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PancakeSwap Proposes to Reduce CAKE Token Supply by 300 Million

Decentralized crypto exchange PancakeSwap's Thursday proposal to reduce the supply of its CAKE token by 300 million was welcomed by most of its voting community. The decentralized autonomous organization (DAO) controlling the governance of PancakeSwap floated a vote proposal to reduce the maximum supply of CAKE from 750 million to 450 million. The voting period began in early European hours on Thursday and will last until 8:00 am UTC on Friday. If the proposal is passed, the reduction will be implemented by January 4th, 2024. Over 99.95% of the community, representing 70,000 votes from CAKE holders, favored the proposal shortly after it went live.

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