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The PancakeSwap community has approved the proposal to remove 300 million CAKE from the project’s maximum supply.
The proposal passed with nearly 98% of votes in favour.
CAKE price was sharply down in the past 24 hours, hovering near $3.46 and down 9.5%.
A PancakeSwap proposal seeking to reduce the decentralized exchange token supply from 750 million to 450 million CAKE has passed. The vote on the proposal opened on Thursday, December 28 and closed today, Friday, December 29.
According to details on the voting page, 97.88% of the total votes passed the proposal, paving way for the official reduction of the maximum supply for CAKE to 450 million. Currently, details across the market’s leading aggregators CoinGecko and CoinMarketCap show the total supply as 386,192,564 and maximum supply as 450 million.
“By reducing our token supply by 300,000,000 $CAKE, we signify PancakeSwap’s successful shift from a high-inflation emissions model to the Ultrasound CAKE era,” the PancakeSwap team noted.
The move to cut CAKE’s maximum supply adds to the overall revamp PancakeSwap has taken across its tokenomics, emissions and growth strategy.
“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,” the proposal read.
CAKE price falls sharply
The price of CAKE has declined sharply in the past 24 hours, with the dip coming after the proposal passed.
CAKE traded around $3.46 per token at 12.40 pm ET on Friday, down 9.5% in the past 24 hours. While it remains in the green over the past week and month, CAKE has cut recent gains to 37% and 56% over the two time frames respectively.
CAKE reached highs of $4.68 in February and remains significantly off from its all-time peak near $44 reached in April 2021.
Today’s decline for the altcoin came as the broader market cap fell 1.7% and Bitcoin (BTC) slipped below $42k.
Most of the top altcoins were also down at the time of writing. However, with crypto largely in bullish territory, fresh buy CAKE momentum could see the token’s value retest higher resistance levels.
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