PancakeSwap has proposed cutting the maximum supply of its CAKE token from 450 million to 400 million, strengthening its long-term deflation-focused tokenomics.
There are roughly 350 million CAKE already in circulation; and the change would leave a buffer of about 50 million tokens. The platform said that it did not expect to use this reserve unless extraordinary situations arise. The proposal has enlisted largely supportive community feedback.
The proposal builds on Tokenomics 3.0, introduced in April 2025, which significantly reduced daily emissions and removed the veCAKE model. Since then, PancakeSwap has increased token burns from trading fees, lotteries, and farm offerings.
The protocol has also built a sizable ecosystem fund to support development without increasing supply. An on-chain vote is now underway, targeting a 4% annual deflation rate and reinforcing PancakeSwap’s focus on supply discipline.
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