PancakeSwap’s snapshot motion received more than 11 million CAKE votes from the start, with most participants supporting the v2 evolution.
PancakeSwap is a decentralized finance (DeFi), application that was built on Binance Smart Chain. It’s well-known for its automated market maker service (AMM) and quirky branding, and has published a governance plan for its second iteration.
The new version of the litepaper’s centerpiece suggested a supply limit on PancakeSwap ( AKE). According to CoinMarketCap quantitative data, there is a current circulating supply of 293.4 millions. The paper recommended a maximum of 750,000,000.
The community was invited to vote on governance for 24 hours. It attracted 11,008,360.64 votes from CAKE, with an overwhelming majority (98.80%) of those voting in favor of the admission of the proposal.
Cointelegraph was informed by the team that there is no cap on individual voting rights and that it depends on how much CAKE they have locked.
The team deemed the final snapshot a remarkable positive and noted their intention to implement the changes within the next few months.
Cointelegraph reached out the business development of PancakeSwap to discuss their decision to choose a three year runaway for tokens supply span. Chef Icy facetiously identified himself as a four quarters bunny and one-quarter robot.
First, the three year runway is very conservative based on 14.25 CAKE per block calculations. Our effective CAKE emissions are approximately 10.5 CAKE per block due to additional burns from our weekly burns (trading fees burns, etc.). Our runway effective time will be 4.2 years if we assume a block of 10.5CAKE.
The team or, more accurately, the chefs in their kitchen acknowledge that this conservative estimate for a tree year runway — referring the time span expected until maximum supply is met in the market — would surpass close competition Uniswap and TraderJoe with 2.5-, 1.75-, and 1.5-year runways respectively.
In addition to the supply cap proposal, three new utilities are expected to drive value in the staking ecosystem. These include vCAKE, which will enhance mechanisms for governance voting, and iCAKE, which will boost IFO benefits.
Icy promised to “continue introducing innovative DeFi practices for our platform and users, that are battle-tested”, and citing the recent introduction of POL and -ve in the Decentralized Finance (DeFi) sector, Icy explained more about how the introductions of vCAKE/iCAKE and/or bCAKE could affect CAKE stakers and their annual percentage yield options (APY).
It impacts stakers because it adds more value to locked-CAKE. The APY for the locked CAKE pool will continue to be based upon our current calculations. Therefore, the APY Model doesn’t change. The potential benefits of locked CAKEs will increase as users are able to extract greater value from them.
PancakeSwap hosts an AMA Twitter Space Thursday, to allow the community to interact and ask questions about their latest developments.
