CAKE Tokenomics Proposal 3.0: True Ownership, Simplified Governance and Sustainable Growth

Governance
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(Personal thought) Cakepie has been quite supportive in PCS ecosystem ever since veCake is established. With veCake domination around 50% (prior to the 25M prompt lock right before this proposal), Cakepie never manipulated our governance right over PCS, everything went through DAO (vlCKP voting for any proposal from PCS, we’ve also been quite supportive and cooperative with the kitchen).

Kitchen’s goal is for Cake deflation, and improve reward efficiency, Cakepie is definitely glad to help and I believe this could be done through different mechanisms rather than just killing veCake directly.

  1. Gauge can be improved as a hybrid mode to consider veCake votes with proper caps along with kitchen’s agile decision due to market, trading volume etc. This hybrid mode not only keeps a certain level of emission control transparency, but still allowing Kitchen to achieve better reward efficiency agile

  2. Lock mechanism has been proved successfully in defi history. This not only incentivized long-term holders but also reducing selling pressure. As kitchen’s goal is to deflate CAKE, I don’t understand why increasing Cake circulating on the market when trying to deflate Cake. Isn’t CAKE price more sustainable if whatever locked kept locked when deflation happening?

  3. The Flexible Voting isn’t good idea. We’ve seen many governance attacks in the defi history that’s why ve-model can prevent short term holder impact long term decision. I’m not sure what’s the reason going back on this.

  4. It’s a good idea to make IFO (and even TGE with Binance wallet) easier by simply use Cake. But there is no need to kill veCake to achieve this. A better way can be even grant veCake wrapper (like mCake, stCake, asCake) access to IFO and binance wallet TGE . This helps PCS ecosystem to blackhole more cake, stable the peg, introduce more defi lego opportunity.

Kitchen aim to make PCS a more inclusive, decentralized platform, but I feel this proposal is killing the PCS ecosystem and making PCS less decentralized. Around 1.5 year ago, Cakepie had successful IFO on PCS, and we’ve been building and supporting since then. It’s really sad that this proposal came out without any prior communication with us. Nothing is perfect, but it’s important to improve and fix together, rather than just excluding someone has been building around PCS and BNB chain.

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