PancakeSwap, a leading decentralized exchange (DEX), is set to undergo a significant change to its tokenomics as developers propose a reduction in the maximum supply of its ecosystem token CAKE. The move aims to align the CAKE token with the existing circulating supply and accelerate the journey to achieving ultrasound CAKE. The proposal, currently in the voting phase, aims to reduce the maximum supply from 750 million to 450 million, with potential consequences for the crypto community. Meanwhile, there are also important developments in other altcoin projects such as TEL, BOUNCE, Helium.
CAKE proposes supply reduction
In a recent announcement on December 28, PancakeSwap developers detailed plans to reduce the maximum supply of the CAKE token by 300 million, from the current 750 million to 450 million. The proposal, which went through a 24-hour voting process, is planned to enter into force on January 4, 2024, if approved. This strategic move comes as CAKE is experiencing consistent deflation with a focus on reaching ultrasound CAKE and better aligning with its current circulating supply of 388 million.
Introduced in September 2020, the CAKE token initially had a net emission rate per block of 40, resulting in an annual inflation rate of approximately 80%. However, through various strategic measures, including a previous proposal to adjust CAKE Syrup Pool emissions, the token has transitioned to a deflationary model. After nearly three years of development, the PancakeSwap team aims to reduce total supply as a critical step towards ultrasound CAKE, signaling a departure from hyperinflationary tokenomics.
OOFP partnership with KuCoin Labs, AMMX launch from BOUNCE
On the same day, KuCoin Labs announced its strategic collaboration with OOFP, a startup focused on providing value-added services to various assets within the Bitcoin ecosystem. Leveraging the unified computing power of OOFP for mining, the All Protocol Vault aims to increase the efficiency and profitability of mining activities within the Bitcoin network. The partnership expands OOFP’s focus to assets such as inscriptions, runes, NFTs, and other cryptoassets.
Bounce Brand reported that the AMMX Token Launch was completed, exceeding its fundraising targets, with impressive participation of 2,126 AUCTION investors and 210 DAII participants in the pledge pool. Chainlink’s random numbers were used for the MUBI random selection pool, drawing 200 winners from 20,000 participants.
Critical developments for Helium, Nostr
Helium Mobile has experienced a significant decline in downloads from iPhone users in the US App Store; There were only 457 downloads on December 28, compared to last week’s average daily download volume of 729. The third-party app store data platform highlights the shift in user interaction with the mobile app.
Nostr Assets Protocol will undergo maintenance on December 29 for upgrades, including the launch of a new resource browser and the introduction of market analysis (Alpha version). The maintenance is expected to last 2-3 hours and demonstrates the protocol’s commitment to improving user experience and functionality.
Apart from CAKE, there is also important news from SUI, ONDO and TEL
The Ondo Foundation on RWA protocol Ondo Finance has launched a proposal to “unlock ONDO tokens” for decentralized governance. The ONDO token economy puts forward a total supply of 10 billion with distribution across community access sales, ecosystem growth, protocol development and private placement. Sui Chain Inscription ISSP completed Free Mint on December 28, collecting 13,947 addresses and 2,002,186 transactions. Combining Marketplace and Swap, the protocol has achieved a stable TPS exceeding 1,000 due to an increase in user activity.
Finally, blockchain payment application Telcoin published a security incident update on December 28, confirming that the success of the situation has been evaluated and the repair plan has been implemented. It is expected that the wallet will be restored to the original balance upon restarting the services as the plan progresses appropriately. PancakeSwap’s strategic move to reduce the total supply of CAKE underscores the dynamic nature of the blockchain ecosystem, as well as broader developments in the crypto space. As various projects announce upgrades, partnerships, and maintenance plans, the crypto community anticipates its impact on market dynamics and user experiences.
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