Voting has commenced, and if the proposal is successful, the big reduction of $CAKE emissions will be executed immediately.
PancakeSwap Announce Proposal for Farm Rewards Adjustment
PancakeSwap has called on $CAKE holders to have a say in its governance once again. This time, the leading Decentralized Exchange (DEX) protocol has proposed for users to vote on adjustment of farm rewards.
According to its Tweet on 13th August, the proposal is to cut down 44% $CAKE emissions to farms. However, the process will not be done instantly but in different phases.
The tweet disclosed the protocol’s plans to cut down $CAKE emissions to farm rewards:
“44% CAKE EMISSION REDUCTION TO FARMS:
It wouldn’t be smart to cut 44% in one go, so here’s the play:
1 – Farm adjustments #1
2 – Execute emission reduction #1
3 – Farm adjustments #2
4 – Execute emission reduction #2
Farm adjustments first proposal will be shared shortly.”
The process will take up to seven days or more, according to the Tweet thread on Friday, 13th August. The plan is to split emissions reduction into two parts while also reducing/removing inefficient farms at the same time. PancakeSwap will ensure that the Annual Percentage Rate (APR) of $CAKE rewards will remain unchanged in its high-value farms.
Users can now cast their votes for PancakeSwap to make the adjustment or not. As of this writing, over 1000 $CAKE holders have voted. If the proposal is successful, the adjustments will be executed immediately, followed by the overall reduction of the farms’ CAKE emissions.
The DEX protocol also disclosed details about the proposal on its voting portal, adding that rewards will be untouched. In addition, more farms/Syrup pools will be added if the proposal is successful.
“I would once again like to reiterate the fact that rewards aren’t removed during adjustments, they are just distributed back across all other existing farms, in addition to giving us more space to add more new Syrup pool/farm combos, etc.,” as obtained from the voting portal.
Few details have come out, but a 44% reduction seems significant. For more details about the proposal, visit the voting portal and cast your votes if you are a CAKE holder.
PancakeSwap is a Decentralized Exchange (DEX) built on BSC. It offers users various features such as Liquidity Pools, Swapping, Yield Farming, Syrup Pools, Automated Market Maker, Initial Farm Offering (IFO), NFT profile system, and many others.
In addition, the protocol helps users make the most out of their crypto assets by trading, earning through yield farming, and winning via lottery, prediction, and NFT collectibles. With the highest trading volumes in the market, PancakeSwap is the leading DEX on the BSC.
Source : bsc.news
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