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PancakeSwap CAKE Prices

PancakeSwap Voting To Make CAKE Deflationary, But Prices Are Free-falling

Dalmas Ngetich by Dalmas Ngetich
1 month ago
in DeFi
Reading Time: 3 mins read

A proposal to make PancakeSwap (CAKE) scarce isn’t preventing the token from collapsing, reading from the candlestick recorded on April 19.

CAKE Slides 25% From February Highs

CAKE is the utility token of PancakeSwap, a decentralized exchange running on the Binance Smart Chain (BSC). Like the rest of the cryptocurrency market, CAKE is under immense pressure, dropping four percent on the last trading day.

Related Reading: CAKE Remains Under Pressure Despite PancakeSwap Dominating BSC

Notably, CAKE is also down 25% from early February. The token price is at March 2023 lows and looks likely to break the support line at around $3.45. 

CAKE Price On April 19| Source: CAKEUSDT On Binance, TradingView
CAKE Price On April 19| Source: CAKEUSDT On Binance, TradingView

The bearish engulfing bar of April 19 is wide-ranging and with decent volumes. It is a continuation of losses of March 27 and a confirmation of sellers set in motion on February 9. On this day, the Uniswap community voted to deploy Uniswap v3 on BNB Chain, a smart contracting platform similar to Ethereum.

It also marked the first time Uniswap, a decentralized exchange, had been deployed to a high-activity platform like the BNB Chain. The contraction of CAKE prices was in response to the expected competition considering Uniswap’s dominance in Ethereum and decentralized finance (DeFi), judging from the protocol’s total value locked (TVL). 

As an illustration, DeFiLlama data on April 19 shows that Uniswap had a TVL of $4.29 billion, more than $2 billion that of PancakeSwap. Despite initial fears, PancakeSwap remains the dominant DEX on the BNB Chain ecosystem, enabling the trading of BEP-20 tokens.

PancakeSwap’s Tokenomics Proposal

CAKE’s dump continues even after a proposal from the PancakeSwap community to make CAKE more deflationary. In the new proposal, CAKE would have an annual inflation rate of 3% and 5%, prioritizing shifting to a more sustainable staking model. Here, the goal is to have low staking inflation of CAKE, wherein the real yield is from PancakeSwap’s revenue. At the same time, the goal is to create a structure that favors long-term CAKE staking.

Related Reading: PancakeSwap TVL Drops 12%, Did This Exchange Received A Lethal Blow?

Breaking down details, staking allocation per block will drop from 6.65 CAKE per block to a target of about 0.35 – 1 CAKE per block. At the same time, a system favoring long-term stakers will see CAKE holders who choose to tie their tokens for longer earn a bigger share of the platform’s revenue. CAKE stakers will be allocated 5% of trading fees generated from PancakeSwap v3.

1/14 🥞GM ev3ryone! The anticipated #PancakeSwapv3 is now LIVE on both BNB Chain and Ethereum!🥳

🚀Upgrade offers:
😍Lowest fees in the industry
💰Increased fee earnings for liquidity providers
🛠️New tools for seamless user experience

Read more : https://t.co/l7GQVxqVC3 pic.twitter.com/5G9TnFzxOb

— PancakeSwap🥞Ev3ryone's Favourite D3X (@PancakeSwap) April 3, 2023

Voting on this proposal started on April 19, 4 PM UTC and ends on April 21, same time. The voting period is to allow for consensus. As of writing, 63% of all voters favor the proposal to make CAKE “ultrasound.” For this system to be implemented, it should receive majority support from the community.

Feature Image From Canva, Chart From TradingView
Tags: CAKECAKE stakingcrypto stakingDeFiDEXPancakeSwapPancakeSwap v3Uniswap
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Dalmas Ngetich

Dalmas Ngetich

Dalmas is a crypto reporter covering NFTs, blockchain, DeFi, and blockchain news for NewsBTC. He’s part of a team of talented team working on bringing latest crypto development across the board. Dalmas is also the ex-founder of btc-pulse.com, a crypto news outlet. Dalmas has over 10 years of experience covering Forex, general finance, technology, and blockchain developments. His work and that of his partners has been featured in top news outlets including investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. He’s passionate about technology and politics. When he’s not keeping tabs on crypto events, you’ll find him out in nature, exploring and traveling with family and friends. You can follow Dalmas on Twitter @Dalmas_Ngetich or ping him on Telegram @Dalmas_Ngetich

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