{"id":3382,"date":"2023-12-30T07:56:44","date_gmt":"2023-12-30T07:56:44","guid":{"rendered":"https:\/\/ethereumcode.io\/cake-token-supply-cut-pancakeswap-market-soars\/"},"modified":"2023-12-30T07:56:44","modified_gmt":"2023-12-30T07:56:44","slug":"cake-token-supply-cut-pancakeswap-market-soars","status":"publish","type":"post","link":"https:\/\/ethereumcode.io\/cake-token-supply-cut-pancakeswap-market-soars\/","title":{"rendered":"CAKE Token Supply Reduced – Market Soars as Pancakeswap Community Votes in Favor"},"content":{"rendered":"
The crypto community associated with Pancakeswap, a prominent decentralized exchange (dex), made a collective decision that led to the reduction of 300 million CAKE tokens in circulation. Previously, the total supply of CAKE tokens was 750 million, but the decision brings down this number to 450 million. Interestingly, the proposal for the token supply cut managed to garner an overwhelming support rate of 97.88% from the Pancakeswap community.<\/p>\n
In a recent event dating back to December 21, 2023, the Pancakeswap community embarked on a discussion to contemplate the reduction of the total CAKE tokens by 300 million. Following the proposal, a voting session was initiated which lasted until Friday, December 29, 2023. As the voting concluded, it was revealed that the community largely supported the supply cut.<\/p>\n
Fascinatingly, a major chunk of the community, 97.88% to be precise, backed the proposal leaving a meager opposition of 2.12%. The effect is the decrease in the supply, from the previously standing 750 million CAKE to a now-stable 450 million. Considered as an amicable decision, in light of the current circulation supply of 388M CAKE, the reduction is seen as a strategic movement to gain and maintain market share across all chains and uphold the VECAKE model.<\/p>\n
Post the voting event, the crypto asset CAKE witnessed a price surge amounting to 42.6% against the U.S. dollar within a span of a week, and even attaining a monthly growth of over 62%. However, a slight dip of 2.4% was also noticed in the last day against the dollar. Currently, CAKE claims a market capitalization of $872 million, which is 0.05% of the colossal $1.75 trillion crypto economy.<\/p>\n
As the third-largest dex by volume at a global level, Pancakeswap has a total locked value (TVL) of $1.66 billion within the protocol. Notably, the protocol has registered a 16.81% growth in TVL over the last month. Although CAKE propelled by 62% within a month, it still trades 91.80% lower than its all-time high of $43.96 per coin, which was achieved on April 30, 2021. The recent intraday trading range for CAKE varied between $3.49 and $3.83 per unit.<\/p>\n