PancakeSwap, the Binance Smart Chain-based decentralized finance (DeFi) app known for its automated market maker (AMM) service and unique branding, has issued a governance proposal for the second version of its tokenomics roadmap.
The latest version of the lite paper’s centerpiece proposed a supply cap on PancakeSwap, the project’s native coin (CAKE). The report suggested a maximum figure of 750 million, based on quantitative data validated by CoinMarketCap. The coin now has a circulating supply of 293.4 million.
A 24-hour governance voting window was provided to the community, and 11,008,360.64 CAKE votes were cast, with an overwhelming majority of 98.80 percent of voters supporting the proposal’s acceptance.
According to the company, there is “no cap on individual voting rights,” and it depends on how much CAKE they have locked.
You, our community, overwhelmingly supported our latest proposal, and we will be working hard to build and deliver on PancakeSwap’s future.
We will be hosting an AMA later today at 13:00 UTC – not just on tokenomics – so do join us if you can. pic.twitter.com/cM6RyF2Y1P
— PancakeSwap ? #BSC (@PancakeSwap) May 12, 2022
The team rated the snapshot’s ultimate result as extremely positive, and they stated that they intend to implement the adjustments as soon as possible.
PancakeSwap also brings 3 additional utilities
During an interview with Cointelegraph, PancakeSwap’s business developer, Chef Icy — who describes himself as “four quarters bunny, one quarter robot,” said that the company aims to explore its decision to choose a three-year runaway for the token’s supply span, as well as its quantitative ambitions for the CAKE token and PancakeSwap’s community impact over that time period:
“First, the three-year runway is a very conservative estimate based upon 14.25 CAKE-per-block calculations. In effect, our effective CAKE emissions are around 10.5 CAKE per block due to the additional burns brought about by our weekly burns (trading fee burns, etc.). Based on a 10.5CAKE per block, our effective runway will be 4.2 years.”
Along with the supply cap proposal, three new utilities are expected to drive value within the staking ecosystem: vCAKE to improve governance voting processes, iCAKE to raise IFO benefits, and bCAKE to boost farming rewards.
On Thursday, PancakeSwap will host an AMA Twitter Space to allow the community to interact and pose questions about their current developments.