PancakeSwap wars: half of CAKE voting power snapped up before new proposal
Holders of PancakeSwap’s governance token could have their CAKE and eat it, too, under a new proposal that would do away with lengthy token lockups necessary for participation in voting on governance matters and the distribution of rewards. The CAKE Tokenomics 3.0 proposal would target an “annual deflation rate of 4%”, and do away with veCAKE and the Gauges Voting system (which determines which pools receive rewards) in favor of “a more straightforward and efficient emissions model.” However, the plans to overhaul the current governance system were immediately preceded by eight connected addresses buying up and locking 25 million CAKE, or approximately half of the not-already-locked supply, according to DeFiWars, an account that monitors the decentralized finance (DeFi) sector. Get your syrup ready, @PancakeSwap is going through a gov battle in realtime 8 new addresses have locked ~50% of the supply in the past few days, there are claims this is from the Pancake team or B...