CAKE, the native token of decentralized exchange (DEX) PancakeSwap, is up by almost 7%, following a proposal to reduce its maximum token supply.

According to data from CoinGecko, PancakeSwap’s CAKE is currently trading at $3.77, up 6.8% on the day and 40% in the last seven days.

The proposal to slash the maximum supply of CAKE by 300 million to 450 million has garnered widespread support from the community of token holders, with over 90% voting in favor so far.

A vote for the proposal went live Thursday morning, and will continue until December 29.

According to the proposal, the DEX’s “Kitchen,” made up of its lead developers, or “chefs,” will offer “certainty to the community” on the future token supply of CAKE. The team said that following PancakeSwap’s 2021 launch, there was “significant token inflation” in order to bootstrap the DEX’s ecosystem.

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Author: Decrypt Staff

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