Decentralized financial application (DeFi) PancakeSwap has published a governance proposal outlining a roadmap for its native token, Cake.
- The proposal, which passed with a 98.8% majority of 11 million votes, proposes to impose a cap of 750 million on the Cake token.
- Currently, there are 295 million Cake in circulation. It is expected that the maximum supply will be in circulation within the next three to four years.
- The roadmap also includes a plan to upgrade the Pancake staking system, creating vCake, bCake, and iCake to increase farming rewards, IFO benefits, and governance voting capabilities.
- The goal of these new features is to get PancakeSwap users to use more Cake to force a reduction in circulating supply.
- Pseudonymous members of the PancakeSwap team will discuss the new roadmap with the community during a Twitter space on Thursday at 13:00 UTC.
- The application's native token has suffered like much of the cryptocurrency market this week, posting a 22.86% decline over the past 24 hours to trade at $4.02.