PancakeSwap’s new Tokenomics v3 aims to enhance ownership, governance, and growth by replacing veCAKE with direct emissions management and a maximum one-year lock. This change is intended to improve capital efficiency and simplify participation, but critics express concerns over governance integrity, claiming it undermines existing veCAKE holders' rights. Founder Michael Egorov referred to the proposal as a ‘governance attack,’ suggesting that it might enable insiders to unlock their tokens post-vote. Critics like forum member Hubert argue that instead of eliminating veCAKE, which is seen as a strong model, the focus should be on capping emissions tied to misaligned incentives. Supporters of the new model assert that veCAKE has been inadequate in controlling CAKE sell pressure and has added inefficiencies; the proposal aims to reduce emissions by 43% and focus incentives on more productive pools. The proposal has already sparked significant discussion within the community, indicating a potentially divisive debate ahead.

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