PancakeSwap’s ‘The Flip’ Faces 98% Opposition Ahead of Vote Close

PancakeSwap holders are voting on a proposal that would give liquidity providers 88% of swap fees on the exchange's newer pools and cut daily CAKE emissions by about 69%. With voting due to close on Saturday, the plan is losing badly. At the time of writing, 98.14% of votes cast were against it.

For a CAKE holder, the proposal, called "The Flip", is a trade. Fewer new tokens would be minted each day, which means less dilution. In exchange, more of the fees traders pay would go to the people who supply liquidity, and less would stay with the protocol.

What the Flip Would Change for Fees

The proposal comes from the Kitchen, PancakeSwap's core team. The proposal page says it "proposes raising the LP share of swap fees to 88% on PancakeSwap v3 and Infinity across all 11 supported chains, up from around two-thirds on most pools today, with v2 unchanged."

Those 11 chains are BNB Chain, Ethereum, Arbitrum, Base, Solana, Robinhood, Monad, Arc, zkSync, Linea and opBNB. Every v3 fee tier and Infinity pool would move to an 88/12 split.

The text says "the remaining 12% protocol fee goes to the Treasury, and its non-stablecoin portion will still be used to buy back CAKE." Put simply, everything not paid to LPs on these pools would shrink from about a third of fees to 12%.

The older v2 pools would not change. The proposal calls v2 "our main CAKE burn engine, sending 23% of swap fees to burn."

Based on 2025 volume, the team estimates LPs on v3 and Infinity would earn about $62 million more in fees per year once the change is fully in place.

Emissions Fall in Two Steps Tied to a Supply Target

On the token side, the proposal says "effective CAKE emissions step down by ~69%, from 22,500 to 7,000 CAKE per day, with those 7,000 CAKE going to the Pantry, our ecosystem growth fund."

The cut would not happen at once. If the vote passes, the rollout would begin in November 2026, within two weeks of passing:

1. Chains switch to the new fee split one per week, finishing in about three months. Emissions drop from 22,500 to 11,000 CAKE per day.
2. The final switch happens once CAKE reaches a 20% supply reduction target, which the team expects about 12 months after the first step.

The team says CAKE supply is already down 11.5% since Tokenomics 3.0 took effect in April 2025. In the end state, it says, 15,500 fewer CAKE would be minted every day, about 5.7 million a year.

One Wallet Casts Most of the No Vote

Voting opened on October 21 and is set to end on October 24 at 08:07. The voting page does not state a time zone.

When we read it, the tally stood at 999,486.88 votes against and 22,201.52 votes for. The largest single voter, the address 0x3D...e1ad, cast 765,559 votes against. That one wallet accounts for roughly three quarters of all votes cast.

Who controls that address is not known. That matters for reading the result. A 97.83% defeat sounds like a community verdict, but most of it rests on a single wallet, and the proposal page does not explain why that voter opposes the plan.

The tally can still move before the close. If the proposal fails, the current fee split and the 22,500 CAKE daily emission rate stay as they are, and the Kitchen would need a new proposal to try again.