PancakeSwap, a decentralized cryptocurrency exchange, suggested on Thursday to decrease the total amount of its CAKE token by 300 million.
The group in charge of PancakeSwap’s decisions, known as a decentralized autonomous organization (DAO), put forth a plan to lower the most CAKE tokens available from 750 million to 450 million.
The voting started early on Thursday and will continue until 8:00 a.m. UTC on Friday. Many members of the PancakeSwap community seemed to support this idea. If the suggestion gets approved, the decrease will take effect on January 4, 2024.
Almost all of the community, which is around 70,000 people who own CAKE, supported the suggestion soon after it was introduced.
A member of the PancakeSwap team said that reducing the amount of CAKE will help the project grow in various areas.
Chef Mochi, the leader of PancakeSwap, mentioned in a Telegram chat that with the current supply of 388 million CAKE, they believe this change will help them expand on different platforms and maintain their veCAKE system.