TRENDING:
ECB interest rate
Oil price
XAU/USD
EUR/USD
Trade War
GBP/USD
Silver
Sponsored by
Login
|

PancakeSwap proposal to boost liquidity by redirecting CAKE passes with 99% votes

  • PancakeSwap’s proposal to reallocate CAKE emissions to a locker ecosystem has been approved with a vast majority vote from the community. 
  • The DeFi protocol is strategically deploying CAKE to enhance liquidity and efficiency of staking pools.
  • CAKE price is $2.612 at the time of writing, up 3.6% on the day. 
PancakeSwap proposal to boost liquidity by redirecting CAKE passes with 99% votes
Ekta MouryaEkta MouryaFXStreet

DeFi protocol PancakeSwap (CAKE) announced on Friday that it gained approval from the community on a proposal to reallocate CAKE emissions. The proposal intends to redirect emissions to strategic pools as bribes in order to improve liquidity and efficiency for users. 

There is no proposed increase in overall emissions under the proposal, which passed with 99% of the votes casted. 

Strategic pools to receive bribes, reallocation of CAKE emissions

The CAKE kitchen has proposed redirecting current emissions that go to farming pools and allocating them to locker protocol bribes. 

The proposal says it will start with 500 CAKE tokens and eventually direct greater emissions to high-volume pools. This action will help grow liquidity, the protocol said, and metrics like pool volumes, total value of assets locked (TVL) and capital efficiency will be used to measure success. 

These actions will not impact the deflationary status of CAKE as no emissions have been added or removed, only redirected.

The proposal received 99% votes in favor, passing with a vast majority. 

Another catalyst that may have influenced CAKE price is the project’s recent tweet announcing a new product launch coming up. 

CAKE price is $2.612 at the time of writing, up more than 3% on the day. 

Author

Ekta Mourya

Ekta Mourya

FXStreet

Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.

More from Ekta Mourya
Share:

Editor's Picks

XRP and XLM outlook: Mild recovery attempts emerge amid mixed market signals

XRP and XLM outlook: Mild recovery attempts emerge amid mixed market signals

Ripple and Stellar show mild signs of recovery on Thursday after extending losses earlier this week. XRP is holding above the $1.10 level as bearish momentum begins to fade, while XLM has bounced modestly from a key support zone.

Crypto Overview: Bitcoin consolidates above $60,000  – CRV, WLFI, XMR lead gains

Crypto Overview: Bitcoin consolidates above $60,000  – CRV, WLFI, XMR lead gains

The broader cryptocurrency market maintains risk-off sentiment as Bitcoin lingers above $62,000. The mild recovery in BTC fails to lift the Fear and Greed Index, which at 15 continues to signal extreme fear among investors. Still certain altcoins, Curve DAO, World Liberty Financial, and Monero, have emerged as top performers over the last 24 hours.

Bitcoin faces further downside risk amid growing short-term holder losses, weak ETF demand

Bitcoin faces further downside risk amid growing short-term holder losses, weak ETF demand

Bitcoin's recent decline toward the $60,000 level has pushed the market further into bearish territory, with new investors suffering huge unrealized losses, according to a Glassnode report on Wednesday. The firm noted that Bitcoin's earlier May rally now appears increasingly as a "bear bounce".

CFTC proposes framework to review terrorism, war, assassination-related contracts on prediction markets

CFTC proposes framework to review terrorism, war, assassination-related contracts on prediction markets

The Commodity Futures Trading Commission (CFTC) on Wednesday proposed amendments to Regulation 40.11, seeking to establish a formal framework for reviewing prediction market contracts. The proposed framework targets contracts linked to terrorism, assassination, war, gaming, or conduct that is unlawful under federal or state law.
Bitcoin: After the bloodbath, everyone looks at $60,000

Bitcoin: After the bloodbath, everyone looks at $60,000

Bitcoin (BTC) hovers above $62,000 at the time of writing on Friday, weighed down by growing risk-off sentiment due to persistent geopolitical tensions in the Middle East and sticky macroeconomic uncertainty. The institutional sell-off continued to wreak havoc on capital flows, with spot Bitcoin Exchange-Traded Funds (ETFs) recording billions in outflows.