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PancakeSwap's vote on The Flip, which would raise liquidity providers' swap-fee share to 88% and cut daily CAKE emissions about 69%, stands at roughly 98% against with voting open through Oct. 24.
Breakfast table with pancakes. Photo via Wikimedia Commons (Unsplash). Source
PancakeSwap's governance vote on a fee-sharing overhaul called The Flip opened Oct. 21 and runs until Oct. 24 at 08:07 UTC. As of Oct. 22, about 98% of the voting weight cast sits against the proposal on the exchange's voting page, which is served by Snapshot.
The proposal comes from the Kitchen, PancakeSwap's core team. It would raise the liquidity providers' share of swap fees to 88% on v3 and Infinity pools across 11 supported chains: BNB Chain, Ethereum, Arbitrum, Base, Solana, Robinhood, Monad, Arc, zkSync, Linea and opBNB. That is up from around two-thirds on most pools today. On v2 pools the split would stay at 68% for providers, which the proposal calls the exchange's main CAKE burn engine because 23% of those swap fees still go to burn. The remaining 12% protocol fee on v3 and Infinity would go to the Treasury, and the non-stablecoin portion of that fee would continue to buy back CAKE, according to the proposal text.
Daily CAKE emissions would step down by about 69% in two stages, from 22,500 to 7,000 tokens per day. Under the plan, implementation would begin in November 2026, within two weeks of the vote passing. Chains would switch one per week over roughly three months, bringing emissions from 22,500 to 11,000 CAKE per day. The final cut to 7,000 would come only once total CAKE supply is 20% below its April 2025 level, a milestone the team expects about 12 months after the first stage.
The remaining 7,000 CAKE per day would fund the Pantry, an ecosystem growth fund the Kitchen would deploy on marketing, partnerships and liquidity for new pools. In the end state, 15,500 fewer CAKE would be minted each day, about 5.7 million a year, the proposal states.
Voting weight on Snapshot showed about 1.23 million veCAKE against versus roughly 22,200 for, across 32 votes. Altcoin Buzz reported a similar split when it checked the page, with 999,486.88 votes against and 22,201.52 for, and 98.14% opposition. The largest single voter, address 0x3D...e1ad, cast 765,559 votes against, about three-quarters of the weight recorded at that time. Who controls the address is not known.
Only holders who have locked CAKE as veCAKE carry voting weight. CryptoTicker reported that the quorum is one unit of voting weight and was met long ago, so the open question is whether a majority of votes cast supports the plan, not whether turnout clears a threshold.
The voting window coincided with a jump in the exchange's locked value. PancakeSwap's total value locked rose nearly 19% over the prior week, adding about $380 million to reach $2.4 billion on Oct. 21, Cointelegraph reported, citing DefiLlama. The increase was concentrated in V3 pools, where TVL more than doubled to about $739 million from $336 million over the same period.
PancakeSwap accounted for about $4.67 billion in decentralized exchange trading volume on BNB Chain over seven days, roughly 71% of the network's total, the report said. BNB Chain's overall TVL climbed about 8.3% to $5.84 billion over the same stretch.
The proposal puts the extra fee income for v3 and Infinity liquidity providers at about $62 million a year once fully rolled out, based on 2025 volume. On existing Infinity pools, the LP fee is fixed when the pool is created, so the lower protocol fee would cut the total swap fee instead of raising the provider's share; a pool now charging 1% would fall to roughly 0.76%, TokenPost reported.
CAKE total supply stood at 329,915,408 in October 2026, 11.5% below the 372,837,045 recorded when Tokenomics 3.0 took effect in April 2025. The 2030 target is about 298.3 million tokens. The rollout order starts with chains that contribute least to CAKE burns, leaving the largest burn sources on today's rate until the final switch.
If the proposal fails, the current fee splits and the 22,500 daily CAKE emission rate stay in place, and the Kitchen would need a new proposal to try again. Voting closes Oct. 24 at 08:07 UTC.