Single CAKE Whale Rejects Governance Proposal At PancakeSwap

Single Cake Whale Rejects Governance Proposal At Pancakeswap
Single Cake Whale Rejects Governance Proposal At Pancakeswap

A governance proposal to add a PancakeSwap Syrup pool for The NFT gaming project ChainGuardians has been rejected at the hands of a single whale.

No Farming for You!

The proposal called for the creation of Syrup pools to allocate both ChainGardians tokens (pCGG/MIX) to users who stake CAKE on PancakeSwap. This would require PancakeSwap to open a pCGG/CAKE pool with added CAKE incentives. Since this dilutes the supply of CAKE, the proposal needs to be confirmed by the token holders.

The proposal has now been rejected with roughly 52,000 CAKE voting in favor of the farming plan, but 117,000 CAKE voting against it. What makes this peculiar is that almost all of the tokens voting in opposition to the proposal came from a single address, holding CAKE tokens worth over 2.6 million USD.

ChainGuardians starts a Second Attempt

PancakeSwap stressed the importance of voting by a large base of CAKE holders. In total, only 0.1% of the tokens participated in the vote, which allowed a single whale to control the vote’s outcome.

ChainGuardians has since introduced another proposal with an improved offer that seeks to distribute the same pCCG and MIX rewards over a shortened 60 day period instead of the 90 days that were originally planned. ChainGuardians also tries to rally up the community to make the proposal pass this time.

So far, their second attempt seems to be more successful as it managed to attract almost 600,000 CAKE in its favor, but also some opponents, as 44,000 CAKE have voted against the proposal, this time from multiple addresses. The whale who rejected the first proposal has also not cast a vote yet, so it still remains to be seen if the vote will pass this time.