Binance-backed decentralized cryptocurrency exchange (DEX) PancakeSwap (CAKE) put to vote the proposal that would reduce the total supply by almost half.
PancakeSwap has launched the highly anticipated voting and with it price to the rise passed. The vote in question increased CAKE’s total supply. From 750 million to 450 million includes lowering. While there was intense participation in the voting that started recently, participants 92% vote yes used.
Judging by the course of events, the proposal will be approved by a wide margin and as a result, CAKE’s total supply will decrease by 300 million. Market analysts think that this situation may push the price even higher. currently 388 million CAKEs in circulation is available and will be put on the market if the proposal is approved. 62 million CAKE will remain and this a serious supply shock will create.
The proposal for the vote is approx. 1 week agoIt was presented to CAKE and aimed to be a lifeline for CAKE, which was struggling with the supply problem. Once the proposal, which had been thoroughly examined by the team, was put to vote, CAKE quickly became a successor. 10% gaining value around $3.40 from level for $3.74 reached.
Since the proposal for CAKE supply burn was submitted Around 70% increase exhibited. According to CoinGecko data, CAKE is at the time of writing. from $3.71 is being traded.