

Web3 Startups Maintained Hiring Pace Amid Bear Market

List of 6 Tokens that can be the next Solana (SOL)

Stablecoins extend winning streak in December

Pripojte sa k nášmu bezplatnému bulletinu a získajte denné aktualizácie kryptomien!