PancakeSwap, a Binance Smart Chain-based decentralized finance (DeFi) application known for its automated market maker service and distinctive branding, has released a governance plan for the second iteration of its Tokenomics roadmap. Since its inception, the PancakeSwap team’s quick decision has received over 11 million CAKE votes, with most participants supporting the v2 evolution.
PancakeSwap team proposes to limit CAKE supply to 750 million
PancakeSwap announced the news in a blog post on Thursday, explaining that the midpoint of the new litepaper recommended a stock limit on the project’s original token, CAKE. During a 24-hour period, the public was allowed to participate in a governance voting window and 11,008,360.64 CAKE votes were cast, with an overwhelming majority of 98.80% of respondents supporting the admission of proposal.
According to the team, there is “no limit to individual voting rights” and it “depends on how much CAKE they have locked”.
Overall, the team was pleased with the outcome of the snapshot, as they stated their intention to implement them soon.
Crypto News reporters reached out to Chief Icy, the developer of PancakeSwap, to learn more about their decision to go for a 3-year runaway for token supply duration and their quantitative goals for the CAKE token, as well as community impact. of PancakeSwap will benefit over time. It was quoted:
First, the 3-year track is a very conservative estimate based on calculations of 14.25 CAKE/block. In fact, our actual output of CAKE is around 10.5 CAKE/block, due to the additional burns caused by our weekly burns (trade cost burns, etc.). Based on a 10.5CAKE/block, our effective run will be 4.2 years.
The team, or rather the chefs in the kitchen, understand that this conservative estimate for a three-year run – referring to the estimated time until the maximum supply is reached and fully released to the market – is the competitor the closer to Uniswap by two and a half-years, TraderJoe and SushiSwap by a year and a month, and PancakeSwap itself by just six months.
Essentially what the team is saying is that their roadmap planning is much more humble and risk averse compared to their rivals which gives them a huge competitive edge – you could say they are playing the long game.
It should also be noted that the CAKE token itself has a number of use cases on the PancakeSwap platform that go beyond just a utility token for transaction fees. These include staking for SYRUP (the governance token of PancakeSwap), providing liquidity, and participating in lotteries and games.
So, it looks like PancakeSwap has big plans for its CAKE token and the wider community can expect some exciting things to come out of the project in the near future.
PancakeSwap is currently the sixth-largest decentralized exchange (DEX) by total value locked (TVL), with $1.32 billion in digital assets secured in smart contracts, according to data from DeFi Pulse.
Related News: Opera Browser to Enable Access to Exciting BNB Channel-Based DApp Protocol
Opera has adopted BNB Chain, a decentralized blockchain system previously known as Binance Smart Chain, to enable decentralized apps based on BNB Chain on Android, iOS, and Windows PC versions of its Crypto Browser. The move will allow users to access Binance DEX, the decentralized exchange developed by the world’s largest cryptocurrency exchange, as well as other dApps built on Binance’s native blockchain.
The merger will allow Opera’s 350 million users to buy the BNB token with fiat, trade it through its integrated cryptocurrency wallet, and connect DApps directly through the BNB Chain protocol.
To continue developing innovative DeFi methods on our platform, as well as combat-tested users, Icy promised to “introduce new practices” including -ve and POL to the industry last month. More information on how the introduction of vCAKE, iCAKE and bCAKE could affect CAKE strikers, specifically their Annual Percentage Yield (APY) options. In conclusion, PancakeSwap will be hosting an Ask Me Anything (AMA) session on May 12 on Twitter for the community to participate and ask questions about their most recent progress.